A TECHNICAL VIEW ON CNX-NIFTY FOR—3.11.2020

 

CNX-NIFTY

 Open—11697.35--High—11725.65—Low—11557.40---Close-11669.15 on 2.11.2020.

Support:11661/11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance:11684.85/11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It showed little strength today but managed to close shade above its first key point of 11661 but it is not enough for the up move to continue and for that it has to close above 11733 and sustain on the closing basis else it may resume the down move again. Moving down it may find support at 11661---11618---11553---11447---11407---11341---11270, it may bounce back from any of these points for a pullback move, but sustained break below 11661 on the closing basis will be an alert sign for the down move to continue and fall may accelerate if it moves below 11535 and sustain on the closing basis. Similarly if it moves and sustain above 11733 on the closing basis then only it can make an effort for the up move to regain the up momentum ,else down move will continue , going up it will face stiff resistance at 11780---11838---11910---11930---11981---12025.45. The long term technical setup looks o.k. but the short term view is mixed with a slight downward bias, but sustain close above 11733 may change the perception.

In view of the above observation for safe traders it is suggested to avoid long trade till it closes above 11733. However aggressive traders can try long trade if it maintains above 11670 and above 11733 for some time intraday or try on decline but not below 11642, but it is suggested to avoid long trade on decline for the day. Since it is in correction mode it is strongly suggested to adopt sell on the rise strategy at appropriate range or sell on the price breakdown for taking advantage of corrective 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 11670 with a stop loss of 11620.It is for aggressive traders. It could be a risky trade.

Or

 Buy on decline near but not below 11642 with a stop loss of 11620.It is for aggressive traders. It could be a risky trade.

Or

Buy if moves and maintains above 11733 for some time with a stop loss of 11690. It is for aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11770---11820 with a stop loss of 11855 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11733 for some time with a stop loss of 11760 it could be risky trade but worth trying.

Or

Sell if it maintains below 11535 for some time with a stop loss of 11610.

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—3.11.2020

 

CNX--BANK NIFTY

Open-24367.60--High-25139--Low-24120.60—Close-24892.50 on 2.11.2020

Support:24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:25105.35/25139/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It is still doing whip-saw with the key point range of 24627—24581---24365(figures changed) but today it has decisively crossed the range again, which is very positive sign and if it sustain above this range then it will pick up strong up momentum in coming days, else it may resume down move again. Moving up it may face resistance at 25139---25232.60---25427---25724---25954---26408, sustained close above 24365 can take it up to 26300—26500 levels. Similarly break below 24627 can push it into short term correction mode again and break below 24581 & 24365 will accelerate the fall. Moving down it may find support at 24310---24021---23867.75---23612. It exhibited tremendous strength today by giving a robust up move, therefore there is a strong possibility that the up move should continue provided it holds the key support points. But since it has been fiddling around with the key range for number of times recently, therefore it does not give  enough confidence that it will sustain today’s decisive up move , therefore next 2-3 days trading session are very important, so watch out.

In view of the above observation for safe traders long trade can only be tried if it maintains above 24825 for some time. However aggressive traders can try long trade if it maintains above 24825 for some time intraday or on decline at the appropriate points but not below 24627. In light of today's robust up move short trade should be avoided in general but can 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 on decline near 24627 but not below it with a stop loss of 24500. It is for aggressive traders. It could be a risky trade.

Or

Buy if it maintains above 24825 for some time with a stop loss of 24600.It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 25400--25500 with a stop loss of 25575. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it maintain below 24365 for some time with a stop loss of 24500.It could be a highly risky trade but worth trying. 

Or

Sell if it falls below 24800 and maintain for a reasonable period of time with a stop loss of 24900.It could be a highly 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.

 

 

THE STOCKS WHICH HAVE ENTERED THE LONG TERM CORRECTION MODE OR NEAR THE THRESHOLD POINT OF IT—2.11.2020.

