A TECHNICAL VIEW ON THIRUMALAI CHEMICAL LTD—21.8.2020

 

THIRUMALAI CHEMICAL LTD

Open-68.65--High-78.45--Low-67.50—Close-76.20 on 20.8.2020

Support:71.95/66.75/65.20/61.45/55.25/51.05.

Resistance: 78.40--82.40/87.90/94.90/96/103.35/114.20/119.45/135.30.

Critical Points moving up:--82.40---90---114.20---137.75--163

Critical Points moving down:--71.95---66.75---55.25---51.05.

(Bold and underlined figures are most important)

It made an all time high of 244 on 9.1.2018 and then moved down steadily and made a recent low of 31.50 on 25.3.2020 after hitting the low it bounced back sharply and made a top of 66.75 on 9.7.2020 and thereafter moved in a range of 66.75---52.45 till 18^th August-2020. But on 19.8.2020 it gave the upside breakout from the top of 66.75 and now it is  well above it, furthermore it has also closed above its crucial and important point of 71.95 which is an extremely positive sign and if it moves and maintain above 82.40 on the closing basis then the up move may exhibit strong momentum. The overall technical setup indicates that it   may cross the level of 82.40 in coming days. After it crosses this level and sustain then the possible upside target could be 90---114.20---119.45---135.30---166.40. Similarly moving down it will find support at 71.95---66.75---55.25---51.05. Sustained break below 71.95 can drag it down to 51.05 and break below it can end the uptrend. It is very likely to see an upsurge in the price in coming days as of now.

 In view of the above observation short term investors can enter the stock with small quantity now and then buy on decline at appropriate points but not below 71.95 with a stop loss of 66.50 and can add quantity if it moves and sustain above 82.40 with a stop loss 77.75. Please note that if stop loss is triggered then investor can buy on decline in the range of 55.25—51.05 but not below 51.05 with a stop loss of 48.50 or re-enter once it bounce back above 71.95 again on the closing basis. I once again repeat that the technical parameters as of now indicate that the up move may be ahead in all likelihood. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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 –21.8.2020

 

CNX-NIFTY

 Open-11317.45--High-11361.45—Low-11289.80---Close-11312.20 on 20.8.2020

Support:11270/11239.80/11171.55/11111.45/11056.55/10894.05/10882.

Resistance: 11341.40/11378/11447/11474/11495.20/11614.50/11694.85/11706.65..

Critical Points moving down: 11270---11239.80---11111.45.

Critical Points moving up: -11341.40---11378---11397---11447---11474----11536.

 (Bold and underlined figures are most important)

It broke the major trend line (trend line count will move up sharply every day) today which is a weak indication. Please note that it has to bounce back above the trend line and maintain above it, furthermore it has cross 11447 level also and sustain above it on the closing basis in next 1-2 trading session to keep the up momentum going else there would be a potential threat for the ongoing up move and it could correct sharply. The trend line is placed at 11398 for the day;  but looking at today’s movement it seems difficult for it to fulfil the above criteria in coming days, therefore it is dangerously poised and correction looks imminent. Moving down it may find support at 11270---11239.80---11171.55---11111.45 levels, sustained break below 11111.45 on the closing basis may accelerate the fall.

In view of the above observation long trade should be completely avoided for the day and can only be attempted once it closes above 11447 or on the significant decline and in the range of 11000—10929 but not below 10929. It is strongly suggested to try short trade for the day as it seems that down move may deepen. So traders can try short trade on the rise at appropriate price or in a price range for taking advantage of corrective move or on the price breakdown for taking possible rally exhaustion advantage.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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 or within the range of 11000—10929 but not below 10929 with a stop loss of 10880. It could be a risky trade.

2. Sell on the rise near or within the range of 11397---11447 with a stop loss of 11500.

Or

Sell if it falls below 11270 and maintain below it for some time with a stop loss of 11330.

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 –21.8.2020

 

CNX--BANK NIFTY

Open-21989.90--High-22079.90--Low-21886.70—Close-21999.45 on 20.8.2020

Support:21967/21807.40/21768/21611.40/21462.40/21459/21370/21122.10/21026/20926.

Resistance:22340/22418/22439.95/22479.85/23080.60/23211.35.

Critical Points moving up: 22232.19---22340---22418---22479.85---22600---22835---23080.

Critical Points moving down:-21900---21791---21606---21536---21359---21026----20926.

(Bold and underlined figures are most important)

It headed down today but took support at the expected point of 21900 ,but chances of holding this point in next 1-2 days look slightly bleak and break below this level can drag it down to 21537 level and then it may find very strong support in the range of  21026—20926 only. So sustained break below 21537 on the closing basis will confirm that it has slipped into deep correction mode and sustained break below 20926 will accelerate the fall further. Similarly going up it will face stiff resistance at 22232.19---22337.14---22418---22479.85--22539(this figure will change daily) & 22775, but the major hurdles are 22418---22539(this figure will change daily) & 22775 and once it crosses these points and sustain on the closing basis then it may catch up good up momentum, chance of which look slim at this point of time.

In view of the above observation long trade should be completely avoided for the day and can only be attempted once it closes at least above 22418 and sustain on the closing basis or on the significant decline near 21537 but not below it  or  near or within the range of 21026—20926 but not below 20926. It is strongly suggested to try short trade for the day as it seems that down move may deepen. So traders can try short trade on the rise at appropriate price or in a price range for taking advantage of corrective move or on the price breakdown for taking possible rally exhaustion advantage.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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 21537 if it holds this level for some time with a stop loss of 21450. It could be a risky trade today.

