A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—15.10.2020

 

CNX--BANK NIFTY

Open-23353.15--High-23962.70--Low-23149.45—Close-23874.65 on 14.10.2020

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)

As envisaged in my post for 12.10.2020 it corrected  for 2 days on closing basis and today after making a low of 23149.45 it bounced back sharply in the late afternoon to close near the high of the day. It seems that it has completed its correction on the closing basis and now ready to resume the up move again. However in case if it loses the up momentum, chances of which looks slim at this point of time then going down the key points would be 23492.70---23296---23081, sustained break below 23492 on the closing basis will signal that it could correct and sustained break below 23081 on the closing basis may push it into deep correction which may please be noted. Similarly moving up the upside target or the resistance points will be at 24094---24365---25232.60---26311.30---26492. Sustained close above 24365 will open the upside up to 26492 levels. The bias is positive as of now.

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 23492. Since it is in strong uptrend therefore short trade is should be avoided in general but it can be tried after a reasonable 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 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 23492 with a stop loss of 23450.It could be a risky trade.

2. Sell on the rise near or within the range of 24365---24500 with a stop loss of 24550. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 23490 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—15.10.2020

 

CNX-NIFTY

 Open—11917.40--High—11997.20—Low—11822.15---Close-11971.05 on 14.10.2020.

Support:11929.60/11832.30/11802.65/11794.25/11760/11694.85/11549/11490.75/11447.           

Resistance: 11981.75/12000.35/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

Technically it has been exhibiting tremendous strength and as envisaged in my post for 12.10.2020 it did correct intraday today but did not break the key point of 11805 and in the late afternoon it sharply bounced back to close near the high of the day. Please note that it has had 10 days straight rise, intraday correction won’t help so it is still vulnerable for a correction on the closing basis to make it strong and good for further sustainable rise and it has to happen anytime may be on 15.10.2020 or few days later, but sooner the better. Moving down 11805 & 11731(figures can change every time it makes a recent new high) will be the key points sustained break below 11805 will be an alert point and sustained close below 11731 may push it into deep correction. Going down it may find good support at 11618---11551---11447, it is important to mention here that if it breaks and sustain below 11447 on the closing basis then it may put the uptrend into potential danger. Similarly moving up the upside target or resistance points could be at 12068---12130---12178---12415---12430.50. The bias is hugely positive as of now.

In view of the above observation safe traders should avoid long trade on decline for the day but it can be tried if it moves and maintain above 11974 but aggressive traders can try long trade on decline but not below 11939. Since it is in strong uptrend therefore short trade is a avoid in general but in light of vertical rise for ten days, so correction on the closing basis looks imminent and it can happen anytime soon so short trade can also be attempted 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 but be careful in the long trade at this point of time because of the vertical rise it had without closing basis correction.

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 11974 with a stop loss of 11930.It is for safe traders. It could be a risky trade.

Or

Buy on decline near but not below 11939 with a stop loss of 11900.It is for aggressive traders. It could be a risky trade but worth trying.

 

2. Sell on the rise near or within the range of 12090---12150 with a stop loss of 12180. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 11900 for some time with a stop loss of 11945. It could be a highly risky trade.

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 HDFC LTD-12.10.2020

 

HDFC LTD

Open-1945--High-2029.85--Low-1938—Close-1957.65 on 9.10.2020

Support:1951.25/1947.90/1927/1921.90/1901/1855.25/1820.

Resistance,1960/1973/2017/2052.95/2073/2135/2194/2235/2265/2300/2357.85/2459.30/2499.90(all time high).

(Bold and underlined figures are most important)

It had made an all time high of 2499.90 on 14.1.2020 and then moved down steadily and made a low of 1473.45 on 24.3.2020 after hitting the low it bounced back and steadily moved up in a zigzag manner and currently quoting at 1957.65.It is well placed on the technical chart, so further rise may be ahead in coming days. The only concerning thing now is that it has had a vertical rise of 406.85 points intraday in 10 trading session, therefore it is vulnerable for a correction also before further rise and the price pattern of 9.10.2020 indicates that, so correction looks imminent and may happen anytime and if it corrects now chances of which looks fair at this point of time then it will find good support at 1933---1921.90---1898.54----1862  Safe traders and investor can buy it on decline but not  below the range of 1933---1921.90 with a stop loss of 1910 whereas aggressive traders and investor can buy on decline up to 1862 but not below it with a strict stop loss of 1850. At this point of time it is strongly suggested not to buy below 1921.90. The chart setup is o.k.as of now  and indicates that the further up move may be ahead and may happen in coming days and the upside target or resistance points could be at 1987---2005---2045----2108---2195---2258---2295---2418---2460—2499.90. Moving up 1987—2005---2045 are very important and stiff hurdle for it, therefore please note that sustained break above 2005 on the closing basis will enhance its strength and it may have an accelerated up move if it moves and sustain above 2045 on the closing basis. It is important to mention here that if it moves and sustain above 2295 then it is likely to retest its all time high of 2499.90 or may go beyond it also. The bias is bullish as of now but be alert and cautious in the long trade at this point of time because it could give short correction anytime and it may today itself.

