A TECHNICAL VIEW ON CNX-NIFTY FOR -12.5.2020

CNX-NIFTY

 

Open-9348.15--High-9439.90—Low-9219.95—Close-9239.20 on 11.5.2020.

Support:9236/9191/9130/9116.50/9090/9038.90/8981.45/8966/8880/8842.28/8821.90/8801.14/8672.07/8617/8555/.

Resistance:9290/9327.85/9390.31/9468.75/9685.55/9687.55.

 

 (Bold and underlined figures are most important)                                                                       

It opened with huge upside at 9348.15 and went on to make a high of 9439.90 but could not sustain at higher level and plunged down sharply to make a low of 9219.95 and ended the day near the low at 9239.20. It behaved the same way on 8.5.2020 also, so it is showing weakness at the upper level for sure.

It has been making lower top and bottom but moving down some short term moving averages are still providing support for it at 9236---9190---9130 for 12.5.2020 and weekly bottom at 9116, therefore sustained break below 9116  may accelerate the fall, else it may bounce back from these level and consolidate for few days before finally breaking these levels. Moving up it will face stiff resistance at 9270.90/9327.85 & 9390.31 and sustained close above these points and particularly above 9390.31 would indicate that it may move higher. Since it is in correction mode it is suggested to adopt sell on the rise strategy or sell on the price breakdown and think of long trade only once it closes above 9390.31 and sustain.     

TRADING STARTAGY      

 1. Sell on the rise in the range of 9270---9327.85---9390.31 ---9450

    with a stop loss of above 9475. Kindly note that the self defined short     

    stop losses can  be applied by the traders, but the authentic stop loss

    would be 9475 only.    

Or

    Sell below 9219 with a short stop loss of above 9260. This stop loss

    can be triggered, which may please be noted.

 

Remark: - The long term trend is down. It is in correction mode now so long trade is a complete avoid till it closes above 9390.31 and sustain, 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.

 

INTRA-DAY TRADING CALLS FOR 11.5.2020

TRADING CALLS

1. HINDALCO.

Sell below -121.40, S/L-123.50, Target-117/115/111.70/105.

2. ITC.

Sell below-157, S/L-159, Target-150/146/143.

3. AXIS BANK.

Sell below -379, S/L-384, Target-368/361/350.

     

4. BAJAJ AUTO.

Sell below-2442.20.S/L-2460,Target-2400/2361/2347.

5. HDFC BANK.

 Sell near but below-940, S/L-950, Target-925/905/887.

6. HDFC LTD.

Sell below -1678, S/L-1690, Target-1652/1626/1612.                                     

7. KOTAK MAHINDRA BANK.

Sell below-1211, S/L-1221, Target-1184/1160/1144.

8. ICICI BANK.

Sell below-336, S/L-340, Target-325/319/311/302/294.

9. L&T.

Sell below -810, S/L-820, Target-799/780/762.  

10. INDUSIND BANK.

Sell near but below-444, S/L, 350, Target-428.50/408/380.

11. SIEMENS.

Sell below-1036, S/L, 1046 Target-1020/1009/991/947.

                          

12. SBI.

Sell below-166, S/L-168, Target-157/148/145/140.

13. TITAN.

Sell below-830, S/L-845, Target-816/790/780.

14. TATA STEEL.

Sell below-270, S/L-274, Target-264/259/251.

15. TATA MOTORS.

Sell below-80, S/L-81.50, Target-78/74/69.

16. M&M.

Sell below-380, S/L-388, Target-369/357/346.

17. MARUTI SUZUKI.

Sell below-4637, S/L-4660, Target-4609/4566/4406.

18. HERO MOTOR CORP.

Sell below-1955.S/L-1970,Target-1938/1902/1830.

                                               

                            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-NIFTY FOR THE WEEK STARTING FROM---11.5.2020

CNX-NIFTY

Open-9376.95--High-9382.65—Low-9238.20—Close-9251.50 on 8.5.2020

Support:9238/9200/9199.05/9141/9116.50/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

Resistance:9270.90/9299/9327.85/9390.31/9468.75/9685.55/9687.55.

 (Bold and underlined figures are most important)                                                                       

It opened with a huge up gap at 9376.95 and made a high of 9382.65 but could not sustain at higher level and in the afternoon plunged down and made a low of 9238.20 and ended the day near the low at 9251.50 but up by 52.45 points over previous days close . Please note that it filled the gap during the day.  

Technically it shows weakness  as it has started making lower top & bottom after a long time, it has also broken most of its short and medium term averages on the daily and weekly chart except for some and most importantly it is well below its long term moving averages on the daily & weekly chart. Therefore it is expected to go down for sure in coming days but it will gather  momentum if it sustains below 9200.

