A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—9.11.2020

 

CNX--BANK NIFTY

Open-26274.10--High-26853.45--Low-26135.30—Close-26798.95 on 6.11.2020

Support:26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance26950/27164/27589/27754.45/28525.45/29156.25/29435.05/29612.55/30121.75.

(Bold and underlined figures are most important)

It has been continuously rising and showing robust strength, furthermore it has given breakout from the major down trend line drawn from its all time high of 32613.10,which is an extremely positive and bullish sign and if it sustain this breakout then it is heading for a big rise in coming days, but the only concern is that it has not filled the gap it created on 5.11.2020 and if it makes an attempt to fill the gap in next 2-3 days time which is technically possible then it could come down to 25891 which may be kept in mind. However if it does not fill the gap in next 2-3 days then this concern may be over for the time being. Furthermore it has had a vertical rise in the last five days from the level of 24120, so correction is imminent and can happen any time soon. Please note that now its key points are at 26088.60 & 25331.60(figures can change with upward price movement) as long as it holds these key points on the closing basis the ongoing up move will continue off course with intermittent down correction, but sustained break below 26088.60 on the closing basis can push it into short term correction mode and sustained break below 25331.60 can push it into slightly deeper correction. Moving down it may find support at-26665---26492---26311---26088.60---25615---25331---25233---24850---24365---24319.50.  The technical setup is strong enough as of now, so even if it corrects it is likely to resume the up move again provided it bounce back above its key points after correction is over. Moving up it will face resistance at: - 26950---27164---27589---27755---28216---28525. The bias is up as of now. I once again repeat that it is very strong on the technical footing as of now but at the same time it is highly vulnerable for correction also, so be watchful and alert in long trade.

In view of the above observation long trade can be tried, if it moves and maintains above 26855 for some time or on the decline at appropriate points or near 26088.60  but not below it. Please note that long position can be tried above 26088.60 in any case for the day. Since it is in strong up move, therefore 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 or may be long correction at times.

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 or near 26088 but not below it with a stop loss of 25950.  

Or

Buy if it maintains above 26855 for some time with a stop loss of 26750.

2. Sell on the rise near or within the range of 27400--27500 with a stop loss of 26600. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 26855 in first hour of trade with a stop loss of 26925.It could be a highly risky trade but worth trying.

Or

Sell if it moves and maintains below 25950 for some time with a stop loss of 26100. 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 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 SHEELA FOAM LTD-6.11.2020

 

SHEELA FOAM LTD

Open-1274--High-1298--Low-1262—Close-1284.95 on 5.11.2020

Support:1276/1244.45/1222.15/1203.80/1200/1195/1177/1151.851073.20/1055.

Resistance1316/1327/1337/1350/1375/1398.95/1439.95/1474/1547.95/1571/1628/1677.30/1779.95/1850.

All Time High:--1850.

All Time Low:--850.10.

(Bold and underlined figures are most important)

It is an investment stock and not a daily trading stock, furthermore it is a very low volume stock, so it may witness good volatility. Technical setup is very weak as of now, but since it is not a trading stock but an investment stock therefore it should be bought when it is not great technically. It has huge support range of 1276---1256.50---1244---1222 and it very near to its first support point, so it can be bought here or on the decline but not below 1222 with a strict stop loss of 1190 , exit your investment it is sustain below 1190 because then it may slide further with an accelerated pace. It may give you a return of 20%--30% in six months time. Please note that you must trail your stop losses in profitable trade to maximize your returns and avoid possibility of losses. Moving up critical points would be at 1318---1377---1461----1532---1554---1667---1695.  

It is once again 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 FOR—6.11.2020

 

CNX-NIFTY

 Open—12062.40--High—12131.10—Low—12027.60---Close-12120.30 on 5.11.2020.

Support:12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11733/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                       

Resistance:12158.80/12177/12246.70/12283-12294/12328/12430.50/12818.

 (Bold and underlined figures are most important)

It opened with a huge up gap today and went further high and closed near the high of the day, it is exhibiting good strength, but the only concern is that it has not filled the gap it created today and if it makes an attempt to fill the gap in next 3-4 days time which is technically possible then it could come down to 11929 which may be kept in mind. Furthermore it has had a vertical rise in the last four days from 11557 point so correction is imminent and can happen any time soon. Please note that now its key points are at 11990.60 & 11814.65(figures can change with upward price movement) as long as it holds these key points on the closing basis the ongoing up move will continue, but sustained break below 11990.60 on the closing basis can push it into short term correction mode and sustained break below 11814.65 can push it into slightly deeper correction. Moving down it may find support at-12025.45---11990.60---11929---11903---11856---11838---11814.65---11794.25---11775.75---11761---11733---11661---11618---11535. The technical setup is strong enough as of now, so even if it corrects it is likely to resume the up move again provided it bounce back above its key points after correction is over. Moving up it will face resistance at 12159---12178---12213---12247---12294---12328----12414---12430.50. The bias is up as of now.

In view of the above observation long trade can be tried, if it moves and maintains above 12131 for some time or on the decline at appropriate points or near 11990 with short stop loss and then near 11929 & 11814 but not below it. Please note that long position can be tried above 11990 in any case for the day. Since it is showing good strength for the continuation of the up move, therefore 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 12131 with a stop loss of 12100.

Or

 Buy on decline near but not below 11990 with a stop loss of 11950.

Or

Buy on decline near but not below 11929 with a stop loss of 11900.

Or

 Buy on decline near but not below 11814 with a stop loss of 11760.

