A TECHNICAL VIEW ON CNX-NIFTY FOR-24.5.2021

 

CNX-NIFTY

 Open—14987.80--High—15190—Low—14985.85---Close-15175.30 on 21.5.2021.

Support:15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15176.50/15257.10/15273.15/15336.30/15431.75/15471.  

 (Bold and underlined figures are most important)

Further to my last post for 6.5.2021 it did not violate the mentioned important support range (see my post for 6.5.2021) therefore after moving in a range for few days it has given upside breakout from the downtrend line today which is a positive sign but it closed shade below its most important and critical point of 15176.50 which is slightly concerning and if it fails to cross this mark and sustain then this up may end here, which may please be noted. However if it moves above 15176.50 and sustain on the closing basis then it can retest its all-time high of 15431.75 or may go beyond in coming days but moving up it will face stiff resistance at 15257---15273---15336. It is important to mention here that if it moves above 15471 and sustain on the closing basis then it will open up a very big upside which may be kept in mind. Similarly moving down its good support levels are 15070—15010---14945---14884.90(first two points figure will change every day) for the day. Please note that break below 15070 will be an alert sign for long trade and exit long trade if it moves below 15010 and sustain for some time. Kindly note that some technical indicators on the weekly chart are still weak and it is critically poised at this point of time, so be alert and vigilant particularly in the long trade. The bias is up as of now.

In view of the above observation for safe trader’s long trade can only be tried if moves above 15471 and sustain on the closing basis therefore a big no for long trade at this point of time. However aggressive traders can try long trade if it moves above 15190 and sustain for some time or can buy on decline at appropriate points but not below 15070. Please note that long trade could be a risky affair at this juncture. Since it is near its make or break zone therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the down 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 (Suggested)

1. Buy at appropriate points with self defined short stop loss or near 15070 but not below it with a stop loss of 15000. It is for aggressive traders and could be a risky trade.   

Or

Buy if it moves above 15190 and maintain for some time with a stop loss of 15160.

2. Sell on the rise near or within the range of 15275---15300 with a stop loss of 15340. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15190 in first hour of trade with a stop loss of 15230. It could be a risky trade but worth trying for intraday gain.

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—6.5.2021

 

CNX--BANK NIFTY

Open-32577.10--High-32862.15--Low—32068.55--Close-32783.70 on 5.5.2021

Support:32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32842.30/33306.80/33371/33625/33990.80/34287/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It opened with an up gap and went up further and ended the day slightly below the high of the of the day with a good gain of 513.35 points. But it is still into medium term correction mode. However today it moved above  its most critical and important point of 32613.10 & 32465.45 for the year 2021  , please note that 32613.10 is  its threshold point also for the long term correction mode which is a positive sign. Furthermore it is well above its pullback threshold point of 32130 and as long as it hold this point on the closing basis there is  hope that it may continue the pullback rally for few days, but sustain break below this point could trigger  steady down move, which may please be kept in mind. It is important to mention here that its long term downtrend line is placed at 33950 (this figure will decrease every day) for the day and  sustained upside breakout from this line will somewhat ensure the strong up momentum. The   range for the day is 32613.10---32465.45---32130 on the closing basis. Please note that since it closed above the range upper band of 32613.10 today and if it sustains above it on the closing basis then it could give reasonable to good up move from here. Similarly sustained close below 32613.10 & 32465.45 will indicate distinct weakness in it and sustained close below 32130 may accelerate the fall which may be kept in mind.

Critical Support points are at: 32613.10---32465.45---32346---32130---31889---31606---31297---31264.

Critical Resistance points are at:--32816---33097---33195.43—33371---33625---33950---34057---34170---34287---34919---35430---35985---36248.

Kindly note that the on-going price movement is within the pullback range and as long as it holds the long term pullback threshold point of 32130 chances of up move shall remain. I caution you here that long trade below the key points of 32613.10 & 32465.45 could be a highly risky proposition which may please be noted. Please note that from here bias seems mixed as of now. It is important to mention here that technical indicators on the weekly chart are giving indication that major fall cannot be ruled out in coming days if these indicators does not improve fast.

