A TECHNICAL VIEW ON CNX-NIFTY FOR -5.5.2020

CNX-NIFTY

Open-9533.50--High-9533.50—Low-9266.95—Close-9293.50 on 4.5.2020

Support:9265/9250/9242/9211/9141.30/9090/9038.90/8981.45/8966/8860/8842.28/8821.90/8801.14/8672.07/8617/8555/.

Resistance:9327.85/9390.31/9468.75/9685.55/9687.55.

 (Bold and underlined figures are most important)                                                                       

It opened with a huge down gap and did not make any effort during the day to fill the gap which is a weak sign, it seem that it was a breakdown gap, however it is technically possible that it can make an effort to fill this gap in next 3-4 trading session and if it does then it can move up to 9731.50, but looking at today’s move it seem less likely.

Its sharp decline today indicates that the pullback rally top is in place at 9889.05 and if it is so then it should not close above 9327.85 & 9390.31 and drift down from here. Please note that moving down it has bed of support in the range of 9265/9250/9242/9211 and then at 9090---9038. So the range for the day would be 9390.31---9327.85----9211----9038. Break below 9200 will trigger fresh fall and sustained break below 9038 will take it down sharply. In view of above observation it is suggested to avoid long trade till it closes above 9390.31 instead short trade would be a better option as of now.   

TRADING STARTAGY      

1. Can try long trade if it moves above 9390.31 and sustain for 15

     minutes with a stop loss of below 9300.It could be a risky trade.       

2. Sell on the rise near or within the range of 9327.85---9390.31 but not  

    above 9390.31 with a stop loss of above 9475.

Or

    Sell below 9211 with a stop loss of above 9330.

Remark: - The long term trend is down. The pullback rally seems to have exhausted and down move has begun provided it should not close above 9327.85 & 9390.31 and move down from here. Avoid long trade till it closes above 9390.31,instead short trade should be attempted as suggested above. The 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---4.5.2020

CNX-NIFTY

Open-9753.50--High-9889.05—Low-9731.50—Close-9859.90 on 30.4.2020

Support:9687.55/9685.55/9580/9468.75/9390.31/7343/9250/9141.30/9090/9038.90/8981.45/8966/8860/8842.28/8821.90/8801.14/8672.07/8617/8555/.

Resistance:9890/9944.40/9951.90/9958.55/9970.80/10004.55/10033.35/10137.85/10178.45/10276.30/10333.85/10417.30/10490.45/10557.70.

 (Bold and underlined figures are most important)                                                                       

In the preceding week it gave huge upside move which was not expected and it crossed the benchmark point of 9390.31 and thereafter crossed strong resistance points of 9520-580/9685.55/9687.55/decisively and effortlessly and ended the week near the high at 9859.90.Technically it is looking good as it is still making higher bottom and top on the line & bar chart both, furthermore it is well above its short term and above some of its medium term moving averages, which speaks of some strength so this rally may extend. But it is important to mention here that this pullback rally is already 24 days old therefore it seems that it may have entered the vulnerable zone where this rally could possibly exhaust or correct downward any time now before moving up again. Moving up it will face stiff resistance in the range of 9944.40---9970.80---10200 but if it moves above 9970.80 and sustain on the closing basis then it will open the upside up to 10550 else it may possibly exhaust in the range of 9900---9970---10150 provided it keeps closing below 9970.80 on sustained basis. Similarly going down it will find good support at 9687---85/9390.31/9250/9141.30 & 9090. It is important to note here that sustained break below 9390.31 on the closing basis will further weaken this rally and sustained break below 9090 will signal breakdown and can take it down sharply which may be noted.   

The ongoing rally is very strong and indicates strength and favor long trade, but not to forget that this is a relief rally in the bear market and these rallies are very treacherous in nature and furthermore it seems near the completion so it may end anytime soon. Therefore be alert and cautious in long trade at this juncture or better to avoid long trade for the time being. Short trade should be attempted at appropriate points with proper stop losses. 

NOTE: - The upside benchmark point is 9970.80 and downside benchmark point is 9390.31 & 9090 on the closing basis.

TRADING STARTAGY      

1. Buy on decline but not below 9390 with a stop loss of below 9250.    

    It could be a risky trade.