2. Sell on the rise near or within the range of 12190---12250 with a stop loss of 12280 It could be a risky trade but worth trying for intraday corrective move.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in 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—6.11.2020

 

CNX--BANK NIFTY

Open-26174.80--High-26375.20--Low-26000.05—Close-26313.10 on 5.11.2020

Support:26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance26408/26492/26545.70/26950/27164/27589.

(Bold and underlined figures are most important)

It opened with a huge up gap today and went further high and closed near the high of the day, it is exhibiting tremendous strength, but the only concern is that it has not filled the gap it created today and if it makes an attempt to fill the gap in next 3-4 days time which is technically possible then it could come down to 25891 which may be kept in mind. Furthermore it has had a vertical rise in the last four days from 24120 point so correction is imminent and can happen any time soon. Please note that now its key points are at 25723.25 & 24966(figures can change with upward price movement) and as long as it holds these key points on the closing basis the ongoing up move will continue, but sustained break below 25723.25 on the closing basis can push it into short term correction mode and sustained break below 24966 can push it into slightly deeper correction. Moving down it may find support at-25891---27723.25---25572---25232.60---24966---24823.60---24612.70. The technical setup is strong enough as of now, so even if it corrects it is likely to resume the up move again provided it remains above or bounce back above its key points after correction is over. Moving up it will face resistance at 26492---26665—26950---27164---27589. It is important to mention here that, if it sustain above 26311.30 levels on the closing basis then it is likely to hit the level of 28720 in coming days/weeks.

In view of the above observation long trade can be tried, if it moves and maintains above 26311 for some time or on the decline at appropriate points or near 25723 but not below it. Please note that long position can be tried above 25723 in any case for the day. Since it is showing good strength for the continuation of the up move, therefore 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 25723 but not below it with a stop loss of 25600.  

Or

Buy if it maintains above 26311 for some time with a stop loss of 26200.

2. Sell on the rise near or within the range of 26575--26675 with a stop loss of 26750. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it falls below 25600 and maintain for some time with a stop loss of 25750.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.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—5.11.2020

 

CNX-NIFTY

 Open—11783.35--High—11929.65—Low—11756.40---Close-11908.50 on 4.11.2020.

Support:11841.30/11832.30/11803/11794.25/11775.75/11761/11733/11661/11633/11618.10/11614/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance: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 moved up today also and gave positive close and well above its key point of 11733(it can change with price movement), therefore as long as it holds the key point it is expected to continue the up move in coming days. Moving up it will face resistance at 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-11856---11838---11794.25---11775.75---11761---11733---11661---11618---11535. The overall technical setup is strong and indicates 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 11930 for some time or on the decline but not below 11733. Since it is showing strength for the continuation of the up move, therefore 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 11930 with a stop loss of 11890.

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 12070---12125 with a stop loss of 12160 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.

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—5.11.2020

 

CNX--BANK NIFTY

Open-25539.55--High-25891--Low-25142—Close-25771.60 on 4.11.2020

Support:25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance25891/25953.50/26408/26492/2665/26950/27164/27589.

(Bold and underlined figures are most important)

It has been rising for the last three day and exhibiting tremendous strength, therefore further rise is surely ahead at this point of time and it is likely to hit the range of 26312---26492 in coming days off course with intermittent down correction provided it holds its key points of 25201.85---24596(figures can change) on the closing basis. 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. It is important to mention here that sustained break below 25201.85 on the closing basis can push it into short term correction mode and sustained break below 24596 can push it into slightly deeper correction mode. The overall technical setup is good and indicates that it may not have severe correction in coming days but one never know because of huge volatility anything can happen and some it kills also, so be alert and watchful.

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

Moving down the critical points would be at:-25201.85---25232.60---25020---24775---24430---24068.

In view of the above observation long trade can be tried on decline but not below 25201.85 or if it moves and maintain above 25891 for some time intraday, it could be risky trade mind you. Since it is exhibiting extra ordinary strength in the up move, therefore 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 25201.85 but not below it with a stop loss of 25100.  

Or

Buy if it maintains above 25891 for some time with a stop loss of 25750.

2. Sell on the rise near or within the range of 26475--26575 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 25100 and maintain for some time with a stop loss of 25230.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.

 

 

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –4.11.2020

 

 

 DOW JONES INDUSTRIAL AVERAGE

Open--27138.69--High--27640.21—Low--27138.69—Close--27480.03 on 3.11.2020.

Support:27382.94//27297.59/27071/26537.05/26143.70/25992.28/25523.51/24971/24843.18/24764.77/24264.21/23361.16/22941.88/22789/22595/20735/18213.65.

Resistance:27526/27580/27640/28090/28154.88/28376.49/28872.80/28957/29199.35/29373.62/29568.57.

(Bold and underlined figures are most important)

The long term technical setup looks o.k. as of now, but it is giving weak signal on the daily chart as it is making lower top & bottom and certain technical indicators are also showing weakness ,which is slightly concerning. But as long as it maintains above it key points of 27297.59 & 26606.72(this figure can change) it is o.k. for the uptrend. If it sustain above 27297.59 on the closing basis then it can retest its all time high of 29568.57 it made on 12.2.2020 or may go beyond it also in coming days but with intermittent down correction. Similarly if it moves below 26606.72 and sustain on the closing basis then it will get into deep correction mode and it will be a potential threat for the uptrend , which may please be noted.  

Moving down the critical support points would be at:-26606.72---25743---25440---25003---24680---24122---23997---23706---22789---22410.

Moving up the critical resistance points would be at:-27551---27883---28295---28395---28958---29199.35---29568.57.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time, which may please be noted.

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.