A BROAD TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK STARTING FROM---27.4.2020

CNX-NIFTY

Open-9163--High-9296.90—Low-9141.30—Close-9154.40 on 24.4.2020

Support:9133/9090/9038.90/8981.45/8966/8860/8842.28/8821.90/8801.14/8774.67/8712.85/8672.07/8553/8537/8461/8327.20/8269/8148.50/8055/7946.74/7893.80.

Resistance:9269.20/9343/9390.31/9460/9580/9685.55/9687.55/9944.40/9951.90/9958.55/9970.80/10004.55/10020.35.

 (Bold and underlined figures are most important)                                                                       

In the preceding week it exhibited huge volatility and as envisaged it hit the benchmark and possible bear rally exhaustion point of 9390.31(see my last post of 20.4.2020) on 20-4-2020 and then fell sharply the next day and made a low of 8909.40 thereafter for next three day it traded between the above range and finally ended the week on a relatively weak note at 9154.40. On the daily chart it is still making higher bottom & top in the line chart, but in the bar chart it has made a lower top so it is a weak signal but it is yet to make a lower bottom so watch out for it. However it is still above its short term moving averages on the daily chart, which speaks of some strength. Please note that if it fails to close and sustain above the benchmark point of 9390.31 and then start making lower bottom and top on the line and bar chart then it will be construed that the top is in place and relief rally has exhausted. It may possibly fulfil the conditions of rally exhaustion during the week.     

So, I once again reiterate that 9390.31 level (see my last post) would be the benchmark point and if it move and sustain above it on the closing basis for at least for 3-4 days then it would open upside up to 10000 but moving up it would face huge resistance at 9460/9520-580/9685.55/9687.55/9944.40/9951.90/9958.55/9970.80.

In view of the above observation it seems that the ongoing bear rally has exhausted at 9390.85, but the confirmation of the rally exhaustion is yet to happen and it will only happen on the line chart if it closes below 8981.45 and then do not close above 9313.90 on the up move as of now. Similarly for confirmation on the bar chart it should move below 8909 and then on the up move it should not go beyond 9343.60 even intraday as of now. It will signal severe break down if it sustain below 8672 on the closing basis. Therefore please note that till it confirms the rally exhaustion conditions it may still claw back to 9390.31 or may move above it also. So be vigilant and cautious in both side trades.   

NOTE: - The ongoing relief rally seems to have exhausted at 9390.85 on 20.4.2020 and to prove it otherwise it has to move and close above it and sustain. Therefore as of now the upside benchmark point is 9390.31 and downside benchmark point is 8672.

TRADING STARTAGY      

1. Buy on decline but not below 9070 with a stop loss of below 8970.    

     Since the rally seems to have exhausted, so it could be a risky trade.

2. Sell on the rise near or within the range of 9300—9343 but not above      

    above 9343 with a stop loss of above 9420.

Or

    Sell below 9140 with a stop loss of above 9220.

Or

    Sell below 9070 with a stop loss of above 9155.

Remark: - It is in the bear market and it seems that the ongoing relief rally has exhausted but the confirmation of it is yet to happen, therefore one should be vigilant and careful in long trade till it moves above 3943.60 and then the benchmark point of 9390.31 and sustain. A short trade on the rise or as suggested above seems to be a better option at this point of time. The trend is down and long term bias is bearish.    

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

INTRA-DAY TRADING CALLS FOR 22.4.2020

TRADING CALLS

1. AXIS BANK.

Sell below -417, S/L-423, Target-409/400/385/375.

2. BAJAJ AUTO.

Sell below-2344.S/L-2360,Target-2293/2264/2242.

3. HDFC BANK.

 Sell below-908, S/L-922, Target-892/862.

4. HDFC AMC LTD.

Sell below-2610, S/L-2630, Target-2562/2495/2450.

5. HINDALCO.

Sell below -105, S/L-107.50, Target-101/98/92.                                    

6. ICICI BANK.

Sell below-336, S/L-341, Target-323/319/303/295.

7. INDUSIND BANK.

Sell below-396, S/L, 402, Target-386/371/352.

8. INFOSYS.

 Sell below -627, S/L-635, Target-621/613/597/582.  

9. JSW STEEL LTD.

Sell below -161, S/L-164, Target-156/152/142.  

10. KOTAK MAHINDRA BANK.

Sell below-1125, S/L, 1135 Target-1114/1090/1075.

                           

11. L&T.

Sell below-863, S/L-872, Target-845/820/806.

12. MARUTI.

Sell below-4970, S/L-5010, Target-4884/4810/4765.

13. M&M.

Sell below-343, S/L-347, Target-323/315/305.