Kindly note that moving up it will face stiff resistance from its most important and crucial points at 9270.90---9327.85---9390.31 but sustained close above 9390.31 could take it higher, which may please be noted. But looking at the overall technical setup the upside seem to be capped at 9390.31 as of now, therefore long trade should be completely avoided till it moves above 9390.31 and sustain on the closing basis. So, short trade on the rise or on the price breakdown should be the best option as of now,but be alert in short trade if it closes above 9390.31.

Moving down it will find good support in the range of 9090---9038 and then 8909—8801---8672 and sustained break below 9038 on the closing basis will further accelerate the fall. It is important to mention here that sustained close below 8672 will indicate that it could retest or break the bottom of 7511.10 it made on 24.3.2020 in coming days/weeks.

TRADING STARTAGY      

1. Sell on the rise in the range of 9270---9327.85---9390.31 ---9430

    with a stop loss of above 9475. Kindly note that the self defined short      

    stop losses can be applied by the traders, but the authentic stop loss

    would be 9475 only.     

Or
Can sell at C.M.P also but the stop loss would be 9475 only as of now.

Or

   Sell below 9116 with a stop loss of above 9150.

Remark: - The long term trend is down. Since it has made lower top & bottom the down move should accelerate now. In view of the above observation long trade is a complete avoid till it closes above 9390.31 and sustain. Only 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--BANK NIFTY FOR THE WEEK STARTING FROM- 11.5.2020

CNX--BANK NIFTY

Open-19844--High-19969.60--Low-19283.05—Close-19352.90 on 8.5.2020

Support:19271.75/19200.08/19051.95/18860/18703.45/18300/18100/17854/17340/17248.42/17143.20/16946/16759/16587/16193/16116.25.

Resistance:19655/19769/19881/19934/20010/20250/20514.75/20586.22/21122.10/21348.15/21462.40.

 (Bold and underlined figures are most important)

It opened with an up gap at 19844 and made a high of 19969.60 but could not sustain at higher level and in the afternoon plunged down and made a low of 19285.05 and ended the day near the low at 19352.90 with a loss of 138.90 points. Please note that it filled the gap during the day. 

Technically it shows terrible weakness. It has broken all its short, medium and long term moving averages decisively on the daily and weekly chart. It has made lower top also at 19694.55, but yet to break the recent bottom of 19271.75, therefore a close below 19271.75 is required to confirm that it is making lower top & bottom and for down move to gather momentum. Please note that till it happens there is a possibility that it could moving up again and if it closes above 19694.55 and then above 20010 and sustain then it may resume the up momentum again. But looking at the overall technical setup the upside seem to be capped in the range of 20010---20250 as of now, therefore long trade should be completely avoided till it moves above 20010 and sustain on the closing basis. So, short trade on the rise or on the price breakdown should be the best option as of now.

Moving down it will find good support in the range of 18941--- 18859---17854---18703---18309---18100---17850---17286.40---17143. It is pertinent to mention here that it has been closing below its critical & important point of 20010 for last five days and if it sustain below it for few more days then it could retest or break its recent bottom of 16116.25 made on 24.3.2020 in coming days.

TRADING STARTAGY      

1. Sell on the rise in the range of 19850---20010---20300 with a stop    loss of above 20400. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20400 only.

                                                           Or

  Sell below 19270 with a stop loss of above 19400. This is a short

  stop loss and possibly it could be triggered one or two times, but  

  one has to initiate short position again below 19270 for the

  day.

Or

 Sell below 18850 with a stop loss of above 19055.

    

Remark: - The long term trend is down. The pullback rally has exhausted and the upside seems to be capped in the range as mentioned above.  But a close below 19271.75 is important to establish lower top and bottom for the fall to accelerate. In view of the above observation long trade is a complete avoid till it moves above 20010 and sustain on the closing basis. Only 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.

INTRA-DAY TRADING CALLS FOR 8.5.2020

TRADING CALLS

1. ADANI PORT.

Sell near but below -292, S/L-298, Target-279/269/261.

2. AXIS BANK.

Sell near but below -409, S/L-413, Target-400/386/370.

     

3. HDFC BANK.

 Sell below-921, S/L-928, Target-905/886/870.

4. HCL TECH.

Sell below -506, S/L-513, Target-496/482/469.                                     

5. HINDALCO.

Sell below-116.70, S/L-118.50, Target-113.50/111.70/105.30/103.80.

6. ICICI BANK.

Sell below-336, S/L-340, Target-323/315/303.

7. ITC LTD.

Sell below -160.50, S/L-162, Target-157/150/146.  

8. MARUTI SUZUKI.

Sell below-4735, S/L-4760, Target-4702/4652/4613.

9. L&T.

Sell below-817, S/L, 825, Target-807/785/776.

10. TITAN.

Sell below-855, S/L, 860 Target-847/841/826/816/800.

                          

                                

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