A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—5.10.2021

 

CNX--BANK NIFTY

Open—37392.95---High—37670.70--Low—37355.60---Close-37579.65 on 4.10.2021.

Support:37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50. 

Resistance:- 37708.75/37811.95/38112.75/ 38377.25/38545/38719-743/38888/38914/39093/39695/40234/40337/40498/40680/40746/40855/41169.

(Bold and underlined figures are most important) 

After four days of down move it staged a reasonable recovery today and closed with a gain of 353.75 points. But it is still into corrective mode, however if it maintains above 37231 on the closing basis then there is a chance that it may make an effort to come out of the corrective mode. Please note that it will be out of corrective mode if it closes above 37940.40 and sustain and if it moves above 38077 and sustain on the closing basis then it could retest its all-time high of 38377.25 or may go beyond it also. Moving up to 38077 from here it will face stiff resistance at 37627---37809---37852---37940.40---38024---38077 and it could react from any of these points which may please be noted. Similarly moving down its critical support points could be at 37537---37450---37322.73---37231---37038---36830---36525.95(figure may change), it may bounce back from any of these points but break below 37231 will be an alert point, break below 37038 will weaken it, break below 36570 will indicate that the on-going uptrend may be in jeopardy and sustained break below 36525.95 on the closing basis may accelerate the fall.  

It is important to mention here that its long term technical setup is still good for the uptrend to continue. Despite today’s recovery it is still into corrective mode, furthermore certain important technical indicators are giving weak signal on the daily chart which may drag it down, so one has to be cautious and alert in the long trade at least till the indicators turn positive or if it closes above 38077(figure may change) and sustain on the closing basis.

In view of the above observation, it is into corrective mode therefore safe traders should avoid long trade till the fall is arrested or it gives visible indication of correction completion. It would be safe to try long trade only once it closes above 38077(this figure can change). However, aggressive traders can try long trade if it moves above 37630 and maintain for some time or buy on decline near 37231 but not below it. Please note that long trade in a corrective market could be a risky affair. It is in the long term uptrend but in corrective mode now it staged a pullback today but one never know how this on-going correction will culminate, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains.

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 37630 and maintain for some time with a stop loss of 37500. It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline near 37231 but not below it with a stop loss of 37000. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 37230 and maintain for some time with a stop loss of 37470. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near or within the range of 37950---38050 with a stop loss of 38125. It could be a risky trade but worth trying for intraday gains.

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---5.10.2021

 

CNX-NIFTY

 Open—17615.55--High—17750.90—Low—17581.85---Close-17691.25 on 4.10.2021.

Support:17630/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -17700/17756/17792.95/17920/17947.75/17971/18027/18081/18548/19303.70/19575/20390.09.      

 (Bold and underlined figures are most important)

After four days of down move it staged a reasonable recovery today and closed with a gain of 159.20 points. But it is still into corrective mode, however if it maintains above 17577 on the closing basis then there is a chance that it may make an effort to come out of the corrective mode. Please note that it will be out of corrective mode if it closes above 17801 and sustain and if it moves above 17849 and sustain on the closing basis then it could retest its all-time high of 17947.65 or may go beyond it also. Moving up to 17849 from here it will face stiff resistance at 17700---17759---17784---17801---17831---17849 and it could react from any of these points which may please be noted. Similarly moving down its critical support points could be at 17689---17633---17616---17577---17546---17500---17450---17373---17326(figure may change), it may bounce back from any of these points but break below 17633 will be an alert point, break below 17577 will weaken it, break below 17450 will indicate that the on-going uptrend may be in jeopardy and sustained break below 17326 on the closing basis may accelerate the fall.  

It is important to mention here that its long term technical setup is still good for the uptrend to continue. Despite today’s recovery it is still into corrective mode, furthermore certain important technical indicators are giving weak signal on the daily chart which may drag it down, so one has to be cautious and alert in the long trade at least till the indicators turn positive or if it closes above 17849(figure may change) and sustain on the closing basis.

In view of the above observation, it is into corrective mode therefore safe traders should avoid long trade till the fall is arrested or it gives visible indication of correction completion. It would be safe to try long trade only once it closes above 17849(this figure can change). However, aggressive traders can try long trade if it moves above 17700 and maintain for some time or buy on decline near 17577 but not below it. Please note that long trade in a corrective market could be a risky affair. It is in the long term uptrend but in corrective mode now it staged a pullback today but one never know how this on-going correction will culminate, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains.

