A TECHNICAL VIEW ON CNX-NIFTY FOR --16.7.2020

CNX-NIFTY

Open-10701--High-10827.45—Low-10577.75—Close-10618.20 on 15.7.2020

 Support:10583.65/10562.90/10553.15/10409.85/10328.50/10223/10194.50.

Resistance:10637.15/10641.05/10676.55/10728.95/ 10813.10/10847.85/10894.05/10941.20/11090.

Critical Points moving down:-10583.65—10562.90---10553.15—10461.

Critical Points moving up:-10626.82---10641.05--10728.95---10813.10---10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

It exhibited huge volatility today and crossed its important and critical levels of 10728.95 & 10813.10 intraday but could not sustain at the higher level and in the late afternoon plunged down sharply to end the day with a meagre gain of 10.85 points. It slipped into correction mode yesterday and today’s move confirmed the weakness in it and the technical indicators are also pointing towards that further fall ahead but in between up move cannot be ruled out. It has bed of support in the range of 10583.65---10553.15 and break below this range will accelerate the fall and it is likely to break this range in coming days, but to prove it otherwise it has to move above at least 10728.95 and sustain on the closing basis and finally cross the other critical point of 10813.10 & 10847.85 in next 4-5 trading session to continue the up momentum, chances of which looks slim at this point of time. Therefore it seems that in all probability the top may be in place at 10894.05 on 13.7.2020 for the time being. After breaking the aforesaid range it will find support at 10461.72---10359.59---10334.41 levels and any of these could be the possible correction completion points also, but sustained break below 10334.41 on the closing basis can take it down further, which may please be noted. 

In view of the above observation, it seems that it has topped out for now therefore for safe trades long trade should be completely avoided for the time being and can only be tried if it gives visible indication of correction completion near the possible support points mentioned above or otherwise. But aggressive traders can try long trade if it moves above 10641.05(it can change) and sustain or if it moves above 10728.95 and sustain on the closing basis or buy on decline but not below 10583.65 with a stop loss of 10540 as of now for taking advantage of a possible pullback move, it would be an aggressive trading approach, therefore it could be a risky affair at this point of time. Since the correction is on therefore it is suggested to adopt sell on the rise strategy or sell on the price breakdown as of now to take advantage of the corrective move or a possible breakdown. It is strongly suggested to avoid any kind of adventurous long trade as of now. The bias is down as of now.

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. It has already entered into the correction mode and may reverse the trend also in coming days. 

 

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. Sell on the rise near or within the range of 10750---10850 with a stop loss of 10900. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 10553.15 for some time with a stop loss of 10630.  

Or

Sell if it maintains below 10676 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--BANK NIFTY FOR --16.7.2020

CNX--BANK NIFTY

Open-21634.25--High-21935.50--Low-21230.55—Close-21340.75 on 15.7.2020

 Support:21222.45/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:21357/21462.40/21768/21807.40/21967/22418--22480/22572.22..

Critical Points moving up: 21357--- 21661---21935---22152---22418---22480---22572.22—23080.60.

 Critical Points moving down:-21222.45---20926.45---20872--20350.

(Bold and underlined figures are most important)

As expected it staged a pullback rally today and went up to the 2^nd desired point of 21932(see my post for 15.7.2020) but could not sustain and plunged down sharply in the late afternoon and tested its yesterdays low of 21222.45 but did not break it but closed below yesterday’s close with a meagre loss of 51.44 points. It is exhibiting tremendous weakness as it has broken its rising trend line decisively and technical indicators are also pointing towards further fall ahead. But it has fallen for 4 straight days and made double bottom of 21222.45 & 21230.55 therefore as long as it hold these points it could still stage a pullback on the closing basis before resuming the down move again. Break below the said bottom on the closing basis can take it down further and moving down it will find support at 20926---20872---20350---20221---20010 levels and any of these could be the possible correction completion points also, but sustained break below 20010 on the closing basis may signal the end of the uptrend which may please be noted. Similarly moving up for a relief rally if it closes above 21661 and sustain then it could move up further to 21932—22152---22370 levels possibility of which seems slim at this point of time. Looking at today’s move it seems that in all probability the top may be in place at 23080.60 on 8.7.2020 for the time being.

In view of the above observation, the correction is on but in light of 4 days straight fall and double bottom it could give an up rally on the closing basis before resuming the down move again. So long trade can be tried by the aggressive trader if it maintains above 21357 & 21222.45 for taking advantage of a possible pullback rally. But it is strongly suggested for safe traders to avoid long trade till it gives visible indication for correction completion. Since the correction is on therefore it is suggested to adopt sell on the rise strategy or sell on the price breakdown to take advantage of the corrective move or a 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. It has already entered into correction mode and may reverse the trend also in coming days.  

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 maintains above 21357 or 21222.45 for some time with a stop loss of 21180. It is for the aggressive traders only, because it could be a risky trade.

