A TECHNICAL VIEW ON HDFC BANK LTD-12.10.2020

 

HDFC BANK LTD

Open-1201--High-1237--Low-1191.65—Close-1233.55 on 9.10.2020

Support:1192/1181/1177/1149/1115.50/1081/1069.80.

Resistance: 1236/1260/1277/1306/1350/1460/1550/1655/1692.

(Bold and underlined figures are most important)

It had made an all time high of 1305.50 on 19.12.2019 and then moved down steadily and made a low of 738.75 on 24.3.2020 after hitting the low it bounced back and steadily moved up in a zigzag manner and currently quoting at 1233.55. It is very well placed on the technical chart and the pattern it has made indicates a big up move ahead in coming days. The only concerning thing now is that it has had a vertical rise of 212 points in 10 straight days, so it is vulnerable for a correction also before further rise. It is so strong technically that it may correct now or may be few days later but in down correction it should be bought into at the appropriate levels with the help of support points of 1192---1187---1181----1177---1149---1124.  Safe traders and investor should not buy below 1192 with a stop loss of 1178 whereas aggressive traders and investor can buy up to 1124 but not below it with a stop loss of 1100. At this point of time it is strongly suggested not to buy below 1192. The chart setup as of now indicates that the up move is inevitable and will happen in coming days and the upside target could be 1260---1277---1306----1350---1460---1550---1655. Please note that moving up 1260—1277---1306 are very important and stiff hurdle for it, but once it crosses 1306 and sustain on the closing basis then it will have an accelerated up move. It is very much likely to cross 1306 in coming days. The bias is hugely bullish but be alert and cautious in the long trade at this point of time because of 10 days straight rise in it.

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 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--BANK NIFTY FOR—12.10.2020

 

CNX--BANK NIFTY

Open-23312.60--High-23904.10--Low-23132.45—Close-23846.80 on 9.10.2020

Support:23822/23605.60/23211.35/23080.60/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.

(Bold and underlined figures are most important)

Its technical strength is not that strong in comparison with CNX-Nifty but is improving fast day by day and it is very much likely that it could retest its recent top of 25232.60 or may go much higher than this in coming days as of now off course with intermittent correction. The only concerning thing is that it had a vertical rise and in 10 trading session it has risen by very close to 3400 points on the closing basis, so it is highly vulnerable for correction also and if it correct from here then it could have a vertical fall too, but as long as it holds 23081(this figure will change if it moves further up from here) on the fall then it could bounce back and resume the uptrend again but sustained break below it on the closing basis can push it into short correction mode. In that case it will find good support at 23388---23081---22567---22418 sustained close below 22418 on the closing basis will accelerate the down move which may please be noted. Similarly moving up it will face resistance at 24094---24365---25232.60---26311.30---26492. sustained close above 24365 will open the upside up to 26492 levels   The bias is up technically but correction also looks imminent and can happen anytime, so be alert and cautious in the long trade at this point of time.

In view of the above observation long trade can be tried if it moves and maintain above 23905 or buy on decline can also be tried with the help of support points mentioned above but not below 23081. Since it is in strong uptrend therefore short trade is a avoid in general but in light of vertical rise for ten days correction is also possible therefore short trade can also be tried  on the rise in the appropriate range or on the price breakdown for taking advantage of a possible corrective move. I once again repeat that the overall bias is highly bullish.

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 sustain above 23905 for some time with a stop loss of 23800.

Or

Buy on decline near but not below 23081 with a stop loss of 22900.

2. Sell on the rise near or within the range of 24500---24600 with a stop loss of 24700. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 23780 and maintain for some time with a stop loss of 23870.It could be a risky trade but worth trying for intraday corrective move. 

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 –5.10.2020

 

CNX-NIFTY

 Open—11364.45--High—11428.60—Low—11347.05---Close-11416.95 on 1.10.2020.

Support:11373.60/11341.40/11270/11185/11111.45/11090/11056/10882/10790.20.                     

Resistance: 11447/11460.35/11490.75/11568.90/11584.90/11618.10/11633.30/11761.