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 ICICI BANK LTD-12.10.2020

 

ICICI BANK LTD

Open-390.70--High-403.50--Low-386.90—Close-401.50 on 9.10.2020

Support:395.65/392.95/385.50/380/375.25/373.75/359.35.

Resistance:403.50/411/422/427.90/439.20/443.90/460.50/482/496/502/515-517/537.50/544.45—47—51—552.20(All time high)                 

(Bold and underlined figures are most important) 

It had made an all time high of 552.20 on 30.12.2019 and then moved down steadily and made a low of 268.30 on 24.3.2020 after hitting the low it bounced back and steadily moved up in a zigzag manner and currently quoting at 401.50. It is very well placed on the technical chart, furthermore it has give breakout from its downtrend line drawn from the top of 549.35 connecting recent top of 422 on 9.10.2020 this indicates a big up move is ahead in coming days, provided it holds the breakout and it is likely to hold it as of now. The only concerning thing now is that it has had a straight rise of 65.80 points on the closing basis in 10 trading session, so it is vulnerable for a correction also before further rise. But it looks strong technically therefore it may not correct now and correct few days later. If it corrects now downside looks capped in the range of 394---385 so it should be bought into now and on the decline also in this range. Please note that if it has the strength it is not likely to break 382 levels, therefore traders and investor should not buy it below 382 with a stop loss of 380 or one can also buy if it moves and maintains above 404.35 with a stop loss of 398. The chart setup as of now indicates that the up move looks inevitable and will happen in coming days and the upside target or resistance points could be at 411---422----444---485---496. Please note that sustained break above 411 on the closing basis will enhance its strength and it will have an accelerated up move if it moves and sustain above 422 on the closing basis. It is very much likely to cross 411 & 422 in coming days. It is important to mention here that if it moves and sustain above 496 then it is likely to retest its all time high of 552.20 or may go beyond it also. The bias is hugely bullish but be alert and cautious in the long trade at this point of time because it could give short correction anytime.                                                                                                            

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-NIFTY FOR –12.10.2020

 

CNX-NIFTY

 Open—11852.05--High—11938.60—Low—11805.20---Close-11914.20 on 9.10.2020.

Support:11856.15/11832.30/11802.65/11794.25/11760/11694.85/11549/11490.75/11447.           

Resistance: 11929.60/11981.75/12000.35/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

Technically it is showing robust strength therefore in all probability as of now it is expected to retest its all time high of 12430.50 or may go beyond it also and it is likely to happen soon 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 more than 1100 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 11800 & 11667(this figure will change if it moves further up from here) on the fall then it could bounce back again but sustained break below 11667 on the closing basis can push it into short correction mode. I would therefore suggest avoiding long trade below 11800. In case of correction it will find good support at 11843---11794.25---11760---11667---11593---11447, sustained break below 11447 on the closing basis will seriously threaten the uptrend which may please be noted. Similarly moving up it will face resistance at 11935—12068---12130---12178---12415---12430.50. The bias is hugely 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 11940 or buy on decline can also be tried by the aggressive traders with the help of support points mentioned above but not below 11667 but safe traders should avoid long trade below 11800 on the decline. 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 maintain above 11940 for some time with a stop loss of 11900.

Or

Buy on decline near but not below 11800 with a stop loss of 11750.It is for safe traders. It could be a risky trade.

Or

Buy on decline near but not below 11667 with a stop loss of 11590.It is for aggressive traders. It could be a risky trade but worth trying.

 

2. Sell on the rise near or within the range of 12130---12180 with a stop loss of 12200. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell on the rise near or within the range of 12250---12295 with a stop loss of 12325. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 11900 for some time with a stop loss of 11950. It could be a highly risky trade.

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 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.