 

1. Sell on the rise near or within the range of 21735--- 21975 with a stop loss of 22160.

Or

Sell if it moves and maintain below 21222 for some time with a stop loss of 21380. 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 --15.7.2020

CNX-NIFTY

Open-10750.85--High-10755.65—Low-10562.90—Close-10607.35 on 14.7.20203

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

Resistance:10637.15/10641.05/10676.55/10728.95/ 10813.10/10847.85/10894.05/10941.20/11090.

Critical Points moving down:-10626.82--10583.65--10553.15—10461.

Critical Points moving up:-10626.82---10641.05--10728.95---10813.10---10848---10896---10960—10990.

 (Bold and underlined figures are most important)  

 As expected correction set in today as it plunged down sharply and closed the day with a loss of 195.35 points. Furthermore it has decisively broken its critical point of 10768.05 & 10728.95 and if it remains below 10728.95 on the closing basis then the fall could deepen. Moving down it will find good support at 10583.65---10553.15—10461.72---10359.59---10334.41 levels and any of these could be the possible correction completion points also, but sustained break below 10583.65 on the closing basis may signal the end of the uptrend also and break below 10334.41 on the closing basis can take it down further, which may please be noted. 

 In view of the above observation, it has definitely slipped into the correction mode , therefore long trade should be avoided now and can only be tried if it gives visible indication of correction completion near the possible support points mentioned above or try long trade only after if it moves above 10728.95 and sustain on the closing basis. I would like to mention here that sustain break below 10583.65 on the closing basis  may reverse the uptrend, therefore long trade should be completely avoided below 10583.65 and can be tried only if it bounce back above it again and sustain on the closing basis or try it after a significant decline for a pullback move. But aggressive traders can try long trade near 10583.65 if it holds this level, but it could be a risky trade mind you. It is therefore suggested not to hurry for long trade initiation at this point of time and wait for the correction to end. The correction is on therefore short trade should be attempted on the rise at proper points or on the price breakdown for taking advantage of corrective move or a possible trend reversal.   

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. It has already entered into correction mode and may reverse the trend also in coming days. 

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 near but not below 10583.65 if it holds this level for some time with a stop loss of 10530.  It is for the aggressive traders only, because it could be a highly risky trade.

Or

 Buy if it moves and maintain above 10728.95 if it holds this level for some time, with a stop loss of 10680. It is for the aggressive traders only, because it could be a risky trade today.

 

2. Sell on the rise near but not above 10728.95 with a stop loss of 10780. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 10583.65 for some time with a stop loss of 10640.

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 --15.7.2020

CNX--BANK NIFTY

Open-21877.60--High-21909.70--Low-21222.45—Close-21392.20 on 14.7.2020

Support:21357/21222.45/21122.10/20926.45/20316/20122.25/20010/19507.

Resistance:21462.40/21768/21807.40/21967/22418--22480/22572.22/22996.40/23080.60/23611.40/23822.

Critical Points moving up: 21661---21932---22152---22418---22480---22572.22—23080.60.

Critical Points moving down:--21357---21222.45---20926.45---20872--20350.

(Bold and underlined figures are most important)

It is exhibiting tremendous weakness and today it sharply plunged down by 697 points. It did break its last important support level of 21357(See my post for 14.7.2020) intraday and made a low of 21222.45 but managed to close above it at the end of the day. It is showing all round weakness on technical parameters, so further fall is not ruled out. But since it has fallen strait by more than 1850 points from the top of 23080.60 in just 4 days, therefore if it holds 21357 or 21222.45 levels then it could stage a pullback before resuming the down move again. Moving down it will find support at 20926---20872---20350---20221---20010 levels and any of these could be the possible correction completion points also, but sustained break below 20010 on the closing basis may signal the end of the uptrend which may please be noted. 

 In view of the above observation, it is in correction mode now but if it holds 21357 or 21222.45 levels then it could stage a pullback rally which can take it to 21661---21932--22152 levels but long trade should be avoided till it gives visible indication of correction completion. However, aggressive traders can try long trade above 21357 & 21222.45 levels or if it closes above 21661 as of now because then it can give a reasonable relief up rally else it will resume the fall again. Since the correction is on therefore short trade should be attempted on the rise in the critical range or on the price breakdown for taking advantage of corrective move or a possible trend reversal.    

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. It has already entered into correction mode and may reverse the trend also in coming days.  

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 maintains above 21357 or 21222.45 for some time with a stop loss of 21180. It is for the aggressive traders only, because it could be a risky trade.

 

1. Sell on the rise near or within the range of 21735--- 21900 with a stop loss of 22080.

Or

Sell if it moves and maintain below 21222 for some time with a stop loss of 21400. 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 --14.7.2020

CNX-NIFTY

Open-10851.85--High-10894.05—Low-10756.05—Close-10802.70 on 10.7.20203

 Support:10768.05/10728.95/10676.55/10637.15/10583.65/10553.15/10409.85/10328.50/10223/10194.50.

Resistance: 10813.10/10847.85/10894.05/10941.20/11090/11118.10/11270.

