A TECHNICAL VIEW ON CNX-NIFTY FOR—8.12.2020

 

CNX-NIFTY

 Open--13264.85--High—13366.65—Low—13241.95---Close-13355.75 on 7.12.2020.

Support:13294/13281.60/13145.85/13075/13055.15/13048.63/13032/12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60.                                                                                                                                                           

Resistance:13366/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It is exhibiting extra ordinary strength in the up move and hitting new all time high almost every day, which is a very positive sign for the up move to continue. Furthermore it is well above its most critical and important points which are placed at 12890 & 12790 for 8.12.2020(figures can change every day). Its other key points are at 13230.66---13216.46---12934.50---12758.61---12430.5---11984.74(except for 12430.50 other figures can change), and it is well above all the key points now which is also a positive sign. Please note that sustained break below 13230.66 & 13216.46 can push it into very short correction, sustained break below 12934.50 on the closing basis will push it into short term correction mode, sustained break below 12758.61 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11984.74 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is looking strong for the up move to continue, furthermore the negative divergence has also started to fade out therefore it has to be seen whether it completely fades out or not in coming days. So watch out. But market is displaying extra ordinary exuberance for some time now and it has been rising constantly and sometime vertically too which is making it vulnerable for correction also. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth. No doubt that the bias is on the upside as of now.

Moving down its critical support points at 13294---13280.05---13242.50---13230.66---13216.46--13145.84---13075---12963---12934.50---12868.30---12758.61---12730---12692.45---12613---12530---12430.50.---12340---12245---12150---11984.74.

Moving up its critical resistance points at 13365.50---13419---13611—13640---13721--13768.

In view of the above observation long trade can be tried on decline at appropriate points or near 13230 but not below it or if it maintains above 13367 for some time.  It is in strong up  momentum and negative divergence has also started fading out therefore short trade in general should be avoided, but it can be tried after a reasonable rise and in the appropriate range or on the price breakdown for taking advantage of the  intraday 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 13367 for some time with a stop loss of 13320.

Or

Buy on decline near 13230 but not below it with a stop loss of 13200.

2. Sell on the rise near or within the range of 13460---13500 with a stop loss of 13550. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends ,but can be carried forward if the trade is in substantial profit else not.

Or

Sell if it moves and maintains below 13200 for some time with a stop loss of 13250. It could be a highly risky trade but worth trying for intraday correction.

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 BANK OF BARODA—7.12.2020

 

BANK OF BARODA

Open—58.90--High—59.75--Low—56.60—Close—59.05 on 4.12.2020

Support:54.80/53.95/49.90/48.20/46/44.40/43.80/41.05/39.65.

Resistance:61.50/69.60/76.10/82/86/92.80/102.60/106.80/113.60/121.10/124/128.25/132.20/137.75/146.10/152.20.

All Time High:--228.90 Made on 23.1.2015.

All Time Low:-6.30 Made on 29.6.2001.

Recent Low   :--36 Made on 20.5.2020.

 (Bold and underlined figures are most important)

It is looking strong on the daily chart and may give moderate up move in coming months provided it respects it important key point mentioned below and most importantly if market conditions remain conducive. Moving up its major key point is at 81.55 sustained close above this point will open the door for a big upside move but the up journey from here till it crosses 81.55 mark  could be slightly tough. Going up it will face stiff resistance at 63---77.60---101---109.70---132.20---155.20. Similarly moving down its major key points are at 54.15---51.10---50.60( figure will change with new upside movement in the price), it can be bought on decline but not below 54.15(this figure will also move up with fresh up move in the stock price/ stop loss will also move up), slightly aggressive traders or investor can buy up to 51.10 also but not below it in any case with a strict stop  loss of 50 in any case because sustained close below 54.15(it can change) can push it into long term correction mode and may potentially threaten the uptrend also. The present important range for it is between 81.55---70---61.50---54.15---51.10. The short term bias is positive. 

The short term technical setup is good but it will take some time for the medium and long term technical outlook to improve, so have patience and accumulate the stock on decline or above important points for reasonable gains. I once again repeat to exit long position at stop loss point mentioned above for sure if it sustain below 54.15(this figure will also move up with fresh up move in the stock price) on the closing basis. Please note that you can structure your trade or investment with the help of above mentioned support and resistance points. 

