A TECHNICAL VIEW ON CNX-NIFTY FOR---6.7.2021

 

CNX-NIFTY

 Open—15793.40--High—15845.95—Low—15762.05---Close-15834.35 on 5.7.2021.

Support:15780/15755.05/15673.95//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: -18835.55/15877/15895.75/15915.65/ 15920/ 16024/16074/16180/16223/16631.       

 (Bold and underlined figures are most important)

It continued the up move today and bounced back within the range of 15780---15920 and closed with a gain of 112.15 points which is good sign. Furthermore it has bounced back above its major rising trend line and above its short term moving averages also which is an extremely positive indication for the up move to continue. But for the steady up move it has to remain above 15780 on the closing basis, then close above 15870 and eventually to cross 15920 mark and sustain then it could hit the upside target of 16024---16074---16180---16223. Please note that sustained break below 15780 could jeopardize the up move and it may resume the down move again and going down it may find good support at 15673.95---15635.95---15606.50---15566.40---15505.65---15450.40.  It is important to mention here that its long term technical setup is still good for the uptrend to continue , therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. The short term trend also seems OK but is has to be seen whether it is able to hold its critical level of 15780 in next 3-4 days or not.

In view of the above observation, for safe trader’s long trade can be tried once it closes above 15870 else avoid. However aggressive trader can try long trade if it moves above 15850 and maintain for some time or can try long on decline near 15780 but not below it. Please note that long trade on decline could be a risky affair for the day. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a strict 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 15850 and maintain for some time with a stop loss of 15810. It for the aggressive traders and could be a risky trade.

Or

Buy on decline near 15780 but not below it with a stop loss of 15740. It for the aggressive traders and could be a highly risky trade.

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 moves below15750 and maintain for some time with a stop loss of 15800. 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 UPDATE ON CRUDE OIL LIGHT (NYMEX) –5.7.2021

 

CRUDE OIL LIGHT (NYMEX)

Open---$75---High---$75.58---Low---$74.42---Close---$75.04---on 2.7.2021.

Support:$72.33/71.98/69.98/67/66.41/63.09/62.95/61.56/60.62/59.25/58.59/57.63/57.27.

Resistance:$75.27/76.22/76.91/77.28/84.05/85.61/87.15/91.24/95.44/98.74/100.42/103.39/105.22/107.68/110.55/112.24/114.83.

(Bold and underlined figures are most important)

It is on a very strong technical footing as of now, furthermore quite some time back ,it has given breakout from its major downtrend line drawn from the all-time high top of $147.25 made on 11.7.2008 and it is comfortably sustaining the breakout which is a hugely positive sign and indicate further up move from here in coming days with intermittent short corrections. Moving up its critical resistance or target points could be at-$76.91/85.31/93.51/102.64/114/119.13. Similarly moving down its critical support points would be at-$71.75---65.84—59.78(1^st & 3^rd figure will scale up if it breaches recent high of $76.22). Please note that sustained break below $71.75 will push it into short term correction mode, sustained break below $65.84 will weaken it further and sustained break below $59.78 on the closing basis will push it into major correction mode.

The long term bias is strongly up and short term outlook is also positive.   

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 UPDATE ON NASDAQ COMPOSITE –4.7.2021

 

NASDAQ COMPOSITE

Open—14586.44--High—14649.11—Low—14555.34—Close—14639.33 on 2.7.2021.

Support:14439.40/14206.83/14196.21/14167.15/14062.50/13960.04/13907.86/13845.47/13698.67/13678.77/13072.33/13002.54.

Resistance: 14667/14843/14910/14951/15027/15261/15664/16155/16319/17031/17105.

(Bold and underlined figures are most important)

It is on a very sound technical footing and hitting new all time high every other day. It is exhibiting tremendous strength for the continuation of the up move. Moving up from here its resistance or target points could be at---14667---14843---14910---14951---15027---15261---15664.  Similarly going down its important and critical support points would be at-14439.40---14260.52---14117.62(last two figures will scale up whenever it hits new all time high).Please note that sustained break below 14439.40 will slightly weaken it, sustained break below 14260.52 on the closing basis can put it into very short correction mode and sustained break below 14117.62 will push it into deep short term correction mode.

