A TECHNICAL VIEW ON S.H.KELKAR & CO LTD—12.7.2020

S.H.KELKAR & CO LTD

Open-69.20--High-69.80--Low-67.05—Close-68.75 on 10.7.2020

Support:66.10/65.10/62.55/56/47.50(All time low).

Resistance:73.10/76.20/82.10/90.60/98/106.80/120.

Critical Points moving up:--76.20 is the breakout point sustained close above can take it higher.

Critical Points moving down:--62.55, sustained break below it may drag it down to its all time low of 47.50 because in between there is no support of any bottom as of now.

(Bold and underlined figures are most important)

It made an all time high of 362.90, on 4.1.2017 and thereafter on the down move and made an all time low of 47.50 on 12.5.2020. After making all time low it started moving up and made a recent top at 76.20 on 10.6.2020 and thereafter moving sideways in a range of 76.20—62.55.

Technically it is not that great at the present moment, it is consolidating now and either side breakout from the range of 76.20—62.55 will decide which way it will move. Upside breakout can take it up to 84.50---98.30---106---120 levels, similarly down break can take it down to 56---47.50 or may be much lower. But please note that it has bed of support in the range of 68—63, so it seems that chances of upside breakout look reasonably good as long as it holds 62.55, therefore long trade can be tried now or on decline but not below 62.55 in any case with a stop loss of 61.50 because sustained close below 62.55 can take it down sharply. So in overall perspective it could move up in short term provided it holds 62.55 levels on the closing basis. 

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.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --13.7.2020

CNX-NIFTY

Open-10764.10--High-10819.40—Low-10713—Close-10768.05 on 10.7.2020

 Support:10705.75/10693.66/10670.25/10637.15/10583.65/10553.15/10409.85/10328.50/10223/10194.50.

Resistance: 10813.10/10847.85/10941.20/11090/11118.10/11270.

Critical Points moving down:-10693.66--10583.65--10553.15—10409.85.

Critical Points moving up:-10813.10---10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

 It opened with a negative bias and crossed its vital resistance point of 10813.10 during the day and tried to go towards its recent top of 10847.85 on the bar chart, but could not cross it and slipped down and closed below 10813.10 with a loss of 45.40 points. It is still holding its recent bottom of 10705.15 on the line chart and its critical point of 10693.66 and as long as it holds the above levels it can still move up else it could go in for correction. It took two attempts to cross its recent top of 10847.85 but failed, so if does not cross it in next 2-3 days then it may slip into correction mode, chances of which look possible. It will go into correction mode if it sustain below 10693.66 on the closing basis and break below 10583.65 & 10553.15 on the closing basis will accelerate the fall.

In view of the above observation it still looks good for up move, but in light of last two days price movement it would be safe to try long trade only if it moves and maintain above 10847.85 or on decline but not below 10693.66 in any case, it could be slightly risky trade at this point of time, which may please be noted. It is exhibiting slight shakiness at the recent top area of 10837--10848, therefore it seems that it is likely to correct. Therefore short trade should also be attempted in the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown.

Please be alert and vigilant particularly in long trade because the ongoing rally is purely liquidity driven and not backed by fundamentals, therefore possibility of ending this rally mischievously is pretty high. The bias is up as of now.         

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.

TRADING STRATEGY

1. Buy if it moves and maintains above 10848 for some time with a stop loss of 10800.

Or

 Buy on decline near but not below 10693.66 if it holds this level for some time, with a stop loss of 10650. It could be a risky trade. 

2. Sell near, if it does not move above 10848 for a reasonable period of time with a stop loss of 10900. It could be a highly risky trade but worth trying.

Or

Sell if it moves and maintain below 10813.10 for reasonable period of time with a stop loss of 10860.

Or

Sell if it moves and maintain below 10693.66 for some time with a stop loss of 10770.

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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --13.7.2020

CNX--BANK NIFTY

Open-22720.95--High-22835.20--Low-22320.05—Close-22398.45 on 10.7.2020

Support:21967/21807.40/21768/21462.40/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:22480/22572.22/22996.40/23080.60/23611.40/23822/23923.30/24045/24240

Critical Points moving up:--22480---22572—23200—23255—23650.

Critical Points moving down:--22257---22003---21745---20926.45.

(Bold and underlined figures are most important)

It had a very weak day today and it broke some of its key levels on the chart, which is a bad sign. It broke its recent bottom of 22584.65 on the line chart thereby making lower bottom and also broke its critical point of 22572.22 & 22479.55 decisively which indicates that it has slipped into correction mode and to prove it otherwise it has to bounce back above 22572.22 level and sustain on the closing basis in next 2-3 days else correction will deepen. Moving down it will find good support at 22257---22003---21749—21434—21357 levels and any of these could be the possible correction completion points also. But sustained break below 21357 on the closing basis can take it down to much lower, which may please be noted.   

