A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—28.6.2021

 

CNX--BANK NIFTY

Open-34916.65--High-35491.95--Low—34915.85--Close-35378.75 on 25.6.2021

Support:34976/34930/34893.25//34641/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;35380/35428.15/35491.95/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It showed tremendous strength today and closed with a robust gain of 551.75 points. It is making higher bottom and top on the line chart now and also crossed its recent top of 35281.90 on the bar chart which is good sign. Furthermore it has bounced back above its short term rising trend line and decisively above its short term moving averages also all these are hugely positive indication for the up move to 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 will resume again. 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. Moving up from here it will face critical resistance at 35491.95---35648---35810.90---35985---36248---36328---36537---36939---37100---37708.75. Similarly moving down its important support points would be at 34525.45---34374.35---33908.95---33625---33273. The long term bias is positive as of now and short term outlook has drastically improved with today’s price movement. But be vigilant for the next 3-4 trading sessions and see whether it sustains today’s upsurge or not. 

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 and maintain above 35492 for some time avoid buy on decline for the day. However aggressive traders can also try long trade on decline at appropriate points or near 34900 but not below it. Please note that long trade below 35320 could be a slightly risky trade. Since it has not crossed its critical resistance range of 35648---36248, 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 at appropriate point or near 34900 but not below it with a stop loss of 34800. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 35492 and maintain for some time with a stop loss of 35300. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35950---36100 with a stop loss of 36250. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34900 and maintain for some time with a stop loss of 35080. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 35585 in first one and half hour of trade with a stop loss of 35685. 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-28.6.2021

 

CNX-NIFTY

 Open—15839.35--High—15870.80—Low—15772.30---Close-15863 on 25.6.2021.

Support:18835.55/15780/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -15877/15895.75/15901.60/ 15920/ 15989/16085/16223/16750.          

 (Bold and underlined figures are most important)

It managed to hold its critical point of 15780 and consolidated today and closed with a gain of 72.55 points, which is a good sign for the up move to continue.  Therefore as long as it holds 15780 on the closing basis the up journey will continue with intermittent down correction. Moving up the next potential resistance or target points will be at 15902---15920---16024---16074---16180---16223. Please note that sustained break below 15780 may jeopardize the up move and sustained break below 15673.95 could push it into very short corrective mode. It is important to mention here that its long term technical setup is very good as of now, therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The long and short term bias is positive as of now. Kindly note that it is looking fine technically for the up move,  but with every up move  the valuation of the constituent stocks are also getting stretched , so be careful and cautious in the long trade because there is a possibility that this up move may exhaust also at any of the above mentioned points or earlier also.

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 15902 and sustain for some time or can try on decline but not below 15780. However aggressive trader can also try long trade if it moves above 15871 and maintain for some time or can try on decline at appropriate points or near 15673 but not below it. Please note that long trade below 15780 could be a risky trade and below 15673 could be a highly risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Lastly long trade can be tried on decline in the range of 15471---15431 but not below it with a stop loss of 15380. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 if it moves above 15871 and maintain for some time with a stop loss of 15840. It for the aggressive traders and could be a risky trade.

Or

Buy if it moves above 15902 and maintain for some time with a stop loss of 15850. It is for both the traders.

Or

Buy on decline near 15780 but not below it with a stop loss of 15750. It is for both the traders.

Or

Buy on decline at appropriate points or near 15673 but not below it with a stop loss of 15640. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15920---15940 with a stop loss of 15970. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15780 and maintain for some time with a stop loss of 15820.

Or

Sell if it moves below15673 and maintain for some time with a stop loss of 15720.

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 25.6.2021

 

TRADING CALLS 

1. BHARTI AIRTEL.

Sell below 527, S/L-531, Target-519/514/506/499. 

2. EICHER MOTORS.

Sell below 2694, S/L-2710, Target—2669/2644/2620. 

3. SIEMENS.

Sell below 2016, S/L-2030, Target-1992/1975/1960/1940/1918. 

4. HDFC LTD.

Sell below-2485, S/L-2495, Target-2451/2440/2402. 

5. KOTAK MAHINDRA BANK.

Sell below-1725, S/L-1740, Target-1701/1685/1669. 

6. HERO MOTO CORP.

Sell below-2893, S/L-2910, Target-2877/2852/2835. 

7. RELIANCE INDUSTRIES.

Sell below-2140, S/L-2158, Target-2118/2101/2080. 