Or

Buy on decline near or within the range of 21026—20926 but not below 20926 with a stop loss of 20830. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 22450---22550 with a stop loss of 22650. It could be a risky trade but worth trying.

Or

Sell if it moves below 21880 and maintain for some time with a stop loss of 22050. 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 VA TECH WABANG LTD—21.8.2020

 

VA TECH WABANG LTD

Open-157.70--High-185.50--Low-155—Close-183.45 on 20.8.2020

Support:182.50/167.15/160.30/151.60/142.80/137.90/131.50/123.80.

Resistance: 196.70/206.70/212.50/228.50/237.75/244/256/261.

Critical Points moving up:--196.70---208---218---231.

Critical Points moving down:--182.50---160.30---151.60---142.80.

(Bold and underlined figures are most important)

It made an all time high of 972.50 on 17.3.2015 and then moved down steadily and made an all time low of 73 on 7.4.2020 after hitting the low it bounced back sharply and made a top of 142.80 on 30.4.2020 and thereafter moved in a range of 142.80---88 till 17^th August-2020 with a whip saw above 142.80 for a day or two. But on 18.8.2020 it gave the upside breakout from the top of 142.80 and now it is  well above it, furthermore it has also closed above its crucial and important points of 160.30  & 182.50 which is an extremely positive sign. The present technical setup indicates that further up move may be ahead as it is above 182.50 mark so strong up momentum is expected. If it sustain above 182.50 then the possible upside target could be 196.70---212.50---228.50---237.75—261. Similarly moving down it will find support at 182.50--160.30—151.80---142.80. Sustained break below 160.30 can drag it down to 142.80. It is very likely to see an upsurge in the price in coming days provided it holds 182.50 on the closing basis. 

In view of the above observation short term investors cum traders can enter the stock at the current market price and buy on decline also but not below 160.30 with a stop loss of 157. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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 TATA CHEMICALS LTD—21.8.2020

 

TATA CHEMICALS LTD

Open-314.50--High-321.90--Low-314.05—Close-317.30 on 20.8.2020

Support:309.60/306/301/297---291/289.25.

Resistance: 324.20/338/354.40/381/419/438.

Critical Points moving up:--324.20---335---338 sustained close above 338 can take it higher with reasonably fast speed.

Critical Points moving down:--297---291----289.25, sustained break below it may drag it down.

(Bold and underlined figures are most important)

It has been moving sideways for quite some time in the range of 315---289.25 and it gave price and volume breakout from this range on 18.8.2020, but the major breakout will happen once it crosses 324.20 marks. However, the recent breakout has given a distinct signal that the major breakout may happen in coming days and it could move up sharply but moving up it has very critical and important hurdle at 335& 338 therefore one can expect smooth and steady up only once it moves above 338 and sustain on the closing basis. The possible targets once it sustain above 338 could be 354.40---381---437---488.40---557. Similarly moving down it will find support at 309.60---306---297---289.25. Sustained break below 289.25 could drag it down fast which may please be noted. The long term technical setup is not that great but since it has been consolidating in a broad range of 324.20—289.25 from 8.6.2020 and now near the upper end of the range, therefore a reasonable to good rise can be expected once it gives the breakout from 324.20 top, which is a strong possibility and then if it moves above 338 and sustain on the closing basis it will  give good push to the up momentum, which may please be noted.  

In view of the above observation short term investors can enter the stock with small quantity now and then buy on decline at appropriate points but not below 297 with a stop loss of 287. Traders can also buy on decline but not below 301 with a stop loss of 296, but in this trade it can still move sideways for few days before moving up, so traders may feel insecure, but buying above 324.20 could take it up much faster. Therefore investor and traders can initiate long trade as per their risk appetite and patience. The short term technical parameters as of now indicate that the up move may be ahead. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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 –20.8.2020

 

CNX-NIFTY

 Open-11452.15--High-11460.35—Low-11394.10---Close-11408.40 on 19.8.2020

Support:11378/11341.40/11270/11239.80/11171.55/11111.45/11056.55/10894.05/10882..

Resistance: 11447/11495.20/11614.50/11694.85/11706.65/11760.20/11832.30/11856.15..

Critical Points moving down: -11378---11341.40---11270---11239.80.

Critical Points moving up: -11447---11474----11536---11626---11798.

 (Bold and underlined figures are most important)

It did cross the immediate last hurdle of 11447 intraday but could not close above it, please note that the sustained close above 11447 mark may take it to higher levels and then it could retest its all time high of 12430.50 or may go beyond off course with intermittent corrections. Moving up it will face resistance at 11474---11536----11626---11800. Similarly moving down the critical points would be 11378---11341.40---11320 and the key point for the day is 11320, so close below it may not be good for the continuation of the ongoing up move. Furthermore it has retraced more than 80% of the total fall which started from the top 12430.50 and ended at 7511.10 therefore it is highly vulnerable for correction also and if it does not move and maintain above 11447 on the closing basis in next 2-3 days then correction could set in. The overall technical setup is good as of now ,but be watchful.

In view of the above observation long call can be tried on decline at appropriate points but not below 11320 or can be tried if it moves above 11447 and sustain for some time. Short trade should be avoided in general for the day but can be attempted after a reasonable rise for taking advantage of possible corrective move or on the price breakdown for taking possible rally exhaustion advantage.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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 dont have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY

1. Buy on decline at the appropriate points but not below 11320 with a stop loss of 11260.

Or

Buy if it moves and maintains above 11447 for some time with a stop loss of 11370.

2. Sell on the rise near or within the range of 11490---11540 with a stop loss of 11580.It could be a risky trade but worth trying.

Or

Sell if it falls below 11320 and maintain below it for some time with a stop loss of 11385. 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.