A TECHNICAL VIEW ON INDIAN BANK—31.8.2020

 

INDIAN BANK

Open-66.25--High-70.20--Low-66—Close-68.80 on 28.8.2020

Support:60.30/58.50/57.05/56/51.

Resistance:72.95/75.30/84.90/95.50/105.75/109.70/134.50/139.65/145.70.

Critical Points moving up:--69.80---72.95---82.80---101---124---137.50.

Critical Points moving down:--64.40---62.70---61.40----58.50.

(Bold and underlined figures are most important)

It made an all-time high of 427.40 on 17.11.2017 and then moved down steadily and made an all-time low of  41.55 on 25.3.2020 after hitting the low it bounced back  and made a top of 72.95 on 23.6.2020 and thereafter moving in a range of 72.95---56. It has made a rounding bottom and in all likelihood it is going to give upside breakout from the range in coming days and then it may gain strong up momentum. After the sustained breakout the upside target could be 84.90---95.50---105.75---109.70---124---137.50. Similarly it has very strong support in the range of 64.40---61.40 and it is likely to hold the range. But sustained break below 61.40 can drag it down to 56 and break below it can take it down to near its all-time low of 41.55 or below. The technical setup as of now indicates that it is very likely to see an upsurge in the price in coming days.

 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 61.40 with a stop loss of 60 and can add quantity if it moves and sustain above 72.95 on the closing basis with a stop loss 69.50. 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 –31.8.2020

 

CNX-NIFTY

 Open-11602.95--High-11686.05—Low-11589.40---Close-11647.60, on 28.8.2020.

Support:11614.50/11540/11495.20/11447/11378/1341.40/11289.80.

Resistance: 11686.05/11694.85/11736/11761/11825/11882.

Critical Points moving down: 11614.50---11540---11495.50---11447---11373.60---11341.40---11289.80.

Critical Points moving up: -11694.85—11706.65---11761---11856---11930.

(Bold and underlined figures are most important)

It is showing tremendous strength and steadily moving up and well above its benchmark point of 11447, therefore there is no threat to the ongoing uptrend as of now. The up journey seems to continue but with intermittent correction and resistance at various points on the way up. The possible resistance points could be 11695---11761---11825—11856---11882---11930. Similarly if it gives short correction then the support levels on the downside could be at 11603---11589---11540—11495---11447 sustained break below 11447 can put the ongoing uptrend in danger which may please be noted.

In view of the above observation long trade can be tried on decline for the day if it maintains above 11580 or can be tried if it moves and maintains above 11686. It is strongly suggested to avoid trying short trade in general but it should be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or 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 but not below 11580 with a stop loss of 11530.

Or

Buy if it moves and maintain 11686 with a stop loss of 11625. It could be a risky trade.

2. Sell on the rise near or within the range of 11770---11825 with a stop loss of 11875. It could be a risk trade.

Or

Sell if it falls below 11530 and maintain below it for some time with a stop loss of 11600.

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 favorable 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 –31.8.2020

 

CNX--BANK NIFTY

Open-23635.30--High-24611.80--Low-23599.20—Close-24523.80 on 28.8.2020

Support:24364.27/24240/23822/23605/23211.35/23080.60/22775/22479.85/22439.95/22418.

Resistance:24617/25200/25430/25725/25820/25955/26311.30.

Critical Points moving up: 24612---24880----25120----25432----25650---26311.30.                                                                                                     

Critical Points moving down:-24364.27---23916---23880----23612---23211.35---23080.

(Bold and underlined figures are most important)

It is showing tremendous strength and well above its most recent critical and important point of 24364.27, so it has opened up the upside up to 26492 provided it holds 24364.27 on the closing basis. The up journey seems to continue as of now but with intermittent correction and resistance at various points on the way up. Moving up to the targeted level of 26492 the possible resistance points could be at 24880---25200---25432---25650—25725---25955---26311. Similarly if it gives short correction then the support levels on the downside could be at 24364.27---23880---23612—23211, sustained break below 24364.27 can drag it down.

In view of the above observation long trade can be tried on decline near 24364.27 if it hold this level for some time  but if it breaks this level then near 23600 but not below it or if it moves and maintains above 24612. It is suggested to avoid trying short trade in general but it should be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or 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 24364.27 with a stop loss of 24250.

Or

Buy on decline near but not below 23600 with a stop loss of 23500.

Or

Buy if it moves and maintains above 24611 for some time with a stop loss of 24500. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 25300---25450 with a stop loss of 25550. It could be a risky trade but worth trying.

Or

Sell if it moves below 23600 and maintain for some time with a stop loss of 23700. 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 favorable  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 –27.8.2020

 

CNX-NIFTY

 Open-11512.85--High-11561.75—Low-11461.85---Close-11549.60, on 26.8.2020.