In view of the above observation for safe traders long trade can  be tried if it holds 32613.10 but not below it or if it maintains above 32782 for some time. However aggressive traders can also try buy on decline at appropriate points or near 32130 but not below it. I once again reiterate that  long trade below 32613.10  could be a risky affair mind you.  Since it is into medium term corrective mode , therefore short trade can also be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline at appropriate points with self defined short stop loss or near 32130 but not below it with a stop loss of 32000. It is for aggressive traders and could be a risky trade.

Or

Buy if it maintains above 32782 for some time with a stop loss of 32600. 

Or

Buy on decline near 32613.10 but not below it with a stop loss of 32440. It is for safe traders.

2. Sell on the rise near or within the range of 33435---33625 with a stop loss of 33700 . It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 32440 and maintain for some time with a stop loss of 32620. It could be a risky trade but worth trying for intraday gain.

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-6.5.2021

 

CNX-NIFTY

 Open—14604.15--High—14637.90—Low—14506.50---Close-14617.85 on 5.5.2021.

Support:14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:14653.35/14753.55/14883.20/14888.80/14984.15/15051.60/15176.50/15257.10/15273.15/15336.30/15431.75/15471.                                                                                                                

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and  ended  near the high of the day with a gain of 121.35 points, so it almost recovered its yesterdays loss. But  it is still into deep short term correction mode and below its long term rising trend-line and also below its short downtrend line, which is a weak signs. The good thing is that it is within its good support range of 14630---14564.50  now and also well above its pullback threshold point of 14454 and as long as it hold this point on the closing basis there is some hope that it may resume the pullback rally again, but sustain break below this point could trigger  steady down move, which may please be kept in mind .The rising trend-line is placed at 14740(this figure will increase every day) and short downtrend line is placed at 14630(this figure will decrease every day) for the day. Please note that it will catch up strong up momentum only once it gives upside breakout from both these line , here please note that even if it gives breakout from the short downtrend line and sustain then chances are that it could bounce back above its major rising trend line also in coming days, else it may move in a range for now and sustained break below 14454 could witness an accelerated down move in it.   

Critical Support points are at:--14564.50---14492---14454---14350---14264---14151.

Critical Resistance points are at:--14630---14693---14740---14753—14804---14896---14919---14943---15051---15130---15176.

Kindly note that the on-going  price  movement  is within the pullback range and as long as it holds the long term pullback threshold point of 14454 chances of up move shall remain, but the volatility it is exhibiting is not good for a steady up move which may be kept in mind. I caution you here that long trade below the short downtrend line and long term rising trend-line could be a highly risky proposition. Please note that from here bias seems mixed as of now. It is important to mention here that technical indicators on the weekly chart are giving indication that major fall cannot be ruled out in coming days if technical indicators does not improve fast.

In view of the above observation for safe trader’s long trade can only be tried if moves above 14635 and sustain for some time else avoid. However aggressive traders can also try buy on decline at appropriate points or near 14454 but not below it. Please note that long trade below 14635 could be a risky affair for the day. Since it is still into deep short term corrective mode therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the down 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 (Suggested)

1. Buy  at appropriate points with self defined short stop loss or near 14454  but not below it with a stop loss of 14430. It is for aggressive traders and could be a highly risky trade.   

Or

Buy if it moves above above 14635 and maintain for some time with a stop loss of 14595.

2. Sell on the rise near or within the range of 14740---14760 with a stop loss of 14785. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves and maintains below 14430 for some time with a stop loss of 14470. It could be a risky trade but worth trying for intraday gain.

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.

 

 

INTRA-DAY TRADING CALLS FOR 5.5.2021

 

TRADING CALLS

 

1. CIPLA.

Sell below 876, S/L-880, Target-864/857/840.

 

2. HDFC LTD.

Sell below 2373 ,S/L-2380,Target—2360/2340/2324.

 

3. DR.REDDYS LAB.

Sell below 5054, S/L-5070, Target-5021/5005/4950/4909.

 

4. EICHER MOTORS.

Sell below-2356, S/L-2370, Target-2340/2303/2288.