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.  

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 UPDATE ON S&P 500 INDEX –4.7.2021

 

S&P 500 INDEX

Open---4326.60---High---4355.43---Low---4326.60---Close---4352.34---on 2.7.2021.

Support:4287.04/4257.16/4241.43/4208.41/4164.40/4128.43/4118.38/4061.41/4056.88/3983.873950.43/3886.75/3853.50/3805/3789.54/3749.62/3723.34/3694.12/3662.71/3633.40/3588.11/3544.82/3405.73.

Resistance:4355.40/4407.25/4531.50/4557.33/4824.27/5337.81.

(Bold and underlined figures are most important)

Further to my last post of 20.6.2021, it recovered sharply and moved above its critical point of 4210 and hit a new all time high of 4355.43 and also bounced back above its short and medium term moving averages but it is still just below its major rising trend line drawn from the bottom of 2191.86 made on 23.3.2020, the trend line is placed at 4385(it will rise every day) for 5.7.2021 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but pricewise it is showing robust strength for the continuation of the up move, which is positive sign. So moving up from here its critical resistance or target points could be at-4355.40---4407.25---4531.50---4557.33---4824.27---5337.81. Similarly moving down its critical support points would be at 4284.97---4199.36---4084.98(figures can scale up if it hits new all time high). Please note that sustained break below 4284.97 on he closing basis could push it into very short correction, sustained break below 4199.36 could push it into deep short term correction mode and sustained break below 4084.98 could push it into medium term correction mode.  

The long term bias is strongly up and short term outlook is also positive but since it is making new high every other day therefore be cautious henceforth because it could correct any time.   

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 UPDATE ON DOW JONES INDUSTRIAL AVERAGE –4.7.2021

 

DOW JONES INDUSTRIAL AVERAGE

Open—34642.42--High—34821.93—Low—34613.49—Close—34786.35 on 2.7.2021.

Support:34439.37/34245.48/34186.13/33744.28/33687.01/33555.72/33473.80/33271.93/32980.57/32074.60./32009.64/31165.46/30919.50/30622.35/30606.48/30547.53/29856.30/29463.64/29229.10/

Resistance:34820.91/34821.93/34849.32/35019.56/35586.50/35786.66/36216.09/36585.91

(Bold and underlined figures are most important)

Further to my last post of 19.6.2021, it recovered sharply and moved above its critical point of 34380 and also bounced back above its short and medium term moving averages but it is still below its major rising trend line drawn from the bottom of 18213.65 made on 23.3.2020 and one important technical indicator is showing weakness on the weekly chart these two are the weak link in it but price-wise it is showing strength, which is positive sign. The important range for it now is between 35091.56---34727.63---34380(this figure can scale up if it hits new all time high), if it remains above 34727.63 on the closing basis then it could retest its all-time high of 35019.56 or may go beyond it also in coming days. Similarly break below 34380 could push it into very short term correction mode.

Please note that moving down its critical support points would be at-34727.63---34456---34380--34230---34046---33864---33637---33581---32853. Similarly moving up its critical resistance points would be at-34849.32---35091.56---35586.50---35786.66---36216.09---36585.91.

The long term bias is up and short term outlook is also positive but looks precariously poised and if it fails surpass its all-time high of 35091.56 in next 4-5 trading sessions then it could correct.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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—5.7.2021

 

CNX--BANK NIFTY

Open-34728.10---High-34894.45--Low—34632.60--Close-34809.90 on 2.7.2021

Support:34635.95/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;34894.45/34930/34976/35380/35428.15/35491.95/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It staged a short recovery today after 4 days of fall and ended the day with a gain of 42.20 points.  It is well below its short term rising trend line, below its short term moving averages and some most important technical indicators are showing weakness and indicating as of now that it may have an accelerated down move in coming days, if it does not bounce back sharply in next 1-2 trading session. Its range for now is between 35380---34980(it will change every day) ---34632----34525---33908, please note that if it moves above 34980 and sustain then it will get some strength and close above 35380 may resume the up move, similarly sustained break below 34632 will weaken it, sustained break below 34525 will push it into very short term correction mode and sustained break below 33908 will accelerate the down move. 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 resume again. Looking at the last couple of days price movement it is less likely to cross 36248 levels and sustain at this point of time, however if it moves and 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 35000---35380---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 still looks positive as of now. But the short term outlook has again turned weak again and pointing that it could move down from here, provided it does not bounce back sharply above some of its key points mentioned above.