Critical Points moving down:-10768.05---10728.95--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 an up gap at 10851.85 and went up further and made an intraday high of 10894.05 and thereafter lost the momentum and started moving down and made a low of 10756.05 and ended the day at 10802.70 with a gain of 34.65 points. Although it went past its critical point of 10813.10 & 10847.85 intraday but could not sustain above it on the closing basis which indicates some weakness, but it is still making higher top and bottom, therefore as long as it holds 10768.05 & 10728.95(this figure may change) on the closing basis it could still continue up move. But it will gain up momentum only if it gives sustain close above its critical point of 10813.10 & 10847.85. But looking at today’s price movement the up journey seems slightly difficult. Please note that break below 10768.05 will indicate the ongoing up move can halt and sustained break below 10728.95 on the closing basis will confirm that it has slipped into correction mode. Moving down in correction it will find good support at 10626.62—10583.65—10553.15---10461.72---10334.41 levels and any of these could be the possible correction completion points also, which may please be noted. Similarly moving up it will find tough resistance at 10896----10940---10990---11108---11279 levels.

In view of the above observation, it seems that correction may be round the corner therefore, for safe traders it is suggested to avoid long trade today and should try it only after it closes above its critical point of 10813.10 & 10847.85, long trade on decline should also be avoided today. However aggressive trade can try long trade above 10813.10& 10847.85 or on decline but not below 10728.95 in any case, but it could be a risky trade mind you. In light of today’s move correction looks imminent therefore short trade should be attempted on the rise near or within the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown advantage.   

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 10813.10 & 10848 for some time with a stop loss of 10780.  It is for aggressive traders only, because it could be a risky trade today.

Or

 Buy on decline near but not below 10728.95 if it holds this level for some time, with a stop loss of 10680. It is for aggressive traders only, because it could be a risky trade today.

 

2. Sell on the rise near or within the range of 10870---10910 with a stop loss of 10945. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 10728.95 with a stop loss of 10815.

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 --14.7.2020

CNX--BANK NIFTY

Open-22613.25--High-22657.40--Low-21981.65—Close-22089.25 on 13.7.2020

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

Resistance:22418--22480/22572.22/22996.40/23080.60/23611.40/23822.

Critical Points moving up:--22257.71---22418---22480---22572.22—23080.60.

Critical Points moving down:--22003---21749---21357---20926.45.

(Bold and underlined figures are most important)

It opened on a positive note at 22613.25 and made an intraday high of 22657.40 and thereafter lost the momentum and plunged down sharply and made a low of 21981.65 and finally ended the day near the low at 22089.25 with a loss of 309.19 points. Although it went past its critical point of 22479.55 & 22572.22 intraday but could not sustain above it on the closing basis and closed way below these points which indicates gross weakness in it, therefore it seems that the down move could further deepen. Moving down it will find good support at 22003---21749---21434--21357 levels and any of these could be the possible correction completion points also, but break below 21357 on the closing basis can take it down further, which may please be noted. 

In view of the above observation, it is in correction mode now therefore long trade should be avoided till it gives visible indication of correction completion near the possible support points mentioned above or try long trade only after if it moves above 22572.22 and sustain on the closing basis as of now. Since the correction is on therefore short trade should be attempted on the rise in the critical range or on the price breakdown for taking advantage of corrective move or a possible rally breakdown advantage.   

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.  

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. Sell on the rise near or within the range of 22480--- 22572---22650 with a stop loss of 22750.

Or

Sell if it moves and maintain below 22040 for some time with a stop loss of 22180. 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 SCHNEIDER ELECTRIC & INFRASTRUCTURE LTD—12.7.2020

 

SCHNEIDER ELECTRIC & INFRASTRUCTURE  LTD

Open-82.95--High-84.35--Low-81.70—Close-82.25 on 10.7.2020

Support:80.20/77.25/73.10/66.70/58/54.50 (All time low).

Resistance:87.70/89.70/93.70/95.40/107.50/114/122.45/128/133.85.

Critical Points moving up:--87.70 is the breakout point sustained close above can take it higher.

Critical Points moving down:--73.10, sustained break below it may drag it down.

 All Time High:--241.60 on 26.6.2015.

All Time Low:--54.50 on 28.8.2013.

(Bold and underlined figures are most important)

After making an all time high of 241.60 it started down journey and came pretty close to its all time low and made a low of 58 on 24.3.2020 thereafter it started  moving up and made a top  of 95.40 on 11.6.2020. Now it is moving in the range of 87.70---80.20 and break below 80.20 can take it down to 77.25 & 73.10 and sustained break below 73.10 can drag it down much lower which may please be noted. Similarly sustained breakout above 87.70can takes it to 94.50 and break above this mark can take it much higher.

Please note that trading volume in the stock is very low, so it could witness extreme volatility at times therefore long trade should be handle with extra caution and care.

Technically it is looking weak as of now but it has good support in the range of 81.55—73.10, therefore long trade can be tried in the following manner.

TRADING STRATEGY  

1. Buy near 80.20 but not below it with a stop loss of 79.20.It could be risky trade but worth trying.

Or

Buy on decline near 77.25 & 73.10 but not below 73.10 with a stop loss of 72.10. Long trade should not be tried below 73.10 in any case. This option looks relatively safe as of now.

Or

Buy in momentum above 87.70 with a stop loss of 86.50. 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.