 

1. BAJAJ FINANCE LTD: - Open-3364.95, High-3391, Low—3252.85, Close-3309 on 30.10.2020.

Its threshold point is 3285.60, if it moves below this point and sustain on the closing basis then it will get into long term correction mode and going down its  key support points would be at 3101---2998.50---2766.40---2534.30---2247---2176. It is therefore suggested to avoid long trade below 3285.60 but can be tried on decline near the key support points with self-defined short stop losses. As long as it is above 3285.60 it may move up and going up it will face resistance at 3329---3419.65---3489.90---3519---3557---3749.85. So long trade can be tried above 3285.60 with a stop loss of 3250. Short trade can also be attempted at appropriate points for taking advantage of the corrective move.   

2. BAJAJ FINSERV LTD: - Open-5650, High-5680, Low—5511.05, Close-5573.50 on 30.10.2020.

It has already gotten into long term correction mode as it has broken its threshold point of 6067 and going down its key support points would be at 5400---5347---4900---5026---4628---4530---4288---3985 , so long trade can be tried on decline near the key support points with self-defined short stop losses. As long as it is below 6067 it may not gain strength for a strong up momentum, but sustained move above 6067 on the closing basis can take it higher and going up it may face resistance at 5670---5751---5820—6067---6170---6240---6455---6570---6680---6710. Short trade can also be attempted at appropriate points for taking advantage of the corrective move.   

3. LUPIN LTD: - Open-925, High-929, Low—905.40, Close-909.25 on 30.10.2020.

It has already gotten into long term correction mode as it has broken its threshold point of 976.50 and going down its key support points would be at 886---813---740---650---628 , so long trade can be tried on decline near the key support points with self-defined short stop losses. As long as it is below 976.50 it may not gain strength for a strong up momentum, but sustained move above 976.50 on the closing basis can take it higher and going up it may face resistance at 996.55---1035---1087.80---1122.30. Long trade can be tried if it maintains above 886 with stop loss of 876 for a possible pullback move. Short trade can also be attempted at appropriate points for taking advantage of the corrective move.

4. AUROBINDO PHARMA LTD: - Open-768.35, High-778.40, Low—761.10, Close-772.65 on 30.10.2020.

It has already gotten into long term correction mode as it has broken its threshold point of  807.40 and going down its key support points would be at 760---738---708---628---603---548---449—424 , so long trade can be tried on decline near the key support points with self-defined short stop losses. As long as it is below 807.40 it may not gain strength for a strong up momentum, but sustained move above 807.40 on the closing basis can take it higher and going up it may face resistance at 831---846---858---887---896--967. Long trade can be tried if it maintains above 760 with stop loss of 750 for a possible pullback move. Short trade can also be attempted at appropriate points for taking advantage of the corrective move.

5. AXIS BANK LTD: - Open-495, High-501.55, Low—481.60, Close-492.50 on 30.10.2020.

Its threshold point is 475.30, if it moves below this point and sustain on the closing basis then it will get into long term correction mode and going down its key support points would be at 458---439---423---409---380---344---335. It is therefore suggested to avoid long trade below 475.30 but can be tried on decline near the key support points with self-defined short stop losses. As long as it is above 489.80 & 475.30 it may move up and going up it will face resistance at 507.60---517.50---533.85---547.50---555.50---580.50---622.85. So long trade can be tried above 489.80& 475.30 with a stop loss of 470.  Short trade can also be attempted at appropriate points for taking advantage of the corrective move.   

6. ICICI BANK LTD: - Open-399, High-402.70, Low—388.05, Close-392.60 on 30.10.2020.

Its threshold point is 390.70, if it moves below this point and sustain on the closing basis then it will get into long term correction mode and going down its key support points would be at 381---367---348---333---306--300. It is therefore suggested to avoid long trade below 390.70 but can be tried on decline near the key support points with self-defined short stop losses. As long as it is above 390.70 it may move up and going up it will face resistance at 406.15---411---422---428.50---439—444---459---482---502. So long trade can be tried above 390.70 with a stop loss of 380.  Short trade can also be attempted at appropriate points for taking advantage of the corrective move.   