Support:11460.35/11447/11378/1341.40/11289.80/11270/11239.80/11171.55/11111.45/11056.55/10894.05/10882.

Resistance: 11562/11565/11598/11626/11694.85/11736.

Critical Points moving down: 11536---11460.35---11447---11373.60---11341.40---11289.80.

Critical Points moving up: -11598---11640---11694.85—11706.65---11761.

(Bold and underlined figures are most important)

It is showing tremendous strength and steadily moving up; therefore there is no threat to the ongoing uptrend as long as it holds the benchmark point of 11447. The up journey seems to continue as of now but with intermittent correction and resistance at various points on the way up. The possible resistance points could be 11614---11695---11761---11802—11856.The uptrend may face potential threat once its break 11289.80(this figure can change) as of now and close below it. But be alert if it starts giving close below 11447.

In view of the above observation long trade can be tried on decline if it maintains above 11447 or can be tried if it moves and maintains above 11562. It is strongly suggested to avoid trying short trade in general but it should be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or 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 but not below 11447 with a stop loss of 11400.

Or

Buy if it moves and maintain 11562 with a stop loss of 11510. It could be a risky trade.

2. Sell on the rise near or within the range of 11650---11695 with a stop loss of 11750. It could be a risk trade.

Or

Sell if it falls below 11447 and maintain below it for some time with a stop loss of 11510.

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 –27.8.2020

 

CNX--BANK NIFTY

Open-23175.55--High-23453.40--Low-23093.15—Close-23414.20 on 26.8.2020

Support:23211.35/23080.60/22775/22479.85/22439.95/22418/22232.19/21967/21886.70.

Resistance:23611.70/23822.20/23912.55/24048.55/24240/24353.10/24617.

Critical Points moving up: 23471---23611.70---23822---24155---24365--24617.        

Critical Points moving down:-23211---23080---22775---22479.85---22439.95---21886.

(Bold and underlined figures are most important)

Please note that the view and observation expressed in my post for 25.8.2020 is valid for 27.8.2020 trading session also except for the change in the benchmark point which is now at 22446 (this figure will change daily) & 22418 and some changes in the trading strategy. Therefore as long as it holds these points there may not be a threat to the ongoing uptrend. Furthermore apart from above points the immediate critical figure for the day would be 22969 and close below it could be a warning signal that it could slip into short correction. The technical setup is good and improving day by day as of now which indicates further up move is ahead but off course with intermittent correction and resistance at various points on the way up. The resistance points are at 23460---23611---23883---24365 levels.

In view of the above observation long trade can be tried on decline at appropriate points but not below 23090 for the day. It is suggested to avoid trying short trade in general but it should be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or 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 at appropriate points but not below 23090 with a stop loss of 22950.

Or

Buy if it moves and maintains above 23455 for some time with a stop loss of 23360. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 24150---24365 with a stop loss of 24465. It could be a risky trade but worth trying.

Or

Sell if it moves below 22969 and maintain for some time with a stop loss of 23100. 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 –26.8.2020

 

CNX-NIFTY

 Open-11513.10--High-11525.90—Low-11423.35---Close-11472.25, on 25.8.2020.

Support:11447/11378/1341.40/11289.80/11270/11239.80/11171.55/11111.45/11056.55/10894.05/10882.

Resistance: 11495.20/11525.90/11565/11598/11626/11694.85/11736.

Critical Points moving down: 11460.35---11447---11341.40---11289.80---11270---11239.80---11111.45.

Critical Points moving up: -11497.25---11536----11598---11640---11694.85—11706.65.

(Bold and underlined figures are most important)

It is still holding its critical point of 11447 and going down it has another critical point at 11289.80. Please note that break below 11447 will signal alert and sustained break below 11289.80 as of now on the closing basis may put the uptrend in danger. Therefore as long as it holds 11447 the up move may continue off course with intermittent correction and with resistance at various points on the way up at 11536---11565---11598---11626---11640---11714—11736--11798. The benchmark point for the long trade now is 11447 and eventually 11289.80 as of now. Although technically it is o.k. now but it seems that it is in a vulnerable zone and if it does move up and clear the resistance zone of 11536---11626 fast in the next 3-4 trading session then it could correct sharply. Therefore traders have to be extremely cautious in the long trade at this point of time.  

In view of the above observation long trade can only be tried if it maintains above 11447. It is strongly suggested to avoid trying short trade in general but it should be attempted after a reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of corrective move or 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 if it maintains above 11447 but not below it with a stop loss of 11400.

2. Sell on the rise near or within the range of 11565---11626 with a stop loss of 11660.

Or

Sell if it falls below 11400 and maintain below it for some time with a stop loss of 11460.

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.