In view of the above observation it look weak as of now ,therefore long trade should only be attempted if it moves and maintain above 22572.22  or after a reasonable decline near the points mentioned above or  if  it gives some visible sign of  correction completion at any point of time. Since it seems that it has slipped into correction mode, therefore short trade should be attempted in near the critical price or on the price breakdown for taking advantage of corrective move or a possible rally breakdown.     

Please be alert and vigilant particularly in long trade because the ongoing rally is purely liquidity driven and not backed by fundamentals, therefore possibility of ending this rally mischievously is pretty high. The bias is up as of now.        

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.

TRADING STRATEGY

1. Buy only if it move and maintains above 22572.22 for some time with a stop loss of 22460. It could be a risky trade.

2. Sell on the rise near 22572.22 with a stop loss of 22650.

Or

Sell if it moves below 22320 for some time with a stop loss of 22410. It could be a risky trade but worth trying.

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.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --10.7.2020

CNX-NIFTY

Open-10755.55--High-10836.85—Low-10733—Close-10813.45 on 9.7.2020

 Support:10813.10/10782.60/10670.25/10637.15/10583.65/10553.15/10409.85/10328.50/10223/10194.50.

Resistance: 10847.85/10941.20/11090/11118.10/11270.

Critical Points moving down:-10813.10---10693.66--10583.65--10553.15.

Critical Points moving up:-10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

After a correction on 8.7.2020 it bounced back on 9.7.2020 and closed shade above its critical resistance point of 10813.10. As long as it closes above 10813.10 and on decline holds 10693.66 on the closing basis, it looks ok for the further up move. But it has made double top at 10836.85 & 10847.85 in last two days and until and unless it crosses these points it may not gain further momentum and could correct from here before moving up again. Therefore at this point of time fresh long trade should only be initiated if it moves and maintain above 10847.85 or on decline but not below 10693.66 because break below it will indicate that it can slip into correction mode.  

In view of the above observation it still looks good for up move, but in light of the double top   it would be safe to try long trade if it moves and maintain above 10847.85 or on decline but not below 10693.66 in any case, it could be slightly risky trade, mind you. Since it has made double top and if it fails to cross the same then it could correct from here also, therefore short trade should also be attempted in the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown.

Please be alert and vigilant particularly in long trade because the ongoing rally is purely liquidity driven and not backed by fundamentals, therefore possibility of ending this rally mischievously is pretty high. The bias is up as of now.         

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.

TRADING STRATEGY

1. Buy if it moves and maintains above 10848 for some time with a stop loss of 10800.

Or

 Buy on decline near but not below 10693.66 if it holds this level for some time, with a stop loss of 10650. It could be a risky trade but worth trying.  

2. Sell near, if it does not move above 10848 in first two hours of trade with a stop loss of 10900. It could be a highly risky trade but worth trying.

Or

Sell if it moves and maintain below 10813.10 for reasonable period of time with a stop loss of 10860.

Or

Sell if it moves and maintain below 10693.66 for some time with a stop loss of 10730.

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.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --9.7.2020

CNX-NIFTY

Open-10818.65--High-10847.85—Low-10676.55—Close-10705.75 on 8.7.2020

 Support:10670.25/10637.15/10583.65/10553.15/10409.85/10328.50/10223/10194.50.

Resistance: 10782.60/10813.10/10847.85/10941.20/11090/11118.10/11270.

Critical Points moving down:-10693.66--10583.65--10553.15--10409.85.

Critical Points moving up:-10813.10--10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

It did move above its vital resistance point of 10813.10(see my post for 8.7.2020) today and gave whip saw number of times around it during the day, but finally went below it sharply towards the end of the day and closed near the low of the day. Since it could not hold above its important level of 10813.10 therefore it corrected today but the uptrend is still intact as of now. It has 3 critical points at 10693.66( earlier it was 10667.64)---10583.65---10553.15 sustained break below 10693.66 on the closing basis will signal that it can slip into correction mode  and sustained break below 10583.65 & 10553.15 will accelerate the  fall. The technical setup is good despite today’s fall, so if it has the strength it should stay above 10693.66 on the closing basis and if it doesn’t then correction could deepen. Moving down it will find good support at 10583.65—10553.15---10444.07---10325 levels and any of these could be the possible correction completion points also, which may please be noted. 

In view of the above observation it still looks good for up move, but in light of today’s down move it is suggested to avoid long trade below 10693.66 for sure because then it could slip in for good correction. Therefore long trade can only be tried if it maintains above 10724 for the reasonable period of time. I once again reiterate that it will pick up momentum only if it sustains above 10813.10 on the closing basis and finally crosses its today’s high of 10847.85 and if it does not move above both the points it in next 3-4 trading session then it may be construed the top is in place at 10847.85 for the time being. Since it corrected today therefore short trade should also be attempted in the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown.      