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 17577 but not below it with a stop loss of 17490. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 17700 and maintain for some time with a stop loss of 17625. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near or within the range of 17785---17820 with a stop loss of 17860. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17577 and maintain for some with a stop loss of 17650. 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 4.10.2021

 

TRADING CALLS

 

1. ASIAN PAINTS.

Sell below-3170, S/L-3180, Target-3157/3117/3062. 

2. AXIS BANK.

Sell below 763, S/L-769, Target—754/749/738/731.

Or

Buy above -772, S/L-764, Target---780/787/795/808. 

3. HDFC LTD.

Sell below-2693, S/L-2715, Target-2675/2662/2654/2632. 

4. INFOSYS.

Sell below-1655, S/L-1670, Target-1630/1615/1586. 

5. HDFC BANK.

Buy above-1589, S/L-1580, Target-1598/1607/1635. 

6. ICICI BANK.

Sell below 688, S/L-695, Target—678/673/670/662.

Or

Buy above -695, S/L-691, Target---698/706/712/719. 

7. INDUSIND BANK.

Buy above -1112, S/L-1100, Target---1129/1140/1152. 

8. L&T.

Sell below-1687, S/L-1700, Target-1671/1657/1645. 

9. MAHINDRA & MAHINDRA.

Buy above-831, S/L-825, Target-839/853/865. 

10. TATA CONSULTANCY.

Sell below--3707, S/L-3725, Target—3656/3640/3609.

Or

Buy above -3722, S/L-3705, Target---3779/3810. 

11. TECH MAHINDRA.

Sell below--1373, S/L-1380, Target—1354/1339/1322.

Or

Buy above -1384, S/L-1375, Target---1400/1410/1435.

 

IMPORTANT: - Please note that these are intraday calls valid for the day only and does not reflect the overall trend of the stock.

 

                    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 UPDATE ON BITCOIN-2.10.2021

 

BITCOIN

Closed At:--$48116.94 on 1.10.2021.

Support: $47159.49/46404/46394.28/45080.49/43998.32/43285.21/43285/43241/41946/41295/39787/37458/33520/32270/31227/31114/30681/30549/29361/28953/28893.

 

Resistance: $48791.78/50482.08/50856.57/52853.76/55604.02/58330/59464.61/60267/61683.86/64863.

 

It is on a weak technical footing now and in the long term correction mode in fact it is well below it bear market threshold point of $51890.48 and it has been below it since 14.5.2021 therefore technically it is into bear market now. However the long term  uptrend is still intact till it holds the range of $46500--$40550(figure will change every day) and then the last range of $38925---36825(figure will change every day). The  range for it now is between $40550---42871---46500---52712, please note that if it holds $42781 level on the closing basis then the chance is that it could continue the pullback move and if it moves above $52712 and sustain on the closing basis then it could retest its all-time high of $64863.10 or may go beyond also. Similarly sustained break below $42871 on the closing basis will weaken it and sustained break below $40550 will put the long term uptrend in potential danger and finally break below $36825 will accelerate the fall. Although it is below its bear market threshold point for a long time and into long term correction mode also but at this point of time it seems that it may not break the lower range of $42871---40550—38925, therefore for investor it is suggested to accumulate it on the decline near or within this range for a decent gain in 6—8 months time period with a stop loss of below $36825 and for traders it is suggested to trade the range of $42781----52712  with proper stop loss till either side breakout happens.   

 

NOTE: - It is a technical assessment 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 OR INVEST WITHOUT ADEQUATE 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---4.10.2021

 

CNX-NIFTY

 Open—17531.90--High—17557.15—Low—17452.90---Close-17532.05 on 1.10.2021.

Support:17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -17576.10/17630/17700/17756/17792.95/17920/17947.75/17971/18027/18081/18548/19303.70/19575/20390.09.

 (Bold and underlined figures are most important)

After making double top on 27.9.2021 it has been falling for the last 4 trading sessions , it was already into very short term correction mode but today it slipped into short term correction mode, furthermore it has broken its short term moving averages after a long time and also marginally below one of its important long term average which is a very weak sign. Please note that if it does not bounce back and closes above 17700 (figure may change) in next 2-3 trading session then down move may continue. However even if it closes above 17577(figure may change) and sustain on the closing basis then there is a chance that it could stage a relief rally and may try to come out of corrective mode also else down move should continue. Moving down further from here its other critical support or possible bounce back points will be at 17526---17373---17326(figures may change),it is already into short term correction mode  and sustained break below 17326 on the closing basis could push it into deep short term corrective mode which could drag it down further with an accelerated pace. Please note that it could come out of the corrective mode if it closes above 17801 and sustain and if it moves above 17849 and sustain on the closing basis then it could retest its all-time high of 17947.65 or may go beyond it also. Moving up its target points or stiff resistance points could be at 17576.75---17700---17784---17792.95---17801---17823.40---17856---17920---17947.65---17971---18027---18062---18081.50---18548(figures may change).