7. HDFC LTD: - Open-1930, High-1947, Low—1906.85, Close-1923.55 on 30.10.2020.

It has already gotten into long term correction mode as it has broken its threshold point of 1940 and going down its key support points would be at 1907---1851---1820---1799—1779—1732---1707---1623---1596 , so long trade can be tried on decline near the key support points with self-defined short stop losses. As long as it is below 1975 &1940 it may not gain strength for a strong up momentum, but sustained move above 1940 & 1975 on the closing basis can take it higher and going up it may face resistance at 2029.85---2083.95---2135---2194---2228---2235---2265. So long trade can be tried if it moves and sustain above 1940 with a stop loss of 1920.  Short trade can also be attempted at appropriate points for taking advantage of the corrective move.   

NOTE:-The above observations are based on the technical parameters and since technical analysis is a continuous process, therefore the view may change with time and price movement. So keep a watch on the price movement because breakout on the either side of the range may change the perception. The traders may structure their trade with the help of above observation.

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.

 

 

SOME AUTOMOBILE STOCKS OF NIFTY-50 ARE INDICATING WEAKNESS ON THE TECHNICAL CHART—2.11.2020.

 

SOME AUTOMOBILE STOCKS ON WEAK TECHNICAL FOOTING

1. BAJAJ AUTO LTD: - Open-2940, High-2963.20, Low—2880.10, Close-2886.90 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and it is creeping into the weekly chart also.

(B) It is already in the short term correction and below key point of 2890, if it sustain below it correction may continue and if it moves and maintain above 2890, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2830---3050---3159, break below 2830 will open up the fresh down side. Similarly break above 3159 will open the fresh upside too.

(D) It will slip into long term correction mode if it moves and sustains below 2835.60 on closing basis and then it will seriously threaten the uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2830 and can try it only after reasonable decline at appropriate points with the help of critical points mentioned on the downside. It is suggested to try short trade either below 2890 or more safely below 2830 or can be tried after reasonable rise also at appropriate range because it is in corrective mode.

Support Levels:-2870/2853/2835.60/2830/2772/2610/2450/2361/2295.

Resistance Levels:-2890/2996/3114/3130/3159.

Most Critical Points Moving Down:-2835.60—2830----2749---2635---2474---2312---2112---2062.

Most Critical Points Moving Up:-2918---2959---3024---2991---3075---3130---3159.

 

2. EICHER MOTORS LTD: - Open-2123.20, High-2147.40, Low—2070.55, Close-2085.60 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and on the monthly chart too but weekly chart is ok as of now.

(B) It is already in the short term correction mode and near its key point of 2079, if it moves below it correction may continue and if it moves and maintain above 2079, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2006---2230---2303 as of now, break below2006 will open up the fresh down side. Similarly break above 2230 will give it strength to move up further.

(D) It has already slipped into the long term correction mode as it has broken its key point of 2117.70 and sustained close below it may threaten the long term uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2117.70 & 2079 but can be tried after reasonable decline at appropriate points with the help of critical points mentioned on the downside with self-defined short stop losses. It is suggested to try short trade either below 2079 or can be tried after reasonable rise also at appropriate range because it is in corrective mode now.

Support Levels:-2070/2023/2006/1832/1797/1631/1559/1490/1357/1332/1320/1285/1245.

Resistance Levels:-2120/2170/2214.65/2227/2230/2260/2288/2303/2387.25.

Most Critical Points Moving Down:-2006---1950---1816---1681---1514---1473.

Most Critical Points Moving Up:-2125---2160---2187---2214---2248---2257.