14. TATA STEEL.

Sell below-265, S/L-270, Target-260/251/245.

15. ACC LTD.

Sell below-1132, S/L-1140, Target-1116/1090/1075.

16. SHRIRAM TRANSPORT FINANCE CO.

Sell below-578, S/L-589, Target-565/540/520.

17. TCS.

Sell below-1720, S/L-1740, Target-1697/1675/1650.

18. TITAN.

Sell below-932, S/L-940, Target-920/915/895/855.

19. MOTHERSON SUMI.

Sell below-71.25, S/L-72.50, Target-69/64/62/57.

20. RELIANCE INDUSTRIES.

Sell below-1220, S/L-1235, Target-1211/1191/1172/1164.

                           

.                              Note: Price stated here are of spot market.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.                       

 Contact me for strategic guidance to enter and exit the trade

   

                       

                     

  

                    

                            

INTRA-DAY TRADING CALLS FOR 21.4.2020

TRADING CALLS

1. AXIS BANK.

Sell below -451, S/L-458, Target-440/427/409.

2. BAJAJ AUTO.

Sell below-2378.S/L-2400,Target-2365/2336/2293.

3. HDFC BANK.

 Sell below-944, S/L-955, Target-920/900/894/878.

4. HERO MOTOR CORP.

Sell below-1805, S/L-1840, Target-1775/1752/1722.

5. HINDALCO.

Sell below -115.75, S/L-117.50, Target-113.50/110/105.25/101.                                    

6. ICICI BANK.

Sell below-357, S/L-362, Target-37/334/320.

7. INDUSIND BANK.

Sell below-453, S/L, 459, Target-447/440/427/413.

8. ITC LTD.

 Sell below -179.50, S/L-181.50, Target-176.50/171.50/164.  

9. JSW STEEL LTD.

Sell below -166, S/L-169, Target-160/153/142.  

10. KOTAK MAHINDRA BANK.

Sell below-1170, S/L, 1180 Target-1160/1131/1115.

                          

11. L&T.

Sell below-911, S/L-920, Target-890/880/865.

  

12. SBI.

Sell below-190, S/L-193.50, Target-181/175/171/166.

13. M&M.

Sell below-353, S/L-357, Target-343/336/320.

14. TATA STEEL.

Sell below-285, S/L-289, Target-280/276/266/261.

15. ACC LTD.

Sell below-1170, S/L-1180, Target-1150/1125/1116.

16. SHRIRAM TRANSPORT FINANCE CO.

Sell below-682, S/L-690, Target-660/640/630/615.

             

                             Note: Price stated here are of spot market.   

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

 Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.                       

 Contact me for strategic guidance to enter and exit the trade

   

                     

  

                    

                             

A BROAD TECHNICAL VIEW ON CNX--BANK NIFTY FOR THE WEEK STARTING FROM- 20.4.2020

CNX--BANK NIFTY

Open-20394.75--High-20866.55--Low-19729.30—Close-20742.80 on 17-4-2020

Support:-20608/20598.55/20324.10/20010/19729.30/19520/19144/19122.10/18703.45/18345/18162.53/17719/17606/17502/17350/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:-20866.55/21042.35/21462.40/21947/22418/22469/22996.40/23611.10/23657/24240.

 (Bold and underlined figures are most important)                                                                       

It exhibited huge volatility during the preceding week but it finally crossed its crucial point of 20010(see my last post of 13.4.2020) decisively at the end of the week, which is a good sign. On the daily chart it is making higher bottom and higher top in Line & Bar chart and well above its short term moving averages too, which indicate strength and possibly this rally may last few more days as long as it holds 20010 mark on the closing basis. But be aware that such bear market rallies create confidence of the highest level among the traders and investors and sucked them in to the market and trap them miserably. It seems that the confidence in the market is at a high now despite the Covid-19 pandemic, which will have a colossal impact not only on Indian economy but for the entire world economy financially and otherwise too, therefore it is suggested to be vigilant & cautious in the long trade at this juncture. Furthermore it is showing less strength in comparison with CNX- Nifty, therefore this rally may fizzle out anytime.

  

It is important to note that since it has closed above its crucial point of 20010 it has opened the upside up to 22418 as long as it holds it, but moving up it would face tough resistance at 20866.55/21462.40/ and most importantly in the range of 21805—950 from its major rising trend line on the monthly chart. It is less likely to sustain above this range as of now but if it does and moves above 22418 and sustain then it will open up the upside up to 24365. In view of the above observation either this rally has exhausted when it hit a high of 20866.55 on 17.4.2020, else the possible exhaustion point of the rally would be in the range of 21850---21950—22500 or else it will exhaust if it closes below 19050 as of now.It will signal break down if it sustain below 18700 on the closing basis.

