A TECHNICAL VIEW ON CNX-NIFTY FOR—17.11.2020

 

CNX-NIFTY

 Open—12823.35--High—12828.70—Low—12749.45---Close-12780.25 on 14.11.2020.

Support:12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance: 28818/12828.70/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It crossed its closing top of 12749.15 today on the line chart and also crossed its resistance range of 12770---12818 intraday and closed within the range, which is a positive sign. It is well above its key points of 12523.50---12430.50---12347.60---11573.75,( except for 12430.50 other figures can change), which speaks of  tremendous strength. Kindly note that it’s most important benchmark point is its previous major top of 12430.50 and sustained break below this mark will reduce the chances of resuming the up move again, break below 12523.50 on the closing basis will push it into short term correction mode, sustained break below 12430.50 will indicate that it could lose steam for the up move, sustained break below 12347.60 will push it into medium term correction and most importantly sustained break below 11573.75 can push it into long term correction mode and will potentially threaten the uptrend, which may please be noted. Today’s move indicates that the correction may be over and now if it moves above 12829 and sustain then it could show strong up momentum. The overall technical setup is strong and indicates further up move ahead in coming days but off course with intermittent correction.

Moving down its critical support points at 12769.75---12607.70---12523.50---12430.50---12347.60---12280---12182---12050---12025---11840---11794---11573.75---11271---11198.

Moving up its critical resistance points at 12818---12870---13032---13294---13419---13611—13640.

In view of the above observation long trade can be tried now or on the decline at appropriate points or near 12690 but not below it for the day, but aggressive traders can try long trade on decline up to 12523 but not below it, but this could be a risky trade mind you. Please note that it may pick up strong up momentum if it moves and maintain above 12829. Since it is showing robust 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 or may be for 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 if it moves and maintain above 12829 for some time with a stop loss of 12770.

Or

Can, buy at current market price with a stop loss of 12730.

Or

Buy on decline at appropriate points or near 12690 but not below it with a stop loss of 12650. It is for safe traders.

Or

Buy on decline at appropriate points or near 12523 but not below it with a stop loss of 12480. It is for aggressive traders. It could be a risky trade.

2. Sell near or within the range of 12900---12950 with a stop loss of 13000. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12650 with a stop loss of 12700. 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 CNX--BANK NIFTY FOR---17.11.2020

 

CNX--BANK NIFTY

Open-28685.70--High-28752.45--Low-28431.85—Close-28594.30on 14.11.2020

Support:28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance28845/29030.90/29156.25/29435.05/29612.55/30121.75/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

It closed on a positive note for the 2^nd day today but could not close above its recent top of 28845 on the line chart and could not even go near to its critical resistance range of 29030.90—29314 but that does not mean that it is weak because it is way above its key points of 27752---26995.15 & 25983(figures can change with upward price movement) which speaks of good strength and may be after consolidation here it may cross the aforesaid hurdles and pick up strong momentum which may take it up to its all time high level of 32613.10 or beyond. Similarly sustained break below 27752 on the closing basis will push it into short term correction mode, sustained break below 26995.15 will push it into medium term correction and most importantly sustained break below 25983 can push it into long term correction mode which can potentially threaten the uptrend, which may please be noted. Furthermore before closing above 28845 if it breaks below 28278 on the closing basis then it could still slip into the correction mode, which may please be noted. The overall technical setup is strong and indicates further up move ahead in coming days but off course with intermittent correction.

Moving down its critical support points at 28523---28367---28210---28016---27752---27595---27165---26995.15---26961---26321---25983---25735---24891---24696.

Moving up its critical resistance points at 28673---28720---29030.90---29314---29613---30220.

In view of the above observation for safe traders long trade can be tried if it maintains above 28600 for some time and avoid long trade on the decline for the day, but aggressive traders can try long trade on decline also up to 28278 but not below it, but this could be a risky trade mind you. Please note that it may pick up momentum if it moves above 28845 on the closing basis. 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 or may be for 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 28278 but not below it with a stop loss of 28200.It is for aggressive traders.  

Or

Buy if it maintains above 28600 for some time with a stop loss of 28425.

2. Sell on the rise near or within the range of 29240--29320 with a stop loss of 29400. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 28200 for some time with a stop loss of 28300. It could be a risky trade.

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

Kindly note that make your cost your stop loss in 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—14.11.2020

 

CNX-NIFTY

 Open—12659.70--High—12735.95—Low—12607.70---Close-12719.95 on 13.11.2020.

Support:12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance: 12750/12770/12818/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

After yesterdays correction it closed positive on 13.11.2020 but clarity on correction completion will emerge once it closes above its recent top of 12749.15 on the line chart and then moves above its critical resistance range of 12770---12818. Today is the truncated trading session on the auspicious occasion of Diwali, therefore it seems that there may not be much activity for the day and it may be range bound. But as it is well above its key points of 12478.40---12430.50---12302.60---11528.70,( except for 12430.50 other figures can change), which speaks of  tremendous strength. Therefore the overall bias is on the upside as of now.

  Moving down its critical support points at 12607---12478.45---12430.50---12302---12280---12152---12025---11826---11782---11528.70---11257---11186.

Moving up its critical resistance points at 12750---12770---12818---13419---13611—13640.

In view of the above observation long trade can be tried, if it moves and maintains above 12720 for some time and avoid buy on decline 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 or may be for 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 if it maintain above 12720 for some time with a stop loss of 12680.

