A TECHNICAL VIEW ON CNX-NIFTY FOR—4.11.2020

 

CNX-NIFTY

 Open—11734.45--High—11836.20—Low—11723.30---Close-11813.50 on 3.11.2020.

Support:11803/11794.25/11775.75/11761/11733/11661/11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance:11832.30/11841.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It showed good strength today and decisively crossed its key points of 11661 & 11733 and if it sustain above these points it could regain the up momentum again. Moving up it will face resistance at 11838---11856---11910---11928---11982---12025.45----12068---12103.05---12159, if it moves and sustain above 11928 on the closing basis then it could retest or go beyond its recent top of 12025.45. Similarly sustained break below 11733 can push it back into correction mode which may please be noted. Going down it may find support at-11794.25---11775.75---11761---11733---11661---11618---11535. The overall technical setup is strong and indicate that it could carry on the up move in coming days off course with intermittent down correction

In view of the above observation long trade can be tried, if it moves and maintains above 11838 for some time or on the decline but not below 11733. Since it has moved above its key points therefore chances of continuation of the up move is fairly good, so 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 if it moves and maintain above 11838 with a stop loss of 11790.

Or

 Buy on decline near but not below 11733 with a stop loss of 11700.

2. Sell on the rise near or within the range of 11950---11975 with a stop loss of 12000 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 11700 and sustain for some time with a stop loss of 11750 it could be risky trade but worth trying.

Or

Sell if it moves below 11661 and sustain for some time with a stop loss of 11690 it could be 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 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--BANK NIFTY FOR—4.11.2020

 

CNX--BANK NIFTY

Open-25108--High-25760.70--Low-25085.70—Close-25682.80 on 3.11.2020

Support:25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance25723.55/25760.90/25953.50/26408/26492/2665/26950.

(Bold and underlined figures are most important)

It exhibited tremendous strength and continued yesterday’s upsurge today also which is an extremely positive sign and indicate that further rise may be ahead and it is likely to hit the range of 26312---26492 in coming days off course with intermittent down correction. Furthermore if it move and sustain above 26492 on the closing basis then it will open the upside up to 28720 which may be kept in mind. Please note that its key points have moved up and now placed at 25102.47---24497---24365(these figures may change); sustained break below 25102.47 may put it into short term correction mode and break below 24497 and may push it into slightly deeper correction. The overall technical setup is good and indicate that it may not have severe correction in coming days but one never no because of huge volatility anything can happen, so be alert and watchful.

Moving up the critical points would be at:-25760.90----25953.50---26311---26492---26665--26950.

Moving up the critical points would be at:-25232.60---25102.47---24695---24497---24365.

In view of the above observation long trade can be tried on decline but not below 25102 or if it moves and maintain above 25761 for some time intraday. In light of last two days 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 25102 but not below it with a stop loss of 24800.  

Or

Buy if it maintains above 25761 for some time with a stop loss of 25650.

2. Sell on the rise near or within the range of 26450--26550 with a stop loss of 26650. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it falls below 24800 and maintain for some 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 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.

 

 

THE STOCKS WHICH HAVE ENTERED THE LONG TERM CORRECTION OR NEAR THE THRESHOLD POINT OF IT—3.11.2020.

 

1. RELIANCE INDUSTRIES LTD: - Open-2027, High-2027, Low—1859.15, Close-1877.45 on 2.11.2020.

It has already gotten into long term correction mode as it has decisively broken its threshold point of 2016.85 and going down its key support points would be at 1875---1831---1786---1757---1695---1681---1617.55--1588, so long trade can be tried on decline near the key support points with self-defined short stop losses for pullback move, It may make a short bottom or bottom for good at any of these points but sustained break below 1757 & 1617.55 could take it further down sharply. As long as it is below 2016.85 it may not gain strength for a strong up momentum, but sustained move above 2016.85 on the closing basis can take it higher and going up it may face resistance at 1902---1934---2000---2016.85---2044---2047---2065---2100---2167---2196---2198.80---2201.65. Since it is in long term correction, so, short trade can also be attempted at appropriate points for taking advantage of the corrective move.  

2. LARSEN & TOUBRO LTD: - Open-930, High-937.95, Low—920.65, Close-929.30 on 2.11.2020.

It has  got into long term correction mode yesterday as it has broken its threshold point of 939.10 and if it sustain below this it is expected to move down and going down its key support points would be at 901---884---842---800---746---733, so long trade can be tried on decline near the key support points with self-defined short stop losses for pullback move, It may make a short bottom or bottom for good at any of these points but sustained break below 733 could take it further down sharply. As long as it is below 939.10 it may not gain strength for a strong up momentum, but sustained move above 939.10 on the closing basis can take it higher and going up it may face resistance at 1902---1934---2000---2016.85---2044---2047---2065---2100---2167---2196---2198.80---2201.65. Long trade can be tried above 939.10 with a stop loss of 925 Since it has entered long term correction, so, short trade can also be attempted at appropriate points for taking advantage of the corrective move.  

3. HINDUSTAN UNILEVER LTD: - Open-2072, High-2087.65, Low—2056, Close-2072 on 2.11.2020.

It has already gotten into long term correction mode long back as it has decisively broken its threshold point of 2412 and going down its key support points would be at 2058---2042---2024—1955---1928---1902, so long trade can be tried on decline near the key support points with self-defined short stop losses for pullback move, It may make a short bottom or bottom for good at any of these points but sustained break below 2042 & 1902 could take it down further. As long as it is below 2180 & 2412 it may not gain strength for a strong up momentum, but sustained move above 2180 on the closing basis can give it some strength to move higher, going up it may face resistance at 2084—2100---2125---2159---2208---2234---2262---2308 . Since it is in long term correction, so, 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.

 

 

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.