A TECHNICAL VIEW ON YES BANK—7.9.2020 (Study done on request)

 

YES BANK

Open-14.20--High-14.45--Low-14.05—Close-14.25 on 4.9.2020

Support:13.90/11.10/8.10/5.65 (all time low).

Resistance: 15.60/16.40/17.05/20.25/25/26/29/30.45/32/34.05/36.55.

Critical Points moving up:--17.05---20.25---26----32.

Critical Points moving down:--13.90---11.10---8.10---5.65.

(Bold and underlined figures are most important)

It made an all time high of 404 on 20.8.2018 and then moved down steadily with intermittent up move and made a spike bottom of 5.65 on 6.3.2020 and then went up vertically and made a top of 87.30 on 18.3.2020(in just 7 days) and thereafter it steadily moved down and made a recent low of 11.10 on 27.7.2020 and since then it has been moving in a range of 17.05---11.10. Please note that an either side breakout will decide which way it is going to move break below 11.10 can drag it down and it may test its all time low of 5.65 or go beyond, similarly sustained break above 17.05 can take it higher. Moving up it could go to 20.25---26---29---32—34.05. It is expected to move in the range for now with a slight downward bias.

Technically it is not at all good at this point of time; therefore it may spend considerable time in this range before giving decisive direction. It is important to mention here that the stock lost more than 98% of its value from the top and still quoting at 96.48% discount from the top value, which speaks that it is a very low pedigree stock. Please note that investment in these types of stocks is just like a lottery ticket you may win or may not, however in the stock market this saying also works some time that every stock has a day. Therefore investment in this is not suggested in general but those who wish to take a chance can invest some percentage of their total investible fund but as a dead investment and with a hope that it may give return some day. No wonder it can work some time. 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. 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 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 –7.9.2020

 

CNX-NIFTY

 Open--11354.40--High--11452.05—Low--11303.65---Close-11333.85, on 4.9.2020.

Support:11325.85/11303.65/11289.80/11111.45/11056/10882.                                                      

Resistance: 11378/11447/11460.35/11584.95/11633/11694.85/11736/11761/11794.25.

Critical Points moving down: 11325---11289.80---11248---11111.45---11056---10882.

Critical Points moving up: -11390--11447---11542---11633---11675—11761---11794.25.

(Bold and underlined figures are most important)

As envisaged it went down today and established lower top and bottom on the line chart  and also broken the recent bottom of 11325.85 on the bar chart intraday but managed to close shade above it. It is well below its major rising trend line and the benchmark point of 11447, so overall it is giving weak signal and indicates further fall is in the offing and  some technical indicators are also corroborating it as of now. Please note that sustained close above the benchmark point of 11447 can only give some hope of resuming the uptrend again else the down correction may continue for some time. Moving down it will find support at 11325.85---11289.80---11111.45---11022---10907, please note that if it fails to hold the range of 11022—10907 then the fall will accelerate and may hit the range of 10750---10600.    

In view of the above observation long trade should be avoided now and can only be tried if it moves and sustain above 11447 on the closing basis or on the decline near or within the range of 11022—10907. Since it has made lower top and bottom therefore as of now it is suggested to adopt sell on the rise strategy near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking  advantage of possible rally breakdown.

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 11022--10907 with a stop loss of 10850. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11450---11535 with a stop loss of 11585.

Or

Sell if it falls below 11289 and maintain below it for some time with a stop loss of 11350.

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 –7.9.2020

 

CNX--BANK NIFTY

Open-23119.15--High-23394.80--Low-22876.90—Close-23011.50 on 4.9.2020

Support: 22866/22479.85/22439.95/22418/21967/21886/21403/21031.

Resistance:23080.60/23211.35/23385.30/24240/24364.17/24617/25232.60/25430/25725.

Critical Points moving up: 23080---23318---23770---24364.27----24612---24880----25120----25432.      

Critical Points moving down:-22866---22693---22479.85---22418---22367---22169--21871.

(Bold and underlined figures are most important)

As envisaged it went down today but still holding on to its two out of four critical points of 22673—22349(figures will change every day); but the concerning thing is that it has made lower top and bottom on the line chart and   broken recent bottom of 23385.20 on the bar chart which is an extremely weak sign and indicate further fall ahead and technical indicators are also confirming it. Please note that sustained break below 22349 on the closing basis may put the uptrend in potential danger. Moving down it may find support at 22169----21886---21403---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall further, which may please be noted. It seems that down move may continue for some time.  

In view of the above observation, since it is in correction mode now therefore long trade should be avoided till it starts making higher bottom and top on the line chart or gives a visible indication of bottom formation on the bar chart. However, long trade can be tried on decline near or within, the range of 22349—22169. It is therefore strongly suggested to adopt sell on the rise strategy in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown.

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 22349—22169 with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near or within the range of 23450---23550 with a stop loss of 23600. It could be a risky trade but worth trying.