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It is into short term corrective mode , furthermore certain important technical indicators are giving weak signal on the daily chart which may drag it down , so one has to be cautious and alert in the long trade at least till the indicators turn positive or it closes above 17700(figure may change) and sustain on the closing basis. I once again repeat that if it does not recover fast and move above its critical points mentioned above in next 2-3 trading sessions then down move should continue.

In view of the above observation, it is into corrective mode therefore safe traders should avoid long trade till the fall is arrested or it gives visible indication of correction completion. It would be safe to try long trade only once it closes above 17700(this figure can change). However, aggressive traders can try long trade if it moves above 17577 and maintain for some time or buy on decline near 17450  and then near 17326 but not below it. Please note that long trade in a corrective market could be a risky affair. It is in the long term uptrend but in corrective mode now and one never know how this on-going correction will culminate, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains.

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 17450 and then near 17326 but not below it with a stop loss of 17400 or 17270. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 17577 and maintain for some time with a stop loss of 17520. It is for the aggressive traders and could be a  risky trade.

2. Sell on the rise near or within the range of 17680---17700 with a stop loss of 17740. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17450 and maintain for some with a stop loss of 17550. 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.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—4.10.2021

 

CNX--BANK NIFTY

Open—37140---High—37299.40--Low—36876.35---Close-37225.90 on 4.10.2021.

Support:37200/36615/36525.95/36317/36248/36151.95/35531/34817.50. 

Resistance:-37315.20/37708.75/37811.95/38112.75/ 38377.25/38545/38719-743/38888/38914/39093/39695/40234/40337/40498/40680/40746/40855/41169.

(Bold and underlined figures are most important) 

It has been falling for the last 4 days and making lower highs and lower lows and also broken some of the short term moving averages after a long time and already below one important long term average, furthermore it slipped into deep short term correction mode today, therefore all together it is giving weak indication which can drag it down. Please note that if it does not bounce back and closes above 37650 (figure may change) in next 2-3 trading session then down move may continue. However even if it closes above 37231 and sustain on the closing basis then there is a chance that it could stage a relief rally and may try to come out of corrective mode also else down move should continue. Moving down its most important and solid support range or bounce back points are at 37017---36804---36541(figures may change) break below 37017 on the closing basis could be a strong warning signal for long trade and break below 36804 will weaken it further and finally sustained break below 36541 on the closing basis will potentially threaten the on-going uptrend. Please note that it could come out of the corrective mode if it closes above 37940.40 and sustain and if it moves above 38077(figure may change) and sustain on the closing basis then it could retest its all-time high of 38377.25 or may go beyond also. Moving up its target points or stiff resistance points could be at 37322.73---37537---37795.40---37852---37940.35---38112.75---38545---38666---38743---38914---39093---39340---39770---40234---40500---40680(figures may change) it could correct at any of these points before moving up again as it has been correcting on every rise for the last few days. Kindly note that moving up its most critical resistance range would be between 39150---39465---39735(figures may change); break above this range will accelerate the up momentum.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. But it has slipped into deep short term correction mode; furthermore some of the very important technical indicators are giving weak signal on the daily chart which may drag it down further. So one has to be cautious and alert in the long trade at least till the indicator turn positive or it closes above 37625(figure may change) and sustain on the closing basis. I once again repeat that if it does not recover fast and move above its critical points mentioned above in next 2-3 trading sessions then down move should continue.

In view of the above observation, it is into corrective mode therefore safe traders should avoid long trade till the fall is arrested or it gives visible indication of correction completion. It would be safe to try long trade only once it closes above 37625.(this figure can change)  However, aggressive traders can try long trade if it moves above 37300 and maintain for some time or can buy on decline near 36950 but not below it. Please note that long trade in a corrective market could be a risky affair. It is in the long term uptrend but in corrective mode now and one never know how this on-going correction will culminate, therefore short trade can also be attempted on the rise and at appropriate point or can be tried on the price breakdown for taking advantage of the intraday gains.

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 37300 and maintain for some time with a stop loss of 37200. It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline near 36950 but not below it with a stop loss of 36840. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 36840 and maintain for some time with a stop loss of 37050. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near 37625 with a stop loss of 37700. It could be a risky trade but worth trying for intraday gains.

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.