TECHNICAL VIEW ON NIFTY--50 FOR-25.6.2020

NIFTY--50

 Open-10529.25--High-10553.15—Low-10281.95—Close-10305.30 on 24.6.2020.

Support: - 10272/10168/10040/9970.80/9944.40/9889.05/9726.25/9700/9685.55.

 

Resistance: - 10315/10328.50/10490.95/10551.20/10557.70/10583.65.

 

Critical Points moving down:-10272--10168--10040--9944.40.

Critical Points moving up:-10315---10328.50--10490---10551.20--10583.65.

(Bold and underlined figures are most important)  

As anticipated it began correction today, it closed below its important point of 10328.50 &10315.07 and if it remains below these levels correction could further intensify and it could come down to 10168—10040---9944 levels and these could be the possible correction completion point also. Therefore for safe traders it is suggested to try long trade only when correction ends and it start moving up again on the closing basis, but aggressive trader can attempt long trade at proper points in intraday correction also, but it could be a risky trade mind you. It is therefore suggested to try long trade only if it moves and maintain above 10315.07 &10328.50 levels as of now because else you may get it at much lower level as mentioned above. It is in correction mode now but the trend is still up as of now.   

It is needless to mention here that the ongoing uptrend is purely liquidity driven and lacks fundamentals completely therefore the correction started today may turn into uptrend termination also, so be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points or on severe price breakdown to take advantage of the correction.

TRADING STRATEGY

1. Buy if it moves and maintains above 10315 & 10328.50 for some time with a stop loss of 10260.It could be a risky trade.

2. Sell if it moves below 10272and maintain for some time with a stop loss of 10340.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 25.6.2020

CNX--BANK NIFTY

Open-22479.35.--High-22479.55--Low-21336.35—Close-21426.80 on 24.6.2020

 

Support:21344/21122/20993/20820/20642/20530.45/20324/20201.75/20122.10/20010.

 

Resistance: 21462/21778/22418/22997/23611.

 

Critical Points moving up:--21467.65---22418—23600---24365.

 

Critical Points moving down:-21344---20993---20642---20530—20201.

 

(Bold and underlined figures are most important)

 

As anticipated it began correction today and closed way below its important point of 21778 and if it remains below it correction could further intensify and it could come down to 21344---20993---20642---20201 levels and these could be the possible correction completion point also. Therefore for safe traders it is suggested to try long trade only when correction ends and it start moving up again on the closing basis, but aggressive trader can attempt long trade at proper points in intraday correction also, but it could be a risky trade mind you. It is therefore suggested to try long trade if it maintains above 21778 levels only as of now because else you may get it at much lower level as mentioned above. It is in correction mode now but the trend is still up as of now.  

It is needless to mention here that the ongoing uptrend is purely liquidity driven and lacks fundamentals completely therefore the correction started today may turn into uptrend termination also, so be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points or on severe price breakdown to take advantage of the correction.

TRADING STRATEGY

1. Buy if it moves and maintains above 21468 for some time with a stop loss of 21415.It could be a risky trade.

2. Sell if it maintains below 21426 for some time with a stop loss of 21490.

Or

Sell if it maintain below 21336 for some time with a stop loss of 21440.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

TECHNICAL VIEW ON CNX-NIFTY FOR-24.6.2020

CNX-NIFTY

 Open-10347.95--High-10484.70—Low-10301.75—Close-10471 on 23.6.2020.

 Support: - 10328.50/10272/10172/10040/9970.80/9944.40/9889.05/9726.25/9700/9685.55.

Resistance: - 10490.95/10551.20/10557.70/10583.65/10637.15/10670.25/10782.60/10941.20.

Critical Points moving down:-10328.50--10272--10172--10040--9970.80—9944.40.

Critical Points moving up:-10490---10551.20--10583.65.Sustained close above 10583.65 will give extra strength to it and it can move much higher then.

(Bold and underlined figures are most important)  

After making higher bottom of 9881.15 on 17.6.2020, it has been moving up vertically since and hit a high of 10484.70 today, so it has shot up by more than 600 points in 4 days, which exhibits tremendous strength but please note that the vertical rise may have vertical fall too if it corrects and in between corrections are bound to happen in the uptrend. Therefore be alert for correction, it can set in any time but buying should be initiated on decline and as of now the key buying points are 10328.50-- 10272—10172---10040 for the ongoing week as of now. Please note that sustained break below 10328.50&10272 can drag it down to 10172 and sustained break below it will in indicate that correction could further deepen and can drag it down to 10040 and break below this can accelerate the fall. It is therefore suggested to avoid long trade below 10172 as of now.

In view of the above observation, for safe traders, it is suggested to avoid long trade today and wait for the possible correction on the end of the day basis and then plan to initiate long trade the next day if price favours. However aggressive trader can try long trade on intraday correction as suggested below. 

It is needless to mention here that the ongoing uptrend is purely liquidity driven and lacks fundamentals completely therefore it can culminate surprisingly and can trap the traders at higher levels, so be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points to take advantage of the possible correction. The bias is up now.

 

TRADING STRATEGY

1. Buy on decline near if it holds 10328.50 & 10272 intraday with a stop loss of 10240.It could be a risky trade.

Or

   Buy on decline near if it holds 10172 intraday with a stop loss of 10130.It could be a risky trade.