In view of the above observation, for safe traders long trade can only be tried if it moves and closes 35380 else avoid. However aggressive traders can try long trade if it moves above 34980 and maintain for some time or on decline near 34632 or 34525 but not below it. Please note that long trade in a weak market is a risky affair and below 34525 could be a highly risky affair mind you. Since it has not crossed its critical resistance range of 35648---36248 and overall short term technical setup is 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 if it moves above 35000 and maintain for some time with a stop loss of 34850.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline near 35632 or 34525 but not below it with a stop loss of 34420. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35250---35350 with a stop loss of 35430. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34632 and maintain for some time with a stop loss of 34730. It could be a risky trade but worth trying.

Or

Sell if it moves below 34525 and maintain for some time with a stop loss of 34650. 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---5.7.2021

 

CNX-NIFTY

 Open—15705.85--High—15738.35—Low—15635.95---Close-15722.20 on 2.7.2021.

Support: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: -15755.05/15780/18835.55/15877/15895.75/15901.60/ 15920/ 16024/16074/16180/16223/16631.    

 (Bold and underlined figures are most important)

It staged a short recovery today after 4 days of fall and ended the day with a gain of 42.20 points.  It is still below its critical range of 15780---15920. Furthermore it is below its major rising trend line, also broken its recent bottoms on the line chart yesterday, already below its short term moving average and most importantly some critical technical indicators are giving weak indication, therefore all together it is showing weakness and pointing that it could go down fast, if it does not bounce back sharply in a short period of time. However to resume the steady up move it has to move and sustain above 15780 on the closing basis, to bounce back above the trend line which is placed at 15830(it will move up every day) for 5.7.2021 and eventually has to close above 15870 as of now then only it will have enhanced chances of moving up further, else it may move sideways and drift down in coming days. Please note that break below 15673.95 and then below 15635.95 on the closing basis could accelerate the down move. It is important to mention here that its long term technical setup is still 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.  But the short term outlook seems slightly dicey and pointing that it could drift down with intermittent relief rallies if it does not move above 15780 & 15871 on the closing basis in next 1-2 trading sessions or at least move above 15780 and sustain.

 In view of the above observation, for safe traders long trade can be tried once it closes above 15780 or 15871 else avoid. However aggressive trader can try long trade if it moves above 15760 and maintain for some time or can try long on decline near 15673.95 & 15635.95 but not below it. Please note that long trade below 15635.95 could be a risky affair mind you because if it remains below it for a longer time during the day then it could move down sharply, furthermore long trade in a weak market could be very risky thing to do anyway. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a strict stop loss of 15380. Since it has not yet crossed some of its critical long term averages and at present overall short term technical indications are weak, 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 15760 and maintain for some time with a stop loss of 15720. It for the aggressive traders and could be a highly risky trade.

Or

Buy on decline near 15673.95 or 15635.95 but not below it with a stop loss of 15600. It for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15800---15830 with a stop loss of 15850. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15673 and maintain for some time with a stop loss of 15725. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15635 and maintain for some time with a stop loss of 15680. 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 2.7.2021

 

TRADING CALLS 

1. BHARTI AIRTEL.

Sell below -522, S/L-525, Target-518/510/499/485.

2. INDUSIND BANK.

Sell below- 1000, S/L-1010, Target—986/960/928.

3. HDFC BANK.

Sell below-1483, S/L-1493, Target-1472/1462/1455/1440.

4. HDFC LTD.

Sell below-2451, S/L-2465, Target-2440/2413/2402/2365.

5. INFOSYS.

Sell below-1559, S/L-1570, Target-1543/1523/1511.

6. AXIS BANK.

Sell below-744, S/L-749, Target-734/730/720/702. 

                    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.