The investment time horizon is 15-18 months and the possible upside target could be 120 or may be more, will review again once the said target is achieved. 

It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL VIEW ON STEEL AUTHORITY OF INDIA LTD—5.12.2020

 

STEEL AUTHORITY OF INDIA LTD

Open—54.70--High—56.15--Low—53.45—Close-54.90 on 4.12.2020

Support:51.90/49.75/47.55/46.80/45.90/44.75/44/39.55/38.70/37.20.

Resistance:55.25/58/60.20/66.20/70.35/73.20/81.90/87.80/91.25/98.30/101.45/112.95.

All Time high:--293 made on 6.12.2007.

All Time Low:--3.95 made on 17.9.2001.

Recent Low   :--20.15 made on 30.3.2020.

(Bold and underlined figures are most important)

It may be getting ready for a good up move in coming days provided it respects it important key point mentioned below and most importantly if market conditions remain conducive. The present important range for the stock is between 47.65---58.50 and obviously the key points are 47.65(it can change with upward price movement in stock) & 58.50, please note that sustained break below 47.65 on the closing basis can push it into deep corrective mode and can potentially threaten the ongoing uptrend also and then it can come down to 44.75—42.40---38.15---37.80---35.10---33.90---28.65—27.35. Similarly sustained break above 58.50 on the closing basis may give strength to the up momentum and going up it will face resistance at 60.20---64.35---73.20---78—84.40---87.80---91.25---98.30---101.45---112.95, please note that sustained close above 84.40 will open the door of big upside up to 124.35 in the stock. The bias is up as of now.                                                               

In view of the above observation aggressive traders or investor can try long trade within the range of 47.65—58.50 but whether it will give upside breakout or not is not known at this point of time and the authentic and strict stop loss in this case would be 45.50 which is too big a stop loss, therefore for risk-averse traders or investor it is suggested to buy once it moves and sustain above 58.50 on the closing basis with a strict stop loss of 55.50. Please note that trade should be exited at the stop loss price but one can re-enter the stock again once it crosses the threshold points again. 

The short and medium term technical setup is good but it will take some time for the long term technical outlook to improve and it is already showing sign of improvement.  Please note that you can structure your trade or investment with the help of above mentioned support and resistance points. 

It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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

 

Kindly note that make your cost your stop loss in favorable  trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS.

 

Note: Price stated here are of spot market.

 

Contact me for strategic guidance to enter and exit trade.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR---7.12.2020

 

CNX--BANK NIFTY

Open-29573.40--High-30162.30--Low—29473.50—Close-30052.40 on 4.12.2020

Support:29784.75/29612.55/29435.05/29314/29156.25/29030.90/28923.10/28580.90/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75.

Resistance:30197.85/30220/30545/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

After two days of lull it showed strength and bounced back sharply today and moved decisively above its key points also, which is a positive indication for the up move to continue. Its benchmark point is 29314 and other key points are at 29816.25---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark and other key points which a very positive sign. Please note that sustained break below 29816.25 & 29609 can push it into very short correction, sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The bias as of now is on the upside.

The overall technical setup is still looking good for the up move to continue but one should be very careful with the all around extra ordinary exuberance displayed by the market for some time now, because certain technical indicators are showing distinct negative divergence despite sustained up move, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong till now therefore it is likely to happen and in that case it can come down to 28278 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29942---29923---29816.25---29609---29314---29030.90---28923---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 30197.85---30545---30685---30985—31180----31649.

In view of the above observation long trade can be tried on decline at appropriate points or near 29816 but not below it or if it maintains above 30163 for some time. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in the appropriate price range or on the price breakdown for taking advantage of the 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 on decline at appropriate points or near 29816 but not below it with a stop loss of 29700.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 30163 for some time with a stop loss of 30040. It is for aggressive traders and could be a highly risky trade. 

2. Sell on the rise near or within the range of 30600—30700 with a stop loss of 30800. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29700 for some time with a stop loss of 29825. It could be a highly risky trade but worth trying for 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-NIFTY FOR—7.12.2020

 

CNX-NIFTY

 Open13177.40--High—13280.05—Low—13152.85---Close-13258.55 on 4.12.2020.