Or

Sell if it moves below 22866 and maintain for some time with a stop loss of 22980. 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 –4.9.2020

 

CNX-NIFTY

 Open-11566.20--High-11584.95—Low-11507.65---Close-11527.45, on 3.9.2020.

Support:11495.20/11447/11378/11325.85/11289.80.

Resistance: 11633/11694.85/11736/11761/11794.25/11825/11882.

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

Critical Points moving up: -11597---11633---11675—11761---11794.25---11840---11930.

(Bold and underlined figures are most important)

It is still above its benchmark point of 11447 but well below its major rising trend line and made a lower top on the line chart today which is concerning, furthermore after the sharp decline on 31-8.2020 it has been moving in a short range for the last three days, therefore it has to decide in next 2-3 days which way it wants to move and in light of today’s lower top chances of moving down seems quite possible. Moving down it will find support at 11447---11373.60---11325.85---11289.80---11111.45, sustained break below 11447 can put the uptrend in danger and can slide to any of these levels or below. Similarly moving up it will face stiff resistance at 11597---11633---11675---11761---11794.25—11840, if it moves and sustain above 11840 on the closing basis then the up move may accelerate. Although it has given a weak signal today but overall it hangs in balance now and can move either way as of now.    

In view of the above observation long trade should be avoided on decline for the day and can only be tried  if it moves and maintains above 11535 for some time, but it could be a risky trade mind you. Since it has made lower top therefore short trade  can also be attempted on the reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking  advantage of possible rally breakdown.

                                                                                                                                                                    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 moves and maintain 11535 for some time with a stop loss of 11490. It could be a risky trade.

2. Sell on the rise near or within the range of 11597---11675 with a stop loss of 11730.

Or

Sell if it fall below 11500 and maintain below it for some time with a stop loss of 11550. It could be a risky trade but worth trying.

Or

Sell if it falls below 11390 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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –4.9.2020

 

CNX--BANK NIFTY

Open-23986.15--High-24051.60--Low-23451.65—Close-23530.85 on 3.9.2020

Support: 23451/23385.25/23211.35/23080.60/22775/22479.85/22439.95/22418.

Resistance: 23875/ 24364.27/ 24617/25200/25430/25725/25820/25955/26311.30.

Critical Points moving up: 23875----24364.27----24612---24880----25120----25432. 

Critical Points moving down:-23451---23385.25---23211.35---23080---22479.85.

(Bold and underlined figures are most important)

It is still holding its recent critical points of 23385.20---23211.35---22693—22367(last two figures will change every day); but the concerning thing is that it has established lower top and lower bottom today on the line chat after a long time which indicates that it could correct from here and sustained break below 23385.20 can push it down further and sustained break below 22367 can put the ongoing uptrend in potential danger which may please be noted. Moving down it may find good support at 22169----21886---21403---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall. Similarly moving up it will face stiff resistance at 23875--- 24364.27---24527----24800---24865---25200. Looking at today’s price movement going up seems slightly difficult and correction looks imminent.  

In view of the above observation long trade should be avoided for the day and can only be tried it moves and close above 23875. Since it has made lower top and bottom therefore it seems apt to try short trade on the reasonable rise near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking  advantage of possible rally breakdown.

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. Sell on the rise near or within the range of 23900---24150 with a stop loss of 24250. It could be a risky trade but worth trying.

Or

Sell if it moves below 23450 and maintain for some time with a stop loss of 23560. 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 –3.9.2020

 

CNX-NIFTY

 Open-11478.55--High-11554.75—Low-11430.40---Close-11, on 2.9.2020.

Support:11495.20/11447/11378/11325.85/11289.80.

Resistance: 11633/11694.85/11736/11761/11794.25/11825/11882.

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

Critical Points moving up: -11597---11633---11675—11761---11794.25---11840---11930.

(Bold and underlined figures are most important)

After the significant decline on 31-8-2020, it bounced back above its benchmark point of 11447 on 1-9-2020 and still maintaining above it which is a positive sign, but it is well below its major rising trend line which is concerning, however as long as it maintains above 11447 on the closing basis there is a possibility that it can resume the uptrend in coming days else it will continue the  down move. Moving up it will face stiff resistance at 11597---11633---11761---11794.25—11840, if it moves and sustain above 11840 on the closing basis the up move may accelerate. Similarly moving down it will find support at 11447---11373.60---11325.85---11289.80---11111.45, sustained break below 11447 can put the uptrend in danger and can slide to any of these levels or below.    

In view of the above observation long trade can be tried on decline near but not below 11447 or can be tried if it moves and maintains above 11555 for some time. Although it is above its key point of 11447 but not exhibiting the required  momentum after the severe fall therefore short trade can also 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  advantage of possible rally breakdown.

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 11380.

Or

Buy if it moves and maintain 11555 for some time with a stop loss of 11500. It could be a risky trade.

2. Sell on the rise near or within the range of 11650---11700 with a stop loss of 11750.

Or

Sell if it falls below 11410 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.