 

5. MAHINDRA & MAHINDRA.

Sell below-741, S/L-745, Target-731/708/701/695/684.

 

6. INFOSYS.

Sell below-1320, S/L-1330, Target-1305/1283/1262.

 

7. RELIANCE IND.

Sell below -1911, S/L-1920, Target-1892/1876/1855/1835.  

 

8. HERO MOTO CORP LTD.

Sell below-2766, S/L,2780, Target-2741/2740/2688.

 

9. HDFC BANK.

Sell if it remains below-1402, S/L,1410 ,Target-1377/1371/13531342.

 

10. HCL TECH.

Sell below-899, S/L-906, Target-891/872/860/850.

 

 

                    Note: Price stated here is of spot market. 

 

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.                       

 

 Contact me for strategic guidance to enter and exit the trade

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

                       

 

 

 

       

 

 

 

 

                                               

                            

                     

  

 

                    

                            

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—5.5.2021

 

CNX--BANK NIFTY

Open-32610.40--High-33011.55--Low—32191.40--Close-32270.35 on 4.5.2021

Support:32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05/32260/31015/30915/30870/30843/30669/30648/30540/30338.35/30220.20/29687.70/29612.55/29156/28976.75/28525.45/28388.65/27652/26641—560/26441/25598.

Resistance;32347/32415.15/32465.45/32613.10/32842.30/33306.80/33371/33625/33990.80/34287/34360/34430/34658.70/34893/34976/35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It opened with a small up gap and went up further but could not sustain at the higher level and plunged down in the afternoon session to close with a loss of 195.40 points. It slipped into long term correction mode yesterday and  below it most critical and important point of 32613.10 & 32465.45 for the year 2021 which is a very weak sign. But it is still holding the pullback threshold point of 32130 and as long as it hold this point on the closing basis there is some hope that it may resume the pullback rally again, but sustain break below this point could trigger  steady down move, which may please be kept in mind. It is important to mention here that its long term downtrend line is placed at 34060 (this figure will decrease every day) for the day and  sustained upside breakout from this line will somewhat ensure the strong up momentum. The   range for the day is 32613.10---32465.45---32130 on the closing basis. Please note that sustained close below 32613.10 will indicate distinct weakness in it and sustained close below 32130 may accelerate the fall which may be kept in mind. Similarly sustained close above 32613.10 may give it some strength to continue the up move.

Critical Support points are at: 32130---31889---31606---31297---31264.

Critical Resistance points are at:--32346---32465.45---32613.10--32804---33195.43—33371---33625----34057---34170---34287---34919---35430---35985---36248.

Kindly note that the on-going down move is a correction within the pullback range and as long as it holds the long term pullback threshold point of 32130 chances of up move shall remain, but the way it has behaved in the last two days chances of moving up is getting murkier.  I caution you here that long trade below the key points of 32613.10 32465.45 could be a highly risky proposition which may please be noted. Please note that from here bias seems mixed but with a slight tilt towards downside. It is important to mention here that technical indicators on the weekly chart are giving indication that major fall cannot be ruled out in coming days if these indicators does not improve fast.

In view of the above observation for safe traders long trade can only be tried if it moves above 32613.10 and sustain on the closing basis. However aggressive traders can buy on decline near 32130 but not below it or if it moves above 32613.10 and sustain for some time intraday, but both the trade could be a risky trade mind you.  Since it is into long term corrective mode today therefore short trade can also be tried after the reasonable rise or can be tried on the price breakdown for taking advantage of the down move till clarity on correction completion emerges.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

TRADING STRATEGY (Suggested)

1. Buy on decline  near 32130 but not below it with a stop loss of 32000. It is for aggressive traders and could be a risky trade.

Or

Buy if it moves above 32613.10 and maintain for some time with a stop loss of 32400.  It is for aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 32975---33075 with a stop loss of 33175. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 32130 and maintain for some time with a stop loss of 32280. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 32613.10 in first one hour of trade with a stop loss of 32700. It could be a risky trade but worth trying for intraday gain.

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.