A TECHNICAL VIEW ON CNX-NIFTY FOR---12.10.2021

 

CNX-NIFTY

 Open—17867.55--High—18041.95—Low—17839.10---Close-18945.95 on 11.10.2021.

Support:17920/17792.95/7756/17700/17630/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -17947.65/17971/18027/18042/18081/18137/18254/18548/19303.70/19575/20390.09.          

 (Bold and underlined figures are most important)

It continued the up move today and made a new all-time high of 18041.95 but retreated and closed just below the previous all-time high of 17947.65 with a gain of 50.75 points. Please note that as long as it holds 17903 & 17849 on the closing basis up move should continue with intermittent correction. It is in strong uptrend. Moving up from here its upside target point or stiff resistance points could be at 17947.65---17971---18042---18082---18137---18254---18548(figures may change) and it could react from any of these points and then may resume the uptrend again which may please be noted. Similarly moving down its critical support points could be at 17903---17873---17856---17849---17792.95---17724---17650---17558---17445---17358---17326(figure may change), it may bounce back from any of these points, but break below the range of 17903---17873---17856---17849,will push it into very short term correction mode, break below 17724---17650 & 17558 will weaken it further and push it into  short term correction mode, sustained  break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy and sustained break below 17326  may accelerate the fall. Most importantly please note that its last lair of solid support range is 17305---17252---17177(figures will change every day) sustained break below this range on the closing basis could push it into deep short term or medium term correction mode.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. The short term bias has also turned positive, but certain important technical indicators is still giving weak signal on the daily chart which may drag it down in coming days if the indicator does not improve. Therefore one has to be cautious and alert in the long trade till the indicators turn positive.

In view of the above observation,  long trade can be tried if it moves above 17947.75 and maintain for some time or on decline at appropriate points or near 17849 but not below it. Please note that long trade below 17849 could be a risky affair for the day. It is in the long term uptrend but correction always happens, 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. But please be extra careful in short trade because it is in a strong uptrend. Please be extra alert in the short trade.

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 17947.75 and maintain for some time with a stop loss of 17870. It is for both the traders.

Or

Buy on decline at appropriate point or near 17849 but not below it with a stop loss of 17780. It is for both the traders.

2. Sell if it does not move above 18042 in first one and half hour of trade with a stop loss of 18100. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17780 and maintain for some with a stop loss of 17860. 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—12.10.2021

 

CNX--BANK NIFTY

Open—37782.75---High—38495.30--Low—37744.65---Close-38293.80 on 11.10.2021.

Support:38112.75/37708.75/37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50 

Resistance: - 38377.75/38545/38719-743/38888/38914/39093/39695/40234/40337/40498/40680/40746/40855/41169.

(Bold and underlined figures are most important) 

It opened on a positive today and went up further and came out of the corrective mode and hit a new all-time high of 38495.30 and closed with a robust gain of 518.55 points, which is a positive sign for the up move to continue. Please note that as long as it holds 38113 & 38030.50 on the closing basis up move should continue. Moving up it will face resistance at 38377.75---38495.30---38545---38743---38888---38914---39093---39695---40234 it could correct from any of these points and then may resume the up move again. Please note that its most important and critical resistance range is between 39900---39640---39330(figure will change every day) and if it moves above this range and sustain on the closing basis then it could be in a very strong up momentum. Similarly moving down its critical support points could be at 38113---38077---38030---37942---37627---37526---37461---37413---37175---36980---36876---36700---36525.95(figure may change), it may bounce back from any of these points but break below 38113---38030 will push it into very short term correction mode, break below 37942 will push it into short term correction mode, break below 37413 will push it into deep short term correction mode, break below 37175 will be an alert point, break below 36980 will weaken it further, sustained break below 36876 may trigger the further fall,  break below 36732 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. It is out of corrective mode today and above its key point of 38077 and price pattern is also good, but certain important technical indicators is still giving weak signal on the daily chart which may drag it down in coming days if the indicator does not improve. Therefore one has to be cautious and alert in the long trade till the indicators turn positive. The short term bias is has also turned positive as of now.