Support:13145.85/13075/13055.15/13048.63/13032/12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                           

Resistance:13281.60/13294/13366/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It is exhibiting extra ordinary strength in the up move and hitting new all time high almost every day, which is a very positive sign for the up move to continue. Furthermore it is well above its most critical and important points which are placed at 12880 & 12780 for 7.12.2020(figures can change every day). Its other key points are at 13164.50---13150.30---12868.30---12692.45---12430.5---11918.60(except for 12430.50 other figures can change), and it is well above all the key points now which is also a positive sign. Please note that sustained break below 13164.50 & 13150.30 can push it into very short correction, sustained break below 12868.30 on the closing basis will push it into short term correction mode, sustained break below 12692.45 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11918.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still looking good for the up move to continue but one should be very careful with the extra ordinary exuberance displayed by the market for some time now, because certain technical indicators are showing distinct negative divergence despite sustained up move, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong till now therefore it is likely to happen and in that case it can come down to 12690 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 13242.50---13164.50---13150.30---13145.84---13075---12963---12890---12868.30---12785---12730---12692.45---12613---12530---12430.50.---12340---12245---12150---11968---11918.60.

Moving up its critical resistance points at 13281.60---13294---13365.50---13419---13611—13721---13640.

In view of the above observation long trade can be tried on decline at appropriate points or near 13150 but not below it or if it maintains above 13281.60 for some time. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in the appropriate price range or on the price breakdown for taking advantage of the 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 13281.60 for some time with a stop loss of 13240.

Or

Buy on decline near 13150 but not below it with a stop loss of 13130.

2. Sell on the rise near or within the range of 13370---13420with a stop loss of 13450. It could be a risky trade but worth trying for intraday gain. Square off the trade in any case before the day ends.

Or

Sell if it moves and maintains below 13130 for some time with a stop loss of 13170. It could be a highly risky trade but worth trying for intraday correction.

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—4.12.2020

 

CNX-NIFTY

 Open—13215.30--High—13216.60—Low—13107.90---Close-13133.90 on 3.12.2020.

Support:13075/13055.15/13048.63/13032/12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                       

Resistance:13145.85/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It opened with an up gap today at 13215.30 and made a new all time high of 13216.60 and finally closed with a small gain of 20.15 points, but the good thing is that it has filled the gap during the day. It still looks good for the up move but it is showing volatility which could be a bad sign for steady up movement, which may please be kept in mind. However it is well above its most critical and important points which are placed at 12890 & 12785 for 4.12.2020(figures can change every day). Its other key points are at 13116---13101.80---12819.85---12643.95---12430.5---11870.10(except for 12430.50 other figures can change), and it is above all the key points now which is also a positive sign. Please note that sustained break below 13116 & 13101.80 can push it into very short correction, sustained break below 12819.85 on the closing basis will push it into short term correction mode, sustained break below 12643.95 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11870.10 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted.

The overall technical setup is still looking good for the up move to continue but certain technical indicators are showing distinct negative divergence despite positive close today, which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days.  But the divergence is so strong as of now therefore it is likely to happen and in that case it can come down to 12690 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 13116---13101.80---13075---12963---12890---12819.85---12785---12730---12643.95---12590---12530---12430.50---12340---12245---12150---11968---11915---11857---11816.

Moving up its critical resistance points at 13145.85---13225---13242.50---13294---13365---13419---13611—13721---13640.

In view of the above observation for aggressive traders long trade can be tried on decline at appropriate points or near 12968 but not below it or if it maintains above 13145.85 for some time. It would be relatively safe for risk-averse traders not to try long trade below 13101.80 for the day. It seems that it has regained the up momentum again, but some technical indicators are also showing negative divergence since long which is pointing that it may seek lower levels in coming days if divergence comes into play, therefore in light of this short trade can also be attempted in appropriate condition or on the price breakdown for taking advantage of the 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 13145.85 for some time with a stop loss of 13090.

Or

Buy on decline at appropriate points or near 12968 but not below it with a stop loss of 12930. It is for aggressive traders and could be a risky trade.

                                                            Or     

Buy on decline near 13101 but not below it with a stop loss of 13065. It is for safe traders but could be a risky trade.

2. Sell on the rise near or within the range of 13225---13250with a stop loss of 13280. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves and maintains below 13100 for some time with a stop loss of 13150. It could be a highly risky trade but worth trying for intraday correction.

Or

Sell if it moves and maintains below 12960 for some time with a stop loss of 13000. It could be a highly risky trade but worth trying for intraday correction.

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.