A TECHNICAL VIEW ON CNX-NIFTY FOR---29.10.2021

 

CNX-NIFTY

 Open—18187.65--High—18190.70—Low—17799.45---Close-17857.25 on 28.10.2021.

Support:17792.95/17613.15/17567/17452.90/17326.10/17254.20/17055/16701.85.                      

Resistance: -17947.65/17968.50/18167.90/18604.45.                           

 (Bold and underlined figures are most important)

It opened on a negative note and could not even cross yesterday’s closing and plunged down sharply to close with a whopping loss of 353.70 points. The pullback rally of two days halted yesterday and abruptly ended today and it has slipped into deep short term correction mode today , which is a  very weak indication and it could last for few days/weeks, furthermore it has also broken the first 4 top point of its critical support range of18046---17963---17869---17860---17751---17694---17607---17452(figures will change every day) which is very concerning, it may bounce back from any of the remaining points but sustained break below the range will put the on-going uptrend in jeopardy and it may witness accelerated fall. Please note that it will regain up momentum only if it closes above this range and sustain on the closing basis. Moving down further its other important support points are at 17326.10---17254.20---16701---16565.60---16485(figure may change), please note that sustained break below 16485 will put the long term uptrend in potential danger. It is important to mention here that it could come out of corrective mode if it closes above 18332.70 and sustain, but if it moves above 17990 (figure may change)and sustain on the closing basis then it may  stage a pullback rally again, else down move may continue with in between short up move. However moving up its critical resistance points could be at 18028---18078.55---18286----18302.75---18332.70---18362---18407---18454---18478---18512---18525---18550---18605(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also which may please be noted. Kindly note that now it is a sell on the rise markets till visible sign of correction completion emerges.

It is important to mention here that its long term technical setup is still looks good for the uptrend to continue as long as holds 16485(figure will change every day). It slipped into deep short term correction mode and moved below its few critical support points as mentioned above therefore further fall cannot be ruled out it remains below it. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. It is suggested to avoid long trade as of now.

In view of the above, it is into deep short term correction mode therefore safe traders can try long trade only if it closes above its critical points of 17990 or 18332.70 or if it gives visible indication of correction completion at the lower levels. It is suggested to avoid long trade now. However, aggressive traders can try long trade on decline near or within the range of 17751---17694---17607 but not below it. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, therefore short trade can 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 or within the range of 17751---17694---17607 but not below it with a stop loss of 17550. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18030---18050 with a stop loss of 18110. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17799 and maintain for some time with a stop loss of 17870. 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—29.10.2021

 

CNX--BANK NIFTY

Open—40915.15---High—40931.05--Low—39350.20---Close—39508.95 on 28.10.2021.

Support:39292.80/38377.25/38112.75/37315/36876.35/36525/36151. 

Resistance: -40011.15/41231/41367.25/41829.60/41965/42036/42222/42808/43050/43248/45178.

(Bold and underlined figures are most important) 

It opened on a flat to positive note but could not sustain and plunged down sharply to close with a whopping loss of 1365.40 points. It has slipped into deep short term correction mode today. Furthermore it has decisively broken its first lair of critical support range of 40537—40247---39938(figure will change every day) which is highly concerning and therefore further fall from here looks inevitable off course in between short relief rallies. Please note that it will regain up momentum only if it closes above this range and sustain. Its second lair of critical support range is 37987---37766---37522(figure will change every day), it may bounce back from any of these points but sustained break below the range will put the on-going uptrend in jeopardy and it may witness an accelerated fall. Moving down further its other important support points are at 36876.35---36525.95---36292(figure may change), please note that sustained break below 36292 will put the long term uptrend in potential danger. It is important to mention here that it could come out of corrective mode if it closes above 41231 and sustain, but if it moves above 39936 (figure may change)and sustain on the closing basis then it may  stage a pullback rally again, else down move may continue with in between short up move. However moving up its critical resistance points could be at 39936---40011.15---40247---40537---41367.25---41830(figures may change) and it could react from any of these points and then may move up again or may break down also which may please be noted. Kindly note that now it is a sell on the rise markets till visible sign of correction completion emerges. 

It is important to mention here that its long term technical setup still looks good for the uptrend to continue as long as it holds 36292(figure will change every day).  But it has slipped into deep short term correction mode today and broken other critical points also which indicates terrible weakness, therefore further fall cannot be ruled out. There was huge price destruction today but despite that except for one other important technical indicator are  still positive as of now, so watch out. Since it is in corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. It is suggested to avoid long trade as of now.

In view of the above, it is into deep short term correction mode therefore safe traders can try long trade only if it closes above its critical points of 39936 or 41231 or if it gives visible indication of correction completion at the lower levels. It is suggested to avoid long trade now. However, aggressive traders can try long trade if it holds 39292 for some time or can buy on decline near or within the range of 37987---37766---37522 but not below it. I caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in deep correction mode, therefore short trade can 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 at appropriate points or near or within the range of 37987---37766---37522 but not below it with a stop loss of 37350. It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it holds 39292 for some time with a stop loss of 39150. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range 40100---40200 with a stop loss of 40350. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 39292 and maintain for some time with a stop loss of 39550. 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 28.10.2021

 

TRADING CALLS

 

1.  AXIS BANK.

Sell below-785, S/L-790, Target-774/763/754. 

2