A TECHNICAL VIEW ON CNX--BANK NIFTY- 14.5.2020

CNX--BANK NIFTY

 

Open-20017.75--High-20122.25--Low-19429.90—Close-19634.95 on 13.5.2020

 

Support:19626/19540/19400/19155.48/18863/18300/18100/17850/17340/17248.42/17143.20/16946/16759/16587/16387/16193/16116.25.

 

Resistance: 19694.55/19765/19851/19870/19970//20010/20391/20586.22/21122.10/21348.15/21462.40.

 

 (Bold and underlined figures are most important)

 After the announcement of economic stimulus package by the Honorable Prime Minister yesterday night, it opened with a huge up gap at 20017.75 and made a high of 20122.25 and then went down to make a low of 19429.90 and finally closed the day at 19634.95 up by 772.10 points. The gap it created today is still there and if it makes an effort to fill the gap in next 3-4 days which is technically possible then it can come down to 18993.40 levels.

In spite of good closing today it is still not showing required strength which can take it up further, therefore it seems that this up move may fizzle out in next 2-3 days, but sustained close above 20010 may take it higher which may please be noted. Please note that despite the robust up move today it is still sell on the rise bet or sell on the price break down. Therefore it is suggested to avoid long trade till it closes above 20010 and sustain.

Moving up it will face resistance at 19763---19851---19969---20010--20200-20391 and these could be the possible sell points also. Similarly moving down it may find support at 19626—19540---19419---19200---18863---18287---18100.

TRADING STARTAGY      

 

1. Sell on the rise in the range of 19770---19850---20010---20250 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.

 

Remark: - The long term trend is down. It gave a good up move today but not exhibiting enough strength therefore still short trade on the rise it a better option. Long trade can only be tried if it move above 20010 and sustain on the closing basis. The long term bias is hugely bearish as of now.    

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 TECHNICAL VIEW ON CNX-NIFTY FOR -14.5.2020

 CNX-NIFTY

 

Open-9584.20--High-9584.50—Low-9351.10—Close-9383.55 on 13.5.2020

 Support:9345/9327.85/9280/9260/9240/9210/9140//9116.50/9090/9038.90/8980/8966/8880/8842.28/8821.90/8801.14/8700/8672.07/8617/8555

 

Resistance:9390.31/9468.75/9493/9584.50/9685.55/9687.55/9722/9822

(Bold and underlined figures are most important)    

 After the announcement of economic stimulus package by the Honorable Prime Minister yesterday night, it opened with a huge up gap at 9584.20 and made a high of 9584.50 and then went down to make a low of 9351.10 and finally closed the day at 9383.55 up by 187 points. The gap it created today is still there and if it makes an effort to fill the gap in next 3-4 days which is technically possible then it can come down to 9240.85 levels.

                                                         

It is showing some strength as it has closed above its two recent lower tops and moved above its short term moving averages also, so it may move higher, but it is yet to close above its most important and crucial point of 9390.31. It seems that today’s robust up move was just a reaction of stimulus package announcement so it has to be seen for next 2-3 days whether  this up move will last or not. Therefore long trade should be avoided till it closes above 9390.31 and sustain. However moving down it has bed of support in the range of 9345—9327.85---9300----9280-----9260----9240----9210---9140---9116.50, therefore  those who wish to try long trade can try it on decline at any of these points but not below 9240 with a stop loss of below 9200. It could be a risky trade mind you. I would personally prefer and suggest trying short trade on the rise till it closes above 9390.31 and sustain.

      

TRADING STARTAGY      

 

1. Sell on the rise in the range of 9390.31 ---9490--- 9550, but not above

   9550 with a stop loss of above 9600. Kindly note that the self defined        

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

   loss would be 9600 only.

 

NOTE: - Short trade should be squared off if it indicates closing above 9390.31.   

 

Remark: - The long term trend is down. It gave a good up move today  but whether it will last or not has to be seen in next 2-3 days, therefore long trade should be avoided till it closes above 9390.31,however aggressive trader can long trade as suggested above in the 2^nd paragraph. I would still suggest adopting sell on the rise strategy till it closes above 9390.31 and sustain. 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 TECHNICAL VIEW ON CNX-NIFTY FOR -13.5.2020

CNX-NIFTY

 

Open-9168.85--High-9240.85—Low-9043.95—Close-9196.55 on 12.5.2020

 Support:9180/9125/9116.50/9090/9038.90/8980/8966/8880/8842.28/8821.90/8801.14/8700/8672.07/8617/8555/.

 

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

 (Bold and underlined figures are most important)                                                                       

It opened with a down gap at 9168.85 and went down further and made a low of 9043.95 it did break the weekly bottom of 9116.50 but took support near the important point of 9038(see my earlier post) and then it bounced back in the late afternoon and made a high of 9240.85 and ended the day at 9196.55.

It may still consolidate in the range of 9390---9328---9290---9180---9116---9038---8980 for few days before it breaks down. Please note that breakdown seems inevitable at this point of time and it could happen any day, therefore long trade should be completely avoided as of now and should only be tried if it moves above 9390.31 and sustain on the closing basis because then it could move higher. Since it is in correction mode it is suggested to adopt sell on the rise strategy or sell on the price breakdown. It is also suggested to take advantage of intraday swing in the market to square off the trade and initiate fresh short trade at appropriate price. Please note that sustained break below 9116---9038 & 8980 on the closing basis will accelerate the fall.    

     

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.    

 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 on the rise 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 TECHNICAL VIEW ON CNX--BANK NIFTY- 12.5.2020

CNX--BANK NIFTY

 

Open-19610.45--High-19733.40--Low-18900.90—Close-18950.50 on 11.5.2020

 

Support:18852/18703/18300/18100/17850/17340/17248.42/17143.20/16946/16759/16587/16387/16193/16116.25.

 

Resistance: 19271.75/19200.08/19669/19685/19769/19874/19881/19934/20010/20514.75/20586.22/21122.10/21348.15/21462.40.

 

 (Bold and underlined figures are most important)

 

It is showing extreme weakness as it has made lower top at 19694.55 and it made lower bottom today by breaking its recent bottom of 19271.75 decisively. Furthermore it is well below its short, medium and long term moving averages on daily and weekly chart which potentially indicate that fall is going to accelerate further in days to come. However in between short up rally cannot be ruled out. But long trade should be completely avoided as of now instead short trade should be attempted on the rise or on the price breakdown. Moving down it will find good support at 18850---18300---18100---17850---17343---17143.

Since it is well below it most critical and important point of 20010 for quite some time, therefore it very much likely that it will retest or break its bottom of 16116.25 it made on 24.3.2020 in days to come.

  

TRADING STARTAGY      

 

1. Sell on the rise in the range of 19670---19870---20010---20100 with a stop    loss of above 20200. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20200 only.

 

Or

 Sell below 18940 with a short stop loss of above 19200. This stop loss can be triggered, which may please be noted.

 

Remark: - The long term trend is down. It is in correction mode therefore long trade is a complete avoid as of now. Only short trade should be attempted as suggested above. The long term bias is hugely 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 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