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be vigilant and extra cautious in the long trade.

 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.

TRADING STRATEGY

1. Buy if it moves and maintains above 10724 for some time with a stop loss of 10660. It could be a risky trade for the day but worth trying.

Or

 Buy if it move and maintains above 10813.10 for some time with a stop loss of 10780. 

2. Sell if it maintains below 10693 for some time with a stop loss of 10730.

Or

Sell on the rise near or within the range of 10850—10900 with a stop loss of 10930.

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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR --9.7.2020

CNX--BANK NIFTY

Open-22700.90--High-23080.60--Low-22499.50—Close-22584.65 on 8.7.2020

Support:22480/21967/21807.40/21768/21462.40/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:22996.40/23080.60/23611.40/23822/23923.30/24045/24240.

Critical Points moving up:--22848—23000—23255—23750.

Critical Points moving down:--22572---22480---22257---22003---20926.45.

(Bold and underlined figures are most important)

It opened with an up gap at 22700.90 and went up steadily and made a high of 23080.60 but in the late afternoon it plunged down sharply and made a low of 22499.50 and finally closed near the lower band of the day which is weak sign. Since it could not hold within its important range of 23000—23255 (see sell range in my post for 8.7.2020) therefore it corrected but the uptrend is still intact as of now. It has 3 critical points at 22572.22(it can change also depending on the price movement) ---22479.55---21852 sustained break below 22572.22 on the closing basis will signal that it can slip into correction mode and sustained break below 22479.55 on the closing basis will confirm the down correction and sustained break below 21852 on the closing basis may end the ongoing up move for now. The technical setup is o.k. despite today’s fall, so if it has the strength it should stay above 22572.22 on the closing basis and if it doesn’t then correction could deepen. Moving down it will find good support at 22480---22257---22003---21749—21434—21357 levels and any of these could be the possible correction completion points also, which may please be noted. 

In view of the above observation it still looks good for up move, but in light of today’s severe down move from the top, it is suggested to avoid long trade below 22572.22 for sure because then it could slip in for good correction. Therefore long trade can only be tried if it maintains above 22628 for a reasonable period of time during the day. Please note that if it has the strength then it should cross the high of 23080.60 it made today in next 3-4 trading session  else it may be construed that the top is in place at 23080.60 for the time being. Since it corrected today therefore short trade should also be attempted in the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown.      

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be vigilant and extra cautious in the long trade.

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.

TRADING STRATEGY

1. Buy if it move and maintains above 22628 for some time with a stop loss of 22460. It could be a risky trade but worth trying.

2. Sell on the rise near 23100—23255(S/L-23350).

Or

Sell if it maintains below 22570 for some time with a stop loss of 22640. It could be a risky trade but worth trying.

Or

Sell if it maintains below 21850 for some time with a stop loss of 21940.

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.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR --8.7.2020

CNX-NIFTY

Open-10802.85--High-10813.80—Low-10689.70—Close-10799.65 on 7.7.2020

 Support:10782.60/10670.25/10637.15/10583.65/10553.15/10409.85/10328.50/10223/10194.50/10172/10038/9970.80/9944.40/9889.05.

Resistance: 10813.10/10941.20/11090/11118.10/11270.

Critical Points moving down:-10760—10667--10583.65--10553.15--10409.85.

Critical Points moving up:-10841---10895---10960—10990.

 (Bold and underlined figures are most important)  

 It is showing good strength and in an uptrend but for the up move to continue from here it has to maintain above 10813.10 on the closing basis then it could hit 11134 -11270 & 11447 levels. Else it could move sideways and the range would be 10813.10---10667—10583.65. So moving up 10813.10 is vital resistance point and apart from this other resistance points are 10841---10895---10960---10990. The benchmark point is 10583.65 and 2 other critical points are at 10667.64(earlier it was 10665.81) and 10553.15. The bias is up as of now. Therefore long trade can be tried on decline but not below 10667.64, but it would be relatively safe to try long trade  if it maintains above 10813.10.

Please note that the other observation and view in my post for 7.7.2020 will be valid for 8.7.2020 also, except for some change in trading strategy.

I make it a point to mention in almost my all post that the upsurge in the entire world market is purely liquidity driven and completely defies fundamentals therefore it can end mischievously. So be vigilant and extra cautious in the long trade.

 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.

TRADING STRATEGY

1. Buy on decline but not below 10583.65 with a stop loss of 10540. It could be a risky trade.

Or

Buy on decline if it holds 10667.64 level for some time with a stop loss of 10620.

Or

 Buy if it maintains above 10813.10 for some time with a stop loss of 10740. 

 

2. Sell if it maintains below 10553.15 for some time with a stop loss of 10600.

Or

Sell on the rise near or within the range of 10850—10930 with a stop loss of 10960.

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.