A TECHNICAL VIEW ON CNX-NIFTY FOR-2.6.2021

 

CNX-NIFTY

 Open—15629.65--High—15660.75—Low—15528.30---Close-15574.85 on 1.6.2021.

Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15606.35/15660.75/15780/15920/16223/16750/17250/17503/19575/20390.    

 (Bold and underlined figures are most important)

It is well above its benchmark point of 15471 & 15431.75 but it has mildly corrected today and closed with a small loss of 7.95 points. Technical setup is showing strength, which is good for the continuation of the up move but with intermittent correction and if it sustain above 15471 on the closing basis then it could scale up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again, which may be kept in mind. Similarly moving down its critical points are 15471---15431.75 & 15304.54(this figure can change), sustained break below 15471 on the closing basis will signal weakness in it, sustained break below 15431.75 will confirm the weakness and break below 15304.54(this figure can change),  will push it into corrective mode and may threaten the uptrend also , which may please be noted. Moving down other critical support levels will be at 15273---15257---15176---15084---14977---14906---14884.  It is therefore strongly suggested to avoid long trade below 15471 and below 15431.75 for sure.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation for safe traders long trade can be tried if it moves above 15607 and maintain for some time or can buy on decline but not below 15471. However aggressive traders can buy if it moves above 15583 and maintain for some time or can buy on decline but not below 15471. Since it has not yet crossed some critical averages, so short trade can also be tried after reasonable rise or can be tried 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 (Suggested)

1. Buy on decline near 15471 but not below it with a stop loss of 15420. It could be a risky trade.   

Or

Buy if it moves above 15607 and maintain for some time with a stop loss of 15560. It is for the safe traders.

Or

Buy if it moves above 15583 and maintain for some time with a stop loss of 15540. It is for the aggressive traders.

 

2. Sell on the rise near or within the range of 15710---15730 with a stop loss of 15770. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15607 in first one and half hour of trade with a stop loss of 15640. It could be a risky trade but worth trying.

Or

Sell if it moves below 15471 and maintain for some time with a stop loss of 15510. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15420 and maintain for some time with a stop loss of 15480. 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—1.6.2021

 

CNX--BANK NIFTY

Open-35097.45--High-35584.30--Low—34930.10--Close-35526.65 on 31.5.2021

Support:35428.15/34976/34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;35648/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It is gaining strength technically which is good for the continuation of the up move, but it has not yet crossed the range of 35648---36248 which is essential for the up move to continue. Please note that if it moves above 36248 and sustain on the closing basis then it can retest its all-time high of 37708.75 or may go beyond it also. Similarly sustained break below 34362.14(this figure can change) can push it into short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 34662---34410.40---34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The technical setup is good for the up move but for the steady up move it has to move above 36248 and sustain on the closing basis, else it may correct. It is therefore suggested to be alert at this point of time in the long trade below 34410 and exit trade below 34362 (this figure can change) for sure. The bias is up as of now.

In view of the above observation long trade can be tried if it moves above 35585 and maintain for some time or can buy on decline at appropriate points but not below 34410. Please note that long trade could be a risky affair at this juncture particularly buying on decline for the day. Since it has not crossed its critical resistance range as mentioned above, 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.

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 34410 but not below it with a stop loss of 34250. It could be a risky trade for the day.   

Or

Buy if it moves above 35585 and maintain for some time with a stop loss of 35450. It could be a risky trade.

2. Sell on the rise near or within the range of 36100---36250 with a stop loss of 36350. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35436 and maintain for some time with a stop loss of 35540. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34930 and maintain for some time with a stop loss of 35110. It is for highly aggressive traders and could be a risky bet.

Or

Sell if it does not move above 35585 in first hour and half of trade with a stop loss of 35685. 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-NIFTY FOR-1.6.2021

 

CNX-NIFTY

 Open—15437.75--High—15606.35—Low—15374---Close-15582.80 on 31.5.2021.

Support:15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance:15606.35/15780/15920/16223/16750/17250/17503/19575/20390.        

 (Bold and underlined figures are most important)

It crossed its most critical point of 15471 today and if it sustains above it on the closing basis then there could a very big upside ahead in coming days and it could move up to 15780---15920---16223---16750---17250---17503---19575---20390 levels, but please note that it could end the up rally for good at any of these points or earlier also or may correct at any of these points and then may resume the rally again. Similarly moving down its critical points are 15471---15431.75 & 15263(this figure can change), sustained break below 15471 on the closing basis will signal weakness in it, sustained break below 15431.75 will confirm the weakness and break below 15263(this figure can change),  will push it into corrective mode and may threaten the uptrend also , which may please be noted. It is therefore strongly suggested to avoid long trade below 15471 and below 15431.75 for sure.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation long trade can be tried if it moves above 15607 and maintain for some time or can buy on decline but not below 15471. Please note that it has been rising continuously for the last seven days, so it could correct any time, therefore buy on decline could be a risky trade for the day. Since it had straight rise therefore chances of corrective move looks quite imminent, so short trade can also be tried after reasonable rise or can be tried 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 (Suggested)

1. Buy on decline near 15471 but not below it with a stop loss of 15420. It could be a risky trade for the day.   

Or

Buy if it moves above 15607 and maintain for some time with a stop loss of 15570. It could be a risky trade at this point of time.  

2. Sell on the rise near or within the range of 15740---15780 with a stop loss of 15810. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15607 in first one and half hour of trade with a stop loss of 15640. It could be a risky trade but worth trying.

Or

Sell if it moves below 15471 and maintain for some time with a stop loss of 15510. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15420 and maintain for some time with a stop loss of 15480. 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 31.5.2021

 

TRADING CALLS

 

1. CIPLA.

Sell below 931, S/L-936, Target-921/911/900. 

2. AXIS BANK.

Sell below 738.50, S/L-743, Target—726/716/702. 

3. HINDUSTAN UNILEVER.

Sell below 2319, S/L-2329, Target-2300/2265. 

4. TITAN.

Sell below-1570, S/L-1580, Target-1750/1730/1705. 

5. EICHER MOTORS.

Sell below-2626, S/L-2640, Target-2589/2547/2513. 

6. ICICI BANK.

Sell below-638, S/L-644, Target-628/616/601. 

7. L&T.

Sell below -1473, S/L-1483, Target-1447/1435/1410. 

8. STATE BANK OF INDIA.

Sell below-420, S/L, 425, Target-410/403/395/385. 

9. SUN PHARMA.

Sell if it remains below-666, S/L, 671, Target-654/642/636/628. 

10. TATA STEEL.

Sell below-1097, S/L-1105, Target-1083/1072/1047. 

11. TCS.

Sell below-3135, S/L-3150, Target-3120/3088/3073/3050.

 

                    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—31.5.2021

 

CNX--BANK NIFTY

Open-35345.65--High-35436.65--Low—34977.20--Close-35141.45 on 28.5.2021

Support:34976/34893/34658.70/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

Resistance;35428.15/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important) 

It has been moving up and showing good technical strength, which is positive sign for the continuation of the up move, but moving up the range of 35648---36248 seems tough range to cross. However if it moves above 36248 and sustain on the closing basis then it can retest its all-time high of 37708.75 or may go beyond it also. Similarly sustained break below 34249.33(this figure can change) can push it into short corrective mode and break below 33625 & 33273 could deepen the correction. The other critical support points are at 34662---34410.40---34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The technical setup is good for the up move but for sustained up move it has to move above 36248 and sustain on the closing basis, else it may correct. It is therefore suggested to be alert in long trade below 34410 and exit trade below 34249 for sure. It is important to mention here that some technical indicators on the weekly chart are improving but it is still weak which is pointing that it could trigger down move if it does not become positive in coming weeks, so one should be alert and vigilant particularly in the long trade at this point of time. The bias is up as of now.

In view of the above observation long trade can be tried if it moves above 35437 and maintain for some time or can buy on decline also at appropriate points but not below 34410. Please note that long trade could be a risky affair at this juncture particularly buying on decline. Since it has not crossed its critical resistance range as mentioned above, 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.

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 34410 but not below it with a stop loss of 34200. It is for aggressive traders and could be a highly risky trade.   

Or

Buy if it moves above 35437 and maintain for some time with a stop loss of 35300. It could be a risky trade.

2. Sell on the rise near or within the range of 35600---35700 with a stop loss of 35800. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34410 and maintain for some time with a stop loss of 34550. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34660 and maintain for some time with a stop loss of 34800. It is for highly aggressive traders and could be a risky bet.

Or

Sell if it does not move above 35437 in first hour of trade with a stop loss of 35480. 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.