Critical Points moving down: 11270—11181---11111---11089---10985---11882--10783.43.

Critical Points moving up: -11447—11557---11597.

(Bold and underlined figures are most important)

The ongoing pullback rally was expected to last for 4 days at max (see my post for 28.9.2020), it completed 4 days on 1.10.2020 but it gave no sign of weakness in fact it exhibited tremendous strength and closed near the high of the day, which indicate that this rally could further extend provided it moves and sustain above the important benchmark point of 11447 on the closing basis, else it may fizzle out. Moving up it may face stiff resistance at 11557---11597 levels and if it moves and sustain above 11597 on the closing basis then it could retest or go beyond its recent high of 11794.25 off course with intermittent correction, which may please be noted. Similarly if this rally exhaust here then moving down it will find support at 11270---11181---11109---11034---10985---10917 levels and sustained break below 11270 may push it into good corrective mode. The overall technical setup is good and further up move cannot be ruled out but as you are well aware that the pullback rallies are treacherous in nature and often ends abruptly trapping the traders on the wrong foot, therefore to be on the safe side fresh long trade should only be initiated if it moves and sustain above 11447 else avoid.  

In view of the above observation long trade should only be tried if it moves and maintain above 11447 but aggressive traders can try long trade on decline also but not below 11270, but it could be a risky trade mind you. Although it has not given any sign of weakness as yet but chances of this rally exhaustion also cannot be ruled out at this point of time, therefore short trade should also be attempted on the rise in the appropriate range or on the price breakdown for taking advantage of the down move.

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 above 11447 for some time with a stop loss of 11400.

Or

Buy on decline near but not below 11270 with a stop loss of 11220. It could be a risky trade.

2. Sell on the rise near or within the range of 11560---11600 with a stop loss of 11640. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 11447 even intraday in first two hours of trade with a stop loss of 11480. It could be a risky trade but worth trying.

Or

Sell if it falls below 11220 and maintain for some time with a stop loss of 11280.

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—5.10.2020

 

CNX--BANK NIFTY

Open-21685.25--High-22293.75--Low-21664.15—Close-22246 on 1.10.2020

Support:22122/22028.15/21967/21886.70/21768/21462/21403.15/21128/21027/20926/20404. .

Resistance:22293.75/22439.95/22479.55/22757.30/23080.40/23211.35.

Critical Points moving up: 22286---22418---22818---23388---24094.          

Critical Points moving down:-22181---22018---21866---21847---21544.

(Bold and underlined figures are most important)

The ongoing pullback rally was expected to last for 4 days at max (see my post for 28.9.2020), it completed 4 days on 1.10.2020 but it gave no sign of weakness in fact it exhibited tremendous strength and closed near the high of the day, which indicate that this rally could further extend provided it hold its critical points of 22181 & 21866 (the figure will change every day) on the downside and moves and sustain above its important  point of 22418 on the closing basis, else it may fizzle out. Moving up it may face stiff resistance at 22286---22418---22818---23388---24094---24365 levels and if it moves and sustain above 22418 on the closing basis then it could open the upside up to 24365 which may please be noted. Similarly if this rally exhaust here then moving down it will find support at 22018---21847---21711---21572---21403---21349----21126---20850---20782 levels and sustained break below 21847 may push it into good corrective mode. The overall technical setup is improving therefore further up move cannot be ruled out but as you are well aware that the pullback rallies are treacherous in nature and often ends abruptly trapping the traders on the wrong foot, therefore to be on the safe side fresh long trade should only be initiated if it moves and sustain above 22418 else avoid. 

In view of the above observation long trade should only be tried if it moves and maintain above 22418 but aggressive traders can try long trade on decline also but not below 21866(this figure will change every day), but it could be a risky trade mind you. Although it has not given any sign of weakness as yet but chances of this rally exhaustion also cannot be ruled out at this point of time, therefore short trade should also be attempted on the rise in the appropriate range or on the price breakdown for taking advantage of the down move.

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 sustain above 22418 for some time with a stop loss of 22270. It could be highly risky trade.

