A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—19.10.2020

 

CNX--BANK NIFTY

Open-23219.85--High-23646.20--Low-23148.95—Close-23533.25 on 16.10.2020

Support: 23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:23605.40/23822/23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.

(Bold and underlined figures are most important)

It made a smart recovery today and moved above both its key points of 23297 & 23081 and if it sustain above these points on the closing basis then it could resume the up move again but the real momentum it will pick up with a close above 23875 as of now. Going up the possible upside target or the resistance points could be at 23650---23875---24094—24190.35---24267---24365. Please note that sustained break above 24365 will open the upside up to 26312 for it. The technical setup looks o.k. but in comparison with CNX-Nifty it is fairly weak, therefore if it breaks the above mentioned key points then it could head for correction again. Moving down it will find support at 22970---22824---22744---22418---22297---21967---21750---21462---21298—21161 levels. Please note that sustained break below 22970 can take it down to 22418 and sustained break below it on the closing basis will open the downside up to 20000 which may please be noted.

In view of the above observation safe traders can try long trade if it moves and maintain above 23650 for some time, but aggressive traders can try long trade now or on the decline at appropriate points or near but not below 23150. Short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of possible intraday 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 sustain above 23650 for some time with a stop loss of 23500.It could be risky trade.

Or

Buy on decline at appropriate point or near but not below 23150 with a stop loss of 23070.It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 24150---24275 with a stop loss of 24340. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 23081 and maintain for some time with a stop loss of 23170.It could be a risky trade but worth trying. 

Or

Sell if it moves below 22970 and maintain for some time with a stop loss of 23110.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—16.10.2020

 

CNX-NIFTY

 Open—12023.45--High—12025.45—Low—11661.30---Close-11680.35 on 15.10.2020.

Support:11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                         

Resistance: 11694.85/11761/11794.25/11802.65/11832.30/11929.60/11981.75/12000.35/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As anticipated it corrected today but in view of the strong technical setup the sharp correction on the closing basis was not expected, today's down move has given severe jolt to the ongoing up momentum and if it does not bounce back and move above its key points of 11733 & 11805(figures can change) on the closing basis in next 2-3 trading session then it is heading for deep correction. Going down it may find good support at 11618---11593---11553---11447---11407---11270—11081---11037, it is important to mention here that moving down its key points would be 11447 & 11270 if it breaks and sustain below 11447 on the closing basis then it may put the uptrend into potential danger and sustained break below 11270 on the closing basis will open the downside up to 10790 & 10551 which may please be noted. It may stage a bounce back from any of these points but if it has the strength there is a good possibility that it can stage a bounce back either from 11447 or 11270 levels whether for good or otherwise has to be seen. Similarly to regain the up momentum from here I once again repeat that it has to move above its key points of 11733 & 11805 and sustain on the closing basis else correction will continue. Moving up it will face resistance at 11832.30---11929.60---12041.15---12068---12130---12178---12415---12430.50.   

It seems that it has slipped into deep correction mode therefore for safe traders long trade should be avoided till the correction completion looks visible but can be tried if it moves and sustain above 11733 & 11805 on the closing basis. However aggressive traders can try long trade for the day on decline near 11553 & 11447 but it could be a highly risky trade mind you. In view of today’s sharp down correction it would be better to adopt sell on the rise strategy as of now.

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 11553 but not below it with a stop loss of 11520.It is for aggressive traders. It could be a highly risky trade.

Or

Buy on decline near but not below 11447 with a stop loss of 11400.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 11750---11800 with a stop loss of 11840. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 11660 for some time with a stop loss of 11690.

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—16.10.2020

 

CNX--BANK NIFTY

Open-23920.35--High-24087.85--Low-22970.95—Close-23072.40 on 15.10.2020

Support:22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:23081/23211.35/23605.40/23822/23912.75/24096.75/24240/24365/24617.15/25105.35/25199/25232.60.

(Bold and underlined figures are most important)

After two days of fall it sharply bounce back on 14.10.2020 giving an impression that it has completed the correction but could not sustain the up move and retraced it completely today exhibiting tremendous weakness, furthermore it has broken its recent bottom of 23492.70 it made on the line chart on 13.10.2020 and it has also closed below its key point of 23297 & 23081 which indicates that it has slipped into correction today and if it sustain below 23081 then the correction could deepen and moving down it will find support at 22824---22744---22418---22297---21967---21750---21462---21298—21161 levels. It may bounce back from any of these points for a while or for good has to be seen but it is important to mention here that sustained break below 22418 on the closing basis will open the downside up to 20000 which may please be noted. Please note that to resume the up move from here again it has to move above its key points of 23297 & 23081 and sustain on the closing basis else correction may continue for some time. Moving up it will face resistance at 23388---23611---23822---24094—24267---24365.

It seems that it has slipped again into correction mode therefore for safe traders long trade should be avoided till the correction completion looks visible but it can be tried if it moves and sustain above 23081 & 23297 on the closing basis. However aggressive traders can try long trade for the day on decline at appropriate points or near 22418 but it could be a highly risky trade mind you. In view of today’s sharp down correction it would be better to adopt sell on the rise strategy as of now.

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 23297 for some time with a stop loss of 23060.

Or

Buy on decline near but not below 22418 with a stop loss of 22300.It could be a risky trade.

2. Sell on the rise near or within the range of 23400---23500 with a stop loss of 23575. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 23081 and maintain for some time with a stop loss of 23180.It could be a risky trade but worth trying. 

Or

Sell if it moves below 22970 and maintain for some time with a stop loss of 23110.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—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.