                    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—25.6.2021

 

CNX--BANK NIFTY

Open-34687.70--High-34935.30--Low—345592.35--Close-34827 on 24.6.2021

Support:34658.70/34641/34535.26/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;34893.25/34930/34976/35380/35428.15/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It made higher bottom of 34574 on the line chart today, which is a good sign but could not close above its recent top of 34871.30, however if it closes above it then it may move up further, but it will show good strength for the continuation of the up move if it moves above 35282 and sustain on the closing basis. Similarly break below 34574 as of now on the closing basis can drag it down. It showed some firmness by making higher bottom of 34574 but that is not sufficient to carry on the up move forward because other technical parameters are not supporting as it is still below some of its short term moving averages and some important technical indicators are  showing potential weakness and most importantly it has broken its short term rising trend line decisively, which is a very bad sign and all these thing pointing that it could move down sharply in coming days if it does not give a sharp up move in a short period of time.

 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 will definitely continue with in between relief rallies. 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. But looking at last few days’ price movements chances of moving above 36248 and sustain looks extremely slim at this point of time. However going up to 36248 level from here it will face critical resistance at 34894---34930---35070---35176---35472---35527---35584.30---35649---35810.90---36248. Similarly moving down its critical support points would be at 34641.20---34558---34535.26(this figure can change)—34410---33908.95---33625 & 33273.  It is already into very short term corrective mode, sustained break below 34535.26 will push it into deep short term corrective mode, sustained break below 33908.95 will accelerate the down move and sustained break below 33625 & 33273 could deepen the correction further. Moving down the other critical support points will be at 34287---34249.33---33625---33334---33273---33130---32921.15---32613---32465. The long term outlook is positive as of now but short term bias still looks extremely weak at this point of time. 

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, it is into very short corrective mode; 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 34940  and maintain for some time or can buy on decline at appropriate points or near 34574 but not below it. Please note that long trade below 34574 could be a highly risky trade because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not crossed its critical resistance range as mentioned above and into corrective mode and other technical indicators are also weak, 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 at appropriate point or near 34574 but not below it with a stop loss of 34470. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 34940 and maintain for some time with a stop loss of 34790. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35200---35300 with a stop loss of 35400. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34574 and maintain for some time with a stop loss of 34640. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 34938 in first one and half hour of trade with a stop loss of 35080. 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-25.6.2021

 

CNX-NIFTY

 Open—15737.30--High—15821.40—Low—15702.70---Close-15790.45 on 24.6.2021.

Support:15780/15683.35/15678/15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: - 15835.55/15877/15901.60/ 15920/ 15989/16085/16223/16750.         

 (Bold and underlined figures are most important)

After two days whip-saw movement it managed to close shade above its most critical point of 15780 today and made higher top and bottom on the line chart also which is a positive sign. Furthermore it has bounced back above its short term moving averages is also a good sign, but  most importantly some important technical indicators are still showing weakness and pointing towards down move may happen in coming days, which is a very weak indication. However if it sustains above 15780 on the closing basis then it may continue the up move with intermittent down correction. But sustained break below 15780 may jeopardize the up move and finally if it breaks below 15683.35(it may change) as of now and sustain on the closing basis then down move may accelerate, which may please be noted.

The long term technical setup is still looking good for  the up move to continue as of now but 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---15683.35---16606.35---15566.90---15488.55---15471---15431.75.  Please note that sustained break below 15683.35 may push it into a very short corrective mode, sustained break below 15566 could accelerate the fall, sustained break below 15488.55(this figure can change) on the closing basis will push it into deep short term corrective mode and sustained break below 15471 & 15431.75 on the closing basis will deepen the correction further 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. The long term outlook is positive as of now. The short term setup has improved as it closed above its critical point of 15780 but it has to be seen in the next 2-3 days whether it will sustain above it or not. Therefore it is suggested to be extra cautious and careful in the long trade at this point of time.

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 holds 15780 and completely avoid long trade below this mark. However aggressive trader can also try long trade on decline at appropriate points or near 15683 but not below it. Please note that long trade below 15780 will be a risky trade and below 15683 could be a highly risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Since it has not yet crossed some of its critical long term 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 if it holds the level of 15780 for some time with a stop loss of 15740. It for both the traders and could be a risky trade.

Or

Buy on decline at appropriate points or near 15683 but not below it with a stop loss of 15650. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15860---15900 with a stop loss of 15930. It could be a risky trade but worth trying for intraday gain.

Or

 

Sell if it moves below15780 and maintain for some time with a stop loss of 15810.

Or

Sell if it moves below15683 and maintain for some time with a stop loss of 15640.

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.