A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—20.10.2020

 

CNX--BANK NIFTY

Open-23902.90--High-24320.95--Low-23754.85—Close-24266.75 on 19.10.2020

Support:24240/24096.75/23912.75/23822/23605.40/23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:24365/24617.15/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It continued the up move today also and crossed its recent closing top of 23874.45 on the line chart and intraday top of 24190.35 on the bar chart and closed above both the top, which speaks of good strength in it; therefore it seems that it has resumed the up move again. But the significant point is that it has opened with an up gap today and if it makes an attempt to fill the gap in next 3-4 trading session which is technically possible then it can come down to 23646 levels, which may be kept in mind. It is also important to mention here that to keep the up momentum going it should not break the level of 24000 and sustain below it on the closing basis and if it does then it could slip into correction again. The situation is slightly tricky as of now so be watchful. Going down it may find support at 23805---23645---23486---23240. Kindly, note that looking at the overall technical setup, chances of moving up looks better as of now. Going up from here the possible upside target or the resistance points could be at 24267---24365---24522---24656---24944---25232.60---25427---25724---25953---26312. Please note that sustained break above24365 on the closing basis will open the upside up to 26312 levels.

In view of the above observation long trade can be tried if it maintains above 24190 or can be tried on decline also but not below 24000.Since it seems that it has picked up the up momentum therefore short trade in general should be avoided. But 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 maintains above 24190 with a stop loss of 24100.It could be risky trade.

Or

Buy on decline at appropriate point or near but not below 24000 with a stop loss of 23900.It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 24700---24800 with a stop loss of 24875. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 23940 and maintain for some time with a stop loss of 24040.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 RELIANCE INDUSTRIES LTD-19.10.2020

 

RELIANCE INDUSTRIES LTD

Open-2215--High-2232.50--Low-2172.65—Close-2175.80 on 16.10.2020

Support:2174/2167.30/2070.10/2044.25/2016.84/2000.25/1978.80/1947.70/1864.35/1798/1786.25/1695.55/1617.55.

Resistance:2196/2198.80/2201.65/2217.10/2267/2304/2309/2336/2360/2369.85 (all time high).

(Bold and underlined figures are most important)

Kindly refer to my post of 8.6.2020 on it where I predicted an upside target of 2361 for it, thankfully it achieved the target and hit an all-time high of 2369.85. Technically it is giving weak signal now and if it fails to move above 2210 and then above 2267(this figure can change) it is likely to drift down and sustained break below 2167 on the closing basis will accelerate the fall. Please note that certain technical indicators are also pointing that it could witness fall to the level of 2067—2009. Going down it will find support at 2067—2044—2016.85---2000---1947--1864 levels and sustained break below 2016.85 on the closing basis will push it into deep correction  and will potentially threat the uptrend  also which may please be kept in mind. Therefore going down the benchmark point would be 2016.85. 

In view of the above observation, it is suggested to avoid long trade till it moves and sustain above 2235(the figure will change as time goes by) on the closing basis as of now instead short trade is suggested on the rise at the appropriate points but not above 2230 with a stop loss of 2240 or sell on the price breakdown below 2167 with a stop loss of above 2180. The bias is bearish as of now. 

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 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 JSW STEEL LTD-19.10.2020

 

JSW STEEL LTD

Open-291.50--High-312.45--Low-290.75—Close-311.05 on 16.10.2020

Support:298.40/296.75/295.85/294.55/279.35/272.45/268.45/257.55.

Resistance:312.70/314/320.45/331.30/342.75/346.50/359.90/385.20/386.50/388.05/389/408.80/412.50/414.95/427.55 (all time high).

(Bold and underlined figures are most important)

Technically it is exhibiting tremendous strength and on a very sound footing and made Cup & Handle Pattern and also given the upside breakout from it therefore looking highly bullish now and the maximum upside target for this pattern could be 460 which may please be noted. The present range for it is between 314---297 therefore it can be bought if it moves above 314 and maintain with a short stop loss of 308 or can be bought on decline but not below 297 with a stop loss of 295. Please note that the authentic stop loss would be 295 only because pattern will fail if it sustain below 295. It is suggested to have long position above 314 in any case. Kindly note that to reach the targeted level it will face resistance at 329—360---399---428. The bias is hugely bullish as of now.                                                                                                             

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 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—19.10.2020

 

CNX-NIFTY

 Open—11727.40--High—11789.75—Low—11667.85---Close-11762.45 on 16.10.2020.

Support:11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance: 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)

It did stage a recovery today and moved above one of its key point of 11733(figure can change) but to regain good strength and to resume the up move again it has to move above 11805(figure can change) and sustain on the closing basis else it may continue with the down move again, so watch out for a close above 11805. Moving down it will find support at 11694.85---11661---11618---11584---11549---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. A close above 11805 could take it higher and then the upside target or resistance point could be at 11832.30---11929.60---12041.15---12068---12130---12178---12415---12430.50. The overall technical setup is still good for an up move but sustained close above 11805 is must. 

In view of the above observation for safe traders it is suggested to try long trade only once it closes above 11805, so long trade for the safe traders is ruled out for the day. But aggressive traders can try long trade if it maintain above 11765 & 11805 or on the decline but not below 11661, please note that both the trade could be risky one but long trade above 11805 could be relatively safe. The technical setup is o.k. but until and unless it closes above 11805 further downside is possible, therefore short trade can also be attempted on the rise at appropriate range as of now or on the price breakdown for taking advantage of down 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 11765 with a stop loss of 11725.It is for aggressive traders.

Or

Buy on decline near but not below 11661 with a stop loss of 11640.It is for aggressive traders. It could be a highly risky trade but worth trying.

2. Sell on the rise near or within the range of 11790---11835 with a stop loss of 11870. It could be a highly risky trade.

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—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.