Or

    Buy above 9890 with a stop loss of below 9800. It would be relatively

    Safe trade.

2. Sell on the rise near or within the range of 9970—10200  

    with a stop loss of above 10275.

Or

    Sell below 9850 with a stop loss of above 9910.

Or

    Sell below 9390.31 with a stop loss of above 9465.

Or

    Sell below 9250 with a stop loss of above 9320.

Remark: - The long term trend is still down but the ongoing pullback rally is a robust one, however since this rally has entered into a vulnerable zone therefore it could possibly exhaust or go in for deep downward correction any moment. It is therefore suggested to avoid long trade now or if initiated should be handled with extreme caution and care at this point of time. Short trade can be tried at specific point as suggested above. The 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--BANK NIFTY FOR THE WEEK STARTING FROM- 4.5.2020

CNX--BANK NIFTY

Open-21589.20--High-21967--Low-21353.65—Close-21534.50 on 30-4-2020

Support:21462.40/21122.10/20907.55/20608/20575/20324/20184.10/20010/19988/19887/19586/19466.30/19409.35/19229/19144/19122.10/19051.95/18820/18703.45/18226/18162.53/17719/17606/17502/17350/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:21967/22418/22469/22996.40/23611.10/23822/24048/24240/24353/24463.

 (Bold and underlined figures are most important)                                                                       

In the preceding week it gave reasonably well up move but it was a weak move in comparison with CNX-Nifty. However it decisively crossed its critical and important point of 20010 and ended the week at 21534.50. Technically it looks okay at this point of time so the ongoing rally may extend. But it is pertinent to mention here that this pullback rally is already 24 days old, furthermore is not that strong in comparison with Nifty, therefore it seems that it may definitely have entered the vulnerable zone where this rally could possibly exhaust or correct downward any time now before moving up again. Moving up it will face stiff resistance in the range of 21970---22418 but if it moves above 22418 and sustain on the closing basis then it will open the upside up to 24365 else it may possibly exhaust in the range of 21970---22418 provided it keeps closing below 22418 on sustained basis. Similarly going down it will find good support at 20608/20324/20010/19630/19430. It is important to mention here that sustained break below 20010 on the closing basis will further weaken this rally and sustained break below 19430 will signal breakdown and can take it down sharply which may be noted.

In view of the above observation it is suggested to avoid long trade for the time being, trying short trade at the appropriate points would be a better option as of now.

NOTE: - The upside benchmark point is 22418 and downside benchmark point is 20010 & 19430 on the closing basis.

TRADING STARTAGY      

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

    19800.

  Or

    Buy above 21970 with a stop loss of below 21750.

2. Sell on the rise in the range of 21970---22418 but not above 22418

     with a stop loss of above 22550.

Or

    Sell below 21460 with a stop loss of above 21650.

Or

    Sell below 19840 with a stop loss of above 20100.

  

Remark: - The long term trend is still down but the ongoing pullback rally is reasonably good, however since this rally has entered into a vulnerable zone therefore it could possibly exhaust or go in for deep downward correction any moment. It is therefore suggested to avoid long trade now or if initiated should be handled with extreme caution and care at this point of time. Short trade can be tried at specific point as mentioned above. The 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 27.4.2020

TRADING CALLS

1. DLF.

Sell below -127, S/L-129, Target-120/115/108.

2. BAJAJ FINANCE.

Sell below-1970, S/L-1985, Target-1912/1818/1800.

3. AXIS BANK.

Sell below -401, S/L-405, Target-386/376/362.

     

4. BAJAJ AUTO. (ITS CRITICAL POINT IS 2442.20)

Buy above -2446, S/L-2435, Target-2483/2525/2560

OR

Sell below-2442.20.S/L-2460,Target-2380/2364/2336.

5. HDFC BANK.

 Sell below-932, S/L-940, Target-919/907/900.

6. HDFC LTD.

Sell below -1569, S/L-1585, Target-1547/1517/1500/1485.                                    

7. BAJAJ FINSERV.

Sell below-4365, S/L-4400, Target-4329/4160/4000.

8. ICICI BANK.

Sell below-331, S/L-336, Target-322/313/302.

9. HDFC STANDARD LIFE INS CO LTD.

Sell below -451, S/L-457, Target-441/429/416.  