2. Sell if it moves and maintains below 12680 with a stop loss of 12725. It could be a risky trade.

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

Kindly note that make your cost your stop loss in 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---14.11.2020

 

CNX--BANK NIFTY

Open-28108.70--High-28520.55--Low-27703.30—Close-28465.70 on 13.11.2020

Support:27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23612.70/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418.

Resistance28525.45/29030.90/29156.25/29435.05/29612.55/30121.75/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

After yesterdays correction it closed positive on 13.11.2020 but clarity on correction completion will emerge once it closes above its recent top of 28845 on the line chart and then moves above its critical resistance range of 29030.90—29314 because if it moves and sustain above 29314 on the closing basis then big rise may be ahead. Today is the truncated trading session on the auspicious occasion of Diwali, therefore it seems that there may not be much activity for the day and it may be range bound. But as it is well above its key points of 27752---26995.15 & 25983(figures can change with upward price movement) which speaks of good strength.  Therefore the overall bias is on the upside as of now.

Moving down its critical support points at 28278---28066---27752---27595---27165---26995.15---26961---26321---25983---25735---24891---24696.

Moving up its critical resistance points at 28673---28720---29030.90---29314---29613---30220.

In view of the above observation long trade can be tried, if it moves and maintains above 28470 for some time and avoid buy on decline 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 or may be for 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 if it maintain above 28470 for some time with a stop loss of 28260.

2. Sell if it moves below 28260 with a stop loss of 28470. It could be a risky trade.

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

Kindly note that make your cost your stop loss in 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 HDFC LIFE INS CO LTD—14.11.2020

 

HDFC LIFE INS CO LTD

Open-625--High-630.35--Low-617.95—Close-627.50 on 13.11.2020

Support: 625.90/617.95/612.70/594.15/587.75/580.35/567---555.

Resistance:633.10/647.60/673/683/705/730/764/796/836/944.

(Bold and underlined figures are most important)

Technically it is nicely placed, furthermore it has an Inverse Head & Shoulder pattern formation on the daily chart and if it moves above its neckline which is placed at 647.60 and sustain on the closing basis then it will have a maximum possible upside target of 955 for the pattern but it can go beyond this also which may please be noted. Moving towards the targeted point it can face resistance at 673---683---705---730---764---796---836---944 levels.

It has bed of support in the range of 567---555, it looks good for long term investment and can be accumulated on decline by the investors but not below 555 with a stop loss of 545. But it will pick up strong up momentum only once it gives breakout from the neckline point of 647.60 and sustain on the closing basis. Therefore for traders it is suggested that they should try long trade only after the breakout with a stop loss of 637. It is important to mention here that one has to have long position above 647.60 because of its huge upside target. 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.

 

 By-Narendra Kumar Surana

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—13.11.2020

 

CNX-NIFTY

 Open—12702.15--High—12741.15—Low—12624.85---Close-12690.80 on 12.11.2020.

Support:12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761/11661/11633/11618.10/11614/11584/11535.45/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance: 12770/12818/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

 As anticipated for the last few days it finally corrected on the closing basis today but it is well above its key points of 12478.40---12430.50---12302.60---11528.70,( except for 12430.50 other figures can change), which speaks of  tremendous strength. Kindly note that it’s most important benchmark point is its previous major top of 12430.50 and sustained break below this mark will reduce the chances of resuming the up move again for the time being. But break below 12478.40 on the closing basis will push it into short term correction mode, sustained break below 12430.50 will indicate that it could lose steam for the up move, sustained break below 12302.60 will push it into medium term correction and most importantly sustained break below 11528.70 can push it into long term correction mode and will potentially threaten the uptrend, which may please be noted. Similarly if it moves and maintains above 12749.15 ---12770---12818 on the closing basis then it may resume the up move again. In light of its inherent strength it seems that correction may not last long if it manages to hold 12430.50 on the closing basis. But the only concern is that the gap it created on 9.11.2020 is still there and it can still make an effort to fill the gap tomorrow and in that case it can come down to 12280 levels but if did not fill the gap tomorrow  then concern for filling this gap may be over for the time being. The overall technical setup is strong and indicates further up move ahead in coming days but off course with intermittent correction.

Moving down its critical support points at 12624.85---12478.45---12430.50---12302---12280---12152---12025---11826---11782---11528.70---11257---11186.

Moving up its critical resistance points at 12770---12818---13419---13611—13640.

In view of the above observation long trade can be tried, if it moves and maintains above 12818  for some time or on the decline at appropriate points or near 12478.40 & 12430.50  but not below it for the day. Please note that long trade on decline could be a risky affair for the day so for safe traders it is suggested to avoid it for the day. Aggressive traders can also try long trade if it moves and maintain above 12750. Since it is showing robust 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 or may be for 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 if it moves and maintain above 12818 for some time with a stop loss of 12740.

Or

Buy if it moves and maintain above 12750 for some time with a stop loss of 12700. It is for aggressive trades.

Or

Buy on decline at appropriate points or near 12478 & 12430.50 with a stop loss of 12400. It is for aggressive trades.

2. Sell if it does not move above 12818 in first hour of trade with a stop loss of 12840. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12400 for some time with a stop loss of 12490. It could be a risky trade but worth trying.

Or

Sell if it moves and maintain below 12624 for some time with a stop loss of 12700. It could be a highly risky trade mind you.

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.