Or

Buy on decline near but not below 21866 with a stop loss of 21700

2. Sell on the rise near or within the range of 22600---22725 with a stop loss of 22825. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 22418 even intraday in first two hours of trade with a stop loss of 22500. It could be a risky trade but worth trying.

Or

Sell if it moves below 21860 and maintain for some time with a stop loss of 21980.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--BANK NIFTY FOR—1.10.2020

 

CNX--BANK NIFTY

Open-21405.25--High-21549.35--Low-21128.50—Close-21451.80 on 30.9.2020

Support: 21403.15/21128/21031/21027/20926/20404.0/20316.20/20122.25/19507.

Resistance:21462.40/21611.40/21807/21811.50/21886.70/21967/22139.10/22479.55.

Critical Points moving up: 21480---21544---21859---22202---22250---22286--22418.          

Critical Points moving down:-21274---21108---20942---20736---20686---20404.90.

(Bold and underlined figures are most important)

As expected it staged a pullback rally for the last 4 days but despite that it has not been able to sustain above its critical and important points of 21479.54(this figure can change) & 21544, which indicate extreme weakness in it. Please note that if it fails to move above 21544 on the closing basis then it may not resume the up move and if it sustain below 21479.54 on the closing basis then the ongoing pullback rally is over for sure and down move may resume. Moving down it may find support at 21274---21108---20942---20736---20686---20404. Similarly moving up it will face stiff resistance at 21544---21859---22202---22250---22286---22418. The overall technical setup looks weak therefore in all likelihood pullback rally seems to be over and down should begin.  

Since pullback rally seems to be over therefore long trade should be avoided for the day, however it can be tried by the aggressive traders, if it moves and maintain above 21544 for some time, but it could be a risky trade mind you. It is therefore strongly suggested for the day to try short trade on the rise or sell on the price breakdown for taking advantage of the down move.

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 sustain above 21544 for some time with a stop loss of 21530. It could be highly risky trade.

2. Sell on the rise near or within the range of 21750---21860 with a stop loss of 21950. It could be a risky trade but worth trying.

Or

Sell if it moves below 21400 and maintain for some time with a stop loss of 21550.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 –1.10.2020

 

CNX-NIFTY

 Open—11244.45--High—11295.40—Low—11184.55---Close-11247.55 on 30.9.2020.

Support:11181/11111.45/11056/10985.58/10882/10783/10676/10551/10328.50.                          

Resistance: 11289.90/11305.40/11341.40/11373.60/11383.55/11460.35/11507.65.

Critical Points moving down: 11181—11108---11027---10985---10911---11893--10783.43.

Critical Points moving up: -11292—11327---11384---11423---11455.

(Bold and underlined figures are most important)

As envisaged in my post for 28.9.2020, it seems that the pullback rally may be over as today was the 3^rd day of the rally and it has already hit the last possible rally exhaustion point of 11302 also (see my post for 28.9.2020, the actual high was 11305.40, it made on 29.9.2020), however if this rally still has the steam then it should move and sustain above 11327 on the closing basis then it could further extend the rally up to the level of 11384--11423---11455, chances of which looks less likely at this point of time. Therefore it seems a distinct possibility that the ongoing pullback move is over and down move should resume now. Please note that as of now sustained break below 11181(this figure can change) can push it into short corrective mode and sustained break below 11089 & 10783 levels on the closing basis can put it into deep correction mode. Moving down it may find support at 11108---11089---10985---10911---10893---10783.  

Since pullback rally seems to be over therefore long trade should be avoided for the day, however it can be tried by the aggressive traders, if it moves and maintain above 11327 for some time, but it could be a risky trade mind you. It is therefore strongly suggested for the day to try short trade on the rise or sell on the price breakdown for taking advantage of the down move.

 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 above 11327 for some time with a stop loss of 11280. It could be a risky trade.

2. Sell on the rise near or within the range of 11340---11384 with a stop loss of 11425. It could be a risky trade but worth trying.

Or

Sell if it falls below 11220 and maintain for some time with a stop loss of 11255. It could be a risky trade but worth trying.

Or

Sell if it falls below 11181 and maintain for some time with a stop loss of 11230.

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.