2. Sell on the rise near or within the range of -10550-10600(S/L-10650). Contrarian trade, therefore risky, but worth trying.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

TECHNICAL VIEW ON CNX--BANK NIFTY FOR-- 24.6.2020

CNX--BANK NIFTY

Open-21859.25.--High-22322.30--Low-21647.80—Close-22264.90 on 23.6.2020

Support:21967/21807/21462/21122/20995/20820/20697.63/20530.45/20324/20201.75/20122.10/20010.

Resistance: 22418/22997/23611.

Critical Points moving up:--22418—23600---24365.Sustained close above 22418 will open the upside up to 24365 marks.

Critical Points moving down:-21467.65—21347.45---20995---20530

 (Bold and underlined figures are most important)

 After making higher bottom of 20201.75 on 17.6.2020, it has been moving up vertically since and hit a high of 22322.30 today, so it has shot up by more than 2100 points in 4 days, which exhibits tremendous strength but please note that the vertical rise may have vertical fall too if it corrects and in between corrections are bound to happen in the uptrend. Therefore be alert for correction, it can set in any time but long trade should be initiated on decline and as of now the key buying points are 21348—20995---20201 for the ongoing week as of now. Please note that sustained break below 21348 can drag it down to 20995 and sustained break below it will indicate that the top is in place, break and close below 20201.75 will signal the end of this up move. It is therefore suggested to avoid long trade below 20995 as of now.

In view of the above observation, for safe trader it is suggested to avoid long trade today and wait for the possible correction on the end of the day basis and then plan to initiate long trade the next day if price favour. However aggressive trader can try long trade on intraday correction as suggested below.

It is needless to mention here that the ongoing uptrend is purely liquidity driven and lacks fundamentals completely therefore it can culminate surprisingly and can trap the traders at higher levels, so be vigilant and extra cautious in the long trade. Short trade should also be attempted at critical points to take advantage of the possible correction.

 

TRADING STRATEGY

1. Buy on decline near if it holds 21348 intraday with a stop loss of 21250.It could be a risky trade.

Or

   Buy on decline near if it holds 20995 intraday with a stop loss of 20800. It could be a risky trade.

2. Sell on the rise near or within the range of -23100--23450(S/L-23600).

Contrarian trade, therefore risky, but worth trying.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

TECHNICAL VIEW ON NIFTY--50 FOR THE WEEK STARTING FROM---22.6.2020

NIFTY 50 – Technical View

Period: 22 – 26 June 2020 |Author: Narendra Kumar Surana

As- of 19 June 2020
Open	10119		Key levels	L1	L2	L3	L4	L5	L6
High	10272.40		Support	10200	10171.67	10038	9970.80	9944.40	9880
Low	10072.65		Resistance	10272.40	10370	10430--490	10551	10583.65	10670
Close	10244.40

 

Outlook

The short term trend is up technically; therefore long trade can be initiated on decline and at other appropriate points too. But it is important to mention here that the ongoing up rally is not fundamentally backed and is purely liquidity driven so be vigilant because  it may end up abruptly also, therefore long trade should be handled with extreme caution and care. Since, this rally can culminate surprisingly, therefore it is suggested that short trade should also be attempted at critical points.

 

Trading Strategy

Trade	Trigger	Stop loss	Risk
Buy	If it does not go below 10172 in two hour of trading	10130	Slightly enthusiastic trade, could be risky but worth trying.
Buy	On  decline at appropriate points but not below 10038	9930	Looks safe as of now.
Buy	If it maintains above 10273 for some time.	10220	Could be a risky trade, but worth trying.
Sell	Critical points-10370-10485-10584	10400—10520--10620	Contrarian trade therefore risky, but worth trying.
Sell	If it does not move above 10273 in first two hours of trade	10300	Could be a risky trade, but worth trying.
Sell	If it maintains below 10038 for some time	10070	Looks moderately safe.
Sell	If it maintains below 9944.40 for some time	10045	Reasonably safe.
Sell	Definitely if it maintains below 9880 for some time	9960	Extremely safe.

 

Detailed View

Further to my last post for 19.6.2020, as expected correction ended and up move began on 18.6.2020 itself as it crossed its lower top of 9914 and made a higher bottom at 9881.15, thereby making higher top & bottom, furthermore it also moved reasonably above some of its long term moving averages, which is a good sign, so the short term trend is up and it is expected to move higher with in between down correction from time to time as long as it makes higher top & bottom. Therefore as of now it is buying on decline market technically. I once again reiterate that the ongoing rally in Indian and in the rest of the world markets are completely defying the economic, fundamental and geopolitical conditions and are purely driven by liquidity; therefore chances are that it could end up abruptly also.  It is therefore suggested to try long trade as suggested above but with extreme caution. Moving up it will face stiff resistance at 10370—10430-490—10551—10583.65 but sustained close above 10583.65 will give it extra strength to move much higher and it can move to the level of 11270---11447 which may please be noted. Since this up rally is purely liquidity driven, so chances are that it may fizzle out without giving any proper signal , therefore short trade should also be attempted as suggested above .Moving down it will have support at 10171.67—10143.44---10038---9970.80--- 9944.40---9881.15, sustained break below 10038 will indicate weakness, break below 9944.40 will indicate that it could slip in correction again and sustained break below 9881.15 as of now (this figure may change)on the closing basis will confirm that it could go in for further deep correction. The short term bias is up as of now therefore one should be alert in short trade too.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. However day squaring off is strongly suggested in any case.

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.

Thanks,

Narendra Kumar Surana

suranank@gmail.com | +91-9831313654 / 8240951127