10. INDUSIND BANK.

Sell below-380, S/L, 387, Target-371/351/343.

11. ICICI LOMBARD GIC LTD.

Sell below-1126, S/L, 1140 Target-1101/1070/1051/1030.

                          

12. SBI.

Sell below-179, S/L-182, Target-175/173/171/166/157.

13. HCL TECH.

Sell below-465, S/L-470, Target-456/447/441/428.

14. TITAN.

Sell on the rise near but not above-920, S/L-930, Target-905/893/872/855.

OR

Sell below-892, S/L-902, Target-872/855.

15. TATA STEEL.

Sell below-266, S/L-271, Target-259/250/245.

16. TECH MAHINDRA.

Sell below-500, S/L-505, Target-485/471.

17. M&M.

Sell below-331, S/L-336, Target-316/302.

18. MARUTI SUZUKI.

Sell below-5030, S/L-5060, Target-4990/4970/4884.

19. HNDALCO.

Sell below -102.75, S/L-105, Target-100/96/91/86. 

 20. HLL.

Sell below -2275, S/L-2310, Target-2243/2224/2190.  

 21. JSW STEEL.

Sell below -152.60, S/L-155, Target-143/136/132.                                     

                           

                            

                             Note: Price stated here is 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- 27.4.2020

CNX--BANK NIFTY

Open-19697.65--High-19950.15--Low-19515.40—Close-19586.65 on 24-4-2020

Support:-19466.30/19409.35/19229/19144/19122.10/19051.95/18820/18703.45/18226/18162.53/17719/17606/17502/17350/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:-19887/19988/20010/20267.95/20356.50/20444/20681.45/20866.55/21122.10/21462.40/21947/22418/22469/22996.40/23611.10/23657/24240.

 (Bold and underlined figures are most important)                                                                       

It exhibited huge volatility during the preceding week; it did cross and gave intermittent close above its crucial point of 20010(see my last post of 20.4.2020) but could not sustain and finally ended the week decisively below it and on a very weak note at 19586.65. It has also made lower top in bar and the line chart but yet to make a lower bottom so watch out for it for complete weakness, furthermore it has also broken some of its short term moving averages which is also a weak indication. Therefore in view of the above it seems that this relief rally has topped out long ago at 21462.40 on 27.3.2020 on the bar chart because after that it did made higher bottom and top but could not cross this top instead made lower top on 23.4.200 at 20356.50. Similarly on the line chart it has topped out at 20681.45 on 17.4.2020 and then made lower top at 20267.95 on 23.4.2020. But to confirm the rally exhaustion it needs to make lower bottom, which may possibly happen during the week.    

It is important to note that 20010 is its crucial & benchmark point and to show some strength and steady up move it has to close above it and then above 20267.95 and sustain. But looking at the price movement during the last week it seems less likely to happen.

In view of the foregoing paragraphs it seems that the ongoing bear rally has exhausted, but the confirmation of the rally exhaustion is yet to happen and it will only happen on the line chart if it closes below 19409.35 and then do not close above 20267.95 on the up move as of now. Similarly for confirmation on the bar chart it should move below 19051.95 and then on the up move it should not go beyond 20356.50 even in intraday as of now. It will signal severe break down if it sustain below 19050 on the closing basis.

NOTE: - The ongoing relief rally seems to have exhausted and to prove it otherwise it has to move and close above 20267.95 on the line chart and intraday move above 20356.50 on the bar chart.

 

TRADING STARTAGY      

1. Buying should be avoided as it is below its key point of 20010 and  

    made lower top also.  

2. Sell on the rise in the range of 20010---20356 but not above 20356

     with a stop loss of above 20500.

Or

    Sell below 19500 with a stop loss of above 19750.

IMPORTANT NOTE: - Be alert in short trade if it closes above 20010 & 20267.95 and moves above 20356.50 intraday. Long trade should be avoided as of now.

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, but since it is well below its crucial & benchmark point of 20010 therefore long trade should be avoided till it closes above 20010 & 20267.95. A short trade on the rise or as suggested above seems to be a better option at this point of time. It is very important to mention here that its relative strength in comparison with CNX-Nifty is very weak on technical charts, therefore it may trigger fall any moment. 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.