 

3. HERO MOTOR CORP LTD: - Open-2913.90, High-2928.50, Low—2787, Close-2799.80 on 30.10.2020.

(A) It is showing sign of weakness on the daily chart and on the monthly chart too but weekly chart is ok as of now.

(B) It is already in the short term correction mode and near its key point of 2752, if it moves below it correction may continue and if it maintain above it, it may stage a short pullback before starting down journey again.

(C) Its upside looks capped as of now in the range of 2752---2942---3180---3240 as of now, break below2752 will open up the fresh down side. Similarly break above 3240 will give it strength to move up further.

(D) It has already slipped into the long term correction mode as it has broken its key point of 2942 and sustained close below it may threaten the long term uptrend.

(E) The bias is bearish as of now, however it may witness short up move from time to time within the range as mentioned above.

(F) Avoid long trade below 2942 & 2752 but can be tried after reasonable decline at appropriate points with the help of critical points mentioned on the downside with self-defined short stop losses. It is suggested to try short trade either below 2752 or can be tried after reasonable rise also at appropriate range near 2942 of may be at higher point because it is in corrective mode now.

Support Levels:-2070/2023/2006/1832/1797/1631/1559/1490/1357/1332/1320/1285/1245.

Resistance Levels:-2120/2170/2214.65/2227/2230/2260/2288/2303/2387.25.

Most Critical Points Moving Down:-2006---1950---1816---1681---1514---1473.

Most Critical Points Moving Up:-2125---2160---2187---2214---2248---2257.

NOTE:-The above observation are based on the technical parameters and since technical analysis is a continuous process, therefore the view may change with time and price movement. So keep a watch on the price movement because breakout on the either side of the range may change the perception. The traders may structure their trade with the help of above observation.

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—2.11.2020

 

CNX-NIFTY

 Open—11678.45--High—11748.95—Low—11535.45---Close-11642.40 on 30.10.2020.

Support:11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11661/11684.85/11733/11761/11775.75/11794.25/11803/11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

As envisaged in my post of 29.10.2020 it corrected sharply in last two days and after hitting a low of 11535.45 today it bounced back in the late afternoon to close with a meager loss of 28.40 points. Please note that until and unless it closes above 11661 & 11733 points and sustain on the closing basis, it may not get the steam to move up, so moving up 11733 is the benchmark point and till it closes above it and sustain down move may continue. Moving down it may find support at 11618---11553---11447---11407---11341---11270, it may bounce back from any of these points for a short pullback move, but please note that sustained break below 11447 on the closing basis will put the ongoing up move in danger, so going down 11447 will be the benchmark point and sustained break below 11270 on the closing basis will further accelerate the fall. Similarly if it moves and sustain above 11733 on the closing basis then only it can make an effort for the up move to gain some strength, going up it will face stiff resistance at 11780---11838---11910---11930---11981---12025.45. The overall chart setup indicate that down move may continue as of now.

In view of the above observation for safe traders it is suggested to avoid long trade till it closes above 11733. However aggressive traders can try long trade if it moves and maintain above 11733 for some time intraday or on the decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447, buy on decline could be a risky trade for now. Since it is in correction mode it is strongly suggested to adopt sell on the rise strategy at appropriate range or sell on the price breakdown for taking advantage of short or may be long correction till clarity on correction completion emerges.

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 at appropriate points but not below 11447 with a stop loss of 11390.It is for aggressive traders. It could be a risky trade.

Or

 Buy on decline near but not below 11535 with a stop loss of 11500.It is for aggressive traders. It could be a risky trade.

Or

Buy if moves and maintains above 11733 for some time with a stop loss of 11690. It is for aggressive traders. It could be a highly risky trade.

2. Sell on the rise near or within the range of 11760---11805 with a stop loss of 11835 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11733 for some time with a stop loss of 11780 it could be risky trade but worth trying.

Or

Sell if it maintains below 11535 for some time with a stop loss of 11610.

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.