TRADING STARTAGY      

1. Buy on decline but not below 20010 with a stop loss of below

     19800.

Or

    Buy above 20866.55 with a stop loss of below 20500. This would      

    be relatively safe option.

2. Sell if it does not cross 20866.55 in at least one and half hour trade,   

     with a stop loss of above 21100.

Or

    Sell in the range of 21850—950---22450 with a stop loss of above

     22600.

NOTE: - Please see support & resistance points mentioned above for entry point and possible targets for the trade.

IMPORTANT NOTE: - Be alert in short trade if it closes above 20866.55 & 21950 and be alert in long trade if it closes below 20010.

 Remark: - It is in the bear market but it gave good pullback rally and ended the week near the high. The daily chart is still showing some strength, so this rally may last a few days more. So long trade can be tried as suggested above but with due care and caution because it’s relative strength in comparison with CNX-Nifty is weak, therefore one cannot rely on this rally with firm belief. Similarly one should definitely take a short trade within or near the exhaustion range or as suggested above. The trend is down and long term bias is bearish.    

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.

A BROAD TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK STARTING FROM---20.4.2020

 CNX-NIFTY

                                                                   

Open-9323.45--High-9324—Low-9091.35—Close-9266.74 on 17.4.2020

Support:9218.40/9133/9097/9038.90/8966/8860/8842.28/8821.90/8801.14/8774.67/8712.85/8672.07/8553/8537/8461/8327.20/8269/8148.50/7946.74/7893.80.

Resistance:9269.20/9341/9390.31/9460/9580/9685.55/9687.55/9944.40/9951.90/9958.55/9970.80/10004.55/10020.35.

 (Bold and underlined figures are most important) 

                                                                      

It exhibited huge volatility during the preceding week after giving whipsaw around major rising trend line at 9070(see my post of 13.4.2020) but it finally ended the week decisively above it at 9266.75. The pullback rally is on and in the daily chart it is still making higher bottom and higher top in the Line & Bar chart and well above its short term moving averages too, which indicate strength and possibly this rally may last few more days. But be aware that such bear market rallies create confidence of the highest level among the traders and investors and sucked them in to the market and trap them miserably. It seems that the confidence in the market is at a high now despite the Covid-19 pandemic, which will have a colossal impact not only on Indian economy but for the entire world economy financially and otherwise too, therefore it is suggested to be vigilant & cautious in the long trade at this juncture.

It is important to note that it took 46 days from the top of 12430.50 to fall to 7511.10(both top & bottom day included) and it fell by 39.57% and by 4919.40 points. The ongoing pullback rally is 15 days old which is almost 33% of 46 days fall and it has already retraced by 1813 point from the bottom of 7511.10 which is 36.84% of the total fall till date. Therefore as far as bear rally is concerned which it is, so it seems that it is near its culmination or exhaustion point time wise and value wise both and it may possibly exhaust during the week.   

It is important to mention here that 9390.31 level would be the benchmark point for the time being and if it move  and sustain above it on the closing basis at least for 3-4 days then it would open upside up to 10000 but moving up it would face huge resistance at 9460/9520-580/9685.55/9687.55/9944.40/9951.90/9958.55/9970.80. In view of the above observation either this rally has exhausted when it hit a high of 9324 on 17.4.2020, else the possible exhaustion point of the rally would be in the range of 9390—9500/9580 & 9685.55---687.55 or else it will exhaust if it closes below 8925 and then below 8820 as of now. It will signal break down if it sustain below 8550 on the closing basis. I feel if it moves up then the range of 9390—9500 would be the potential range for exhaustion of this rally.

TRADING STARTAGY      

1. Buy on decline but not below 9070 with a stop loss of below 9000. It   

     may be risky trade.

Or

    Buy above 9324 with a stop loss of below 9230. This would be a  

    relatively safe option.

2. Sell if it does not cross 9324 in at least one and half hour trade with a   

    stop loss of above 9360.

Or

    Sell in the range of 9390—9500 with a stop loss of above 9600.

NOTE:- Please see support & resistance points mentioned above for targets of the trade.

 IMPORTANT NOTE: - Be alert in short trade if it closes above 9324 & 9390.31 and be alert in long trade if it closes below 9070.

 Remark: - It is in the bear market and the pullback rally is still going on. The daily chart still showing strength, so this rally may last a few days more but since we are in a close vicinity of the possible exhaustion point first range of 9390-9500, therefore one should take due care and caution in the long trade. Similarly one should definitely take a short call within or near the exhaustion range as mentioned and suggested above. The trend is down and long term bias is bearish.    

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

Note: Price stated here are of spot market.

Contact me for strategic guidance to enter and exit trade.