In view of the above observation, long trade can be tried if it moves above 38380 and maintain for some time or can buy on decline near 38113 but not below it. However, aggressive traders can also try long trade on decline at appropriate points or near 37750 but not below it. Please note that long trade below 38113 could be a risky affair for the day. It is in the long term uptrend but correction always happen, 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. Please be extra alert in the short trade.

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 38380 and maintain for some time with a stop loss of 38270. It is for both the traders.

Or

Buy on decline at appropriate points or near 38113 but not below it with a stop loss of 37930. It is for both the traders.

Or

Buy on decline at appropriate points or near 37750 but not below it with a stop loss of 37600. It is for the aggressive traders and could be a risky trade.

2. Sell near if it does not move above 38377.25 in first one and half hour of trade even intraday with a stop loss of 38550. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near or within the range of 38600---38750 with a stop loss of 38850. 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.

 

 

INTRA-DAY TRADING CALLS FOR 11.10.2021

 

TRADING CALLS

 

1. HDFC LTD.

Sell below -2715, S/L-2730, Target---2693/2677/2662/2636. 

2. DR.REDDYS LAB.

Sell below-4821, S/L-4835, Target-4803/4785/4733.  

3. RELIANCE INDUSTRIES.

Buy above -2685, S/L-2670, Target---2700/2760/2812.

Or

Sell below 2685, S/L-2695, Target-2664/2640/2620. 

4. ASIAN PAINTS.

Buy above -3330, S/L-3315, Target---3339/3377/3410.

Or

Sell below 3300, S/L-3315, Target-3293/3263/3235. 

5. KOTAK MAHINDRA BANK.

Sell below -1931, S/L-1940, Target-1916/1884/1870. 

6. EICHER MOTORS.

Sell below -2814, S/L-2830, Target-2780/2750/2733. 

7. HINDUSTAN UNILEVER.

Sell near but below--2677, S/L-2685, Target—2652/2625/2607.

Or

Sell below 2625, S/L-2645, Target-2607/2580/2564/2550.  

8. TATA MOTORS.

Sell below -380, S/L-384, Target-373/362/355. 

9. TITAN.

Sell below -2353, S/L-2363, Target-2337/2305/2285/2265. 

10. BAJAJ AUTO.

Sell below -3806, S/L-3820, Target-3785/3760/3754/3716. 

11. HDFC BANK.

Sell below -1600, S/L-1610, Target-1587/1576/1565. 

12. HERO MOTO CORP.

Sell below -2840, S/L-2850, Target-2821/2802/2781/2760. 

13. HINDALCO.

Sell below -472, S/L-475, Target-465/456/450/443. 

14. TATA STEEL.

Sell below -1296, S/L-1305, Target-1287/1273/1265/1255/1232. 

15. AUROBINDO PHARMA.

Sell below -706, S/L-713, Target-700/687/676/660. 

16. DABUR.

Sell below -606, S/L-610, Target-591/582/570. 

17. LUPIN LTD.

Sell below -941, S/L-949, Target-927/912/875. 

18. PIRAMAL ENTERPRISES.

Sell below -2728, S/L-2740, Target-2703/2672/2631. 

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 VIEW ON CNX--BANK NIFTY FOR—11.10.2021

 

CNX--BANK NIFTY

Open—37906.40---High—38105.20--Low—37674.35---Close-37775.25 on 8.10.2021.

Support:37708.75/37315.20/37200/36615/36525.95/36317/36248/36151.95/35531/34817.50. 

Resistance:- 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 moved in a range today and closed with a meager gain of 22.05 points. It is still into corrective mode, it has been trying for the last three days to come out of corrective mode but could not and in the process it has made triple top around 38112.75 this will be a tough resistance now, however as long as 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 & 38112.75 and sustain on the closing basis then it could retest its all-time high of 38377.25 or may go beyond it also else it may slip down. Moving up to 38112.75 from here it will face stiff resistance at 37809---37852---37940.40---38024---38077---38112.75 and it could react from any of these points which may please be noted. Its other critical resistance points would be at 38112.75---38377.25---38545---38743---38888. Similarly moving down its critical support points could be at 37630---37537---37450---37322.73---37231---37142---36940---36876---36700---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 37142 will weaken it, sustained break below 36876 may trigger the further fall,  break below 36700 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. It is still into corrective mode, furthermore certain important technical indicators are giving weak signal on the daily chart which may drag it down in coming days if it does not come out of the corrective mode and sustain above its critical points, 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 & 38112.75(figure may change) and sustain on the closing basis. The short term bias is slightly weak.

