A TECHNICAL VIEW ON CNX-NIFTY FOR-15.6.2021

 

CNX-NIFTY

 Open—15791.40--High—15823.05—Low—15606.50---Close-15811.85 on 14.6.2021.

Support:15780/15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: 15835.55/15877/15920/ 15989/16085/16223/16750/17250/17503/19575/20390.        

 (Bold and underlined figures are most important)

It exhibited wild swing today but eventually closed with a meager gain of 12.50 points. Please note that this type of volatility is not a good sign for a steady market. But the good thing is that it is holding its critical point of 15780. The technical setup is looking good for the up move to continue off course with intermittent down correction and as long as it holds 15471 & 15431.75 levels on the closing basis, then it could still scale up to 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, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15780---15635.35---15566.90---15471---15431.75.  Please note that break below 15780 on the closing basis would be an alert sign for the long trade, sustained break below 15635 may push it again in the very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15471 on the closing basis will signal extreme weakness and sustained break below 15431.75 will push it into deep short term corrective mode and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884.  Although even after the wild swing today it managed to hold above its critical point of 15780.  But I would still suggest to watch it for next 1-2 trading sessions, whether it sustains above 15780 or not and if it fails to sustain then it could correct sharply. Therefore it is suggested to be extreme cautious and careful in the long trade at this point of time. The long term outlook is positive as of now.

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 15836 and maintain for some time or can buy on decline at appropriate points or near 15635 but not below it. Since it has not yet crossed some of its critical averages, therefore 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 at appropriate points with self defined stop losses or near 15635 but not below it with a stop loss of 15580.

Or

Buy if it moves above 15836 and maintain for some time with a stop loss of 15775.

2. Sell on the rise near or within the range of 15900---15920 with a stop loss of 15950. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above15836 in first hour and half trade with a stop loss of 15860. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15780 and maintain for some time with a stop loss of 15825. It could be a highly 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 14.6.2021

 

TRADING CALLS

 

1. AXIS BANK.

Sell below 737, S/L-741, Target-730/725/716. 

2. BHARTI AIRTEL.

Sell below 540, S/L-544, Target—534/528/518. 

3. HDFC LTD.

Sell below 2549, S/L-2560, Target-2531/2505/2485. 

4. ICICI BANK.

Sell below-628.80, S/L-632, Target-624/616/605. 

5. HERO MOTO CORP LTD.

Sell below-2995, S/L-3010, Target-2950/2925. 

6. BAJAJ AUTO.

Sell below-4162, S/L-4175, Target-4143/4120/4107/4070. 

7. L&T.

Sell below-1498, S/L-1508, Target-1483/1455/1435. 

                    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—14.6.2021

 

CNX--BANK NIFTY

Open-35324.65--High-35344--Low—34891.30--Close-35047.40 on 11.6.2021

Support:34976/34930/34893/34658.70/34641/34430/34360/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It again corrected mildly today and closed with a loss of 83.80 points. The very short correction mode is still on, but moving down if it holds 34800 as of now on the closing basis and then closes above 35132  then it could come out of the corrective mode and may start moving up, else down move will continue. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may continue. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Going up from here its critical resistance point would be at 35176---35461---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34930---34641.20---34535.26(this figure can change)—34410---33625 & 33273,  sustained break below 34535.26 can push it into deep short term corrective mode, sustained break below 34410 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. The other critical support points are at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term bias is still positive as of now but it is into very short term corrective phase and it may extend. Therefore short term bias is negative as of now. 

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, since it is into very short term correction therefore it is suggested to avoid long trade in general till clarity on correction completion emerges.  However aggressive traders can try long trade if it moves above 35176 and maintain for some time or can try buy on decline at appropriate points but not below 34800. Please note that buying on decline below 34800 could be a risky affair because if it sustains below it for longer time during the day then it could further correct sharply. Since it has not crossed its critical resistance range as mentioned above and into very short correction mode now, therefore short trade should be tried after the 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 34800 but not below it with a stop loss of 34630. It is for aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 35176 and maintain for some time with a stop loss of 35020. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 35550---35650 with a stop loss of 35725. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35000 and maintain for some time with a stop loss of 35150. It could be a highly risky trade but worth trying.

Or

Sell if it moves below 34800 and maintain for some time with a stop loss of 34950. 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-14.6.2021

 

CNX-NIFTY

 Open—15796.45--High—15835.55—Low—15749.80---Close-15799.35 on 11.6.2021.

Support:15780/15678/15629.65/15606.55/15566/15471/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: 15835.55/15877/15920/ 15989/16085/16223/16750/17250/17503/19575/20390.        

 (Bold and underlined figures are most important)

 As it closed above its recent top of 15751.65 on the line chart and above its first critical resistance point of 15780 therefore it seems that very short correction may be over and it could resume the steady up move if it holds 15780 marks on the closing basis. The long term technical setup is looking good for the up move to continue off course with intermittent down correction and as long as it holds 15471 & 15431.75 levels on the closing basis, then it could still scale up to 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, both the possibilities are there which may be kept in mind. Similarly moving down its critical support points are at 15780---15635.35---15566.90---15471---15431.75.  Please note that break below 15780 on the closing basis would be an alert sign for the long trade, sustained break below 15635 may push it again in the very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15471 on the closing basis will signal extreme weakness and sustained break below 15431.75 will push it into deep short term corrective mode and may threaten the uptrend also, which may please be noted. Moving down other critical support levels will be at 15374---15273---15257---15176---15111---15084---14977---14906---14884. Today’s move indicates that the correction may be over but it has to be seen for the next 2-3 trading session, whether it sustains above 15780 or not, therefore long trade can be tried at appropriate points but with extreme caution and care at this point of time. The long term outlook is positive as of now.

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 15836 and maintain for some time or can buy on decline at appropriate points or near 15635 but not below it. Since it has not yet crossed some of its critical averages, therefore 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 at appropriate points with self defined stop losses or near 15635 but not below it with a stop loss of 15580.

Or

Buy if it moves above 15836 and maintain for some time with a stop loss of 15775. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 15880---15900 with a stop loss of 15930. It could be a highly risky trade.

Or

Sell if it does not move above 15836 in first hour and half trade with a stop loss of 15860. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15749 and maintain for some time with a stop loss of 15810. 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 11.6.2021

 

TRADING CALLS

 

1. ADANI PORT.

Sell below 843, S/L-848, Target-831/819/809/797. 

2. EICHER MOTORS.

Sell below 2691, S/L-2710, Target—2678/2638/2610. 

3. HCL TECH.

Sell below 965, S/L-971, Target-950/932/922. 

4. GRASIM.

Sell below-1485, S/L-1495, Target-1475/1452/1425. 

5. HERO MOTO CORP LTD.

Sell below-2999, S/L-3011, Target-2980/2942/2931. 

6. BAJAJ AUTO.

Sell below-4166, S/L-4180, Target-4133/4107/4065.

 

                    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.