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 38112.75(this figure can change). However, aggressive traders can try long trade if it moves above  37780 and maintain for some time or can buy on decline at appropriate points or near 37231 but not below it. Please note that long trade in a corrective market and below 37650 could be a risky affair for the day. It is in the long term uptrend but in corrective mode and in a pullback mode now 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 37780 and maintain for some time with a stop loss of 37650. It is for the aggressive traders and could be a highly risky trade.

Or

Buy on decline at appropriate points or near 37231 but not below it with a stop loss of 37075. It is for the aggressive traders and could be a highly risky trade.

2. Sell if it moves below 37650 and maintain for some time with a stop loss of 37795. It could be a risky trade but worth trying for intraday gains.

Or

Sell on the rise near or within the range of 38080---38120 with a stop loss of 38200. 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---11.10.2021

 

CNX-NIFTY

 Open—17886.85--High—17941.85—Low—17840.35---Close-17895.20 on 8.10.2021.

Support:17885/17855.10/17792.95/7756/17700/17630/17576.10/17452.90/17436.50/17326.10/17254.20/17055/16701.85/16656.60/16376.05/16349.45/16162.55/15962.25.                                                                                                                                                           

Resistance: -17920/17947.75/17971/18027/18081/18137/18254/18548/19303.70/19575/20390.09.          

 (Bold and underlined figures are most important)

It continued the up move today and closed with a gain of 104.85 points. It is out of corrective mode and also closed above its important point of 17849 which is positive sign, but it is important to mention here that it went near its all-time high of 17947.75 for the 3^rd time in last few days but could not cross it so it has made triple top near the all-time high, therefore now it will be a very tough resistance point for it for moving up further, but it is in good uptrend. However if it does not move above 17947.75 levels and sustain on the closing basis then chances of slipping down is also there, so be cautious at this point of time. Moving up from here its upside target point or stiff resistance points could be at 17920---17947.65---17971---18082---18137---18254---18548(figures may change) and it could react from any of these points which may please be noted. Similarly moving down its critical support points could be at 17849---17801---17792.95---17784---17725---17650---17558---17526---17450---17326(figure may change), it may bounce back from any of these points, but break below 17849 will be an alert point, break below 17801 & 17784 will push it back into very short term correction mode again, break below 17725---17650 & 17558 will weaken it further, sustained  break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy and sustained break below 17326  may accelerate the fall. Most importantly please note that its last lair of solid support range is 17274---17220---17145(figures will change every day) sustained break below this range on the closing basis could push it into deep short term or medium term correction mode.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It is out of corrective mode and above its important point of 17849 also but could not cross the all-time high of 17947.75 in the 3^rd attempt which is concerning, furthermore certain important technical indicators are giving weak signal on the daily chart which may drag it down in coming days if it does dot move above 17947.75 and sustain on the closing basis. Therefore in wake of weak technical indicators one has to be cautious and extremely alert in the long trade at least till the indicators turn positive or it closes above 17947.75 and sustain on the closing basis. The short term bias has also turned positive now.

In view of the above observation, for safe traders long trade can be tried if it moves above 17947.75 and maintain for some time or on decline near 17849 but not below it. However, aggressive traders can also try long trade on decline near 17725 but not below it. Please note that long trade below 17801 could be a risky affair for the day. It is in the long term uptrend but correction always happens, 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. But please be extra careful in short trade because it is in a strong uptrend.

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 17947.75 and maintain for some time with a stop loss of 17880. It is for both the traders.

Or

Buy on decline near 17849 but not below it with a stop loss of 17775. It is for both the traders.

Or

Buy on decline near 17725 but not below it with a stop loss of 17640. It is for the aggressive traders and could be a slightly risky trade.

2. Sell if it does not move above 17950 I first one and half hour of trade with a stop loss of 17990. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17840 and maintain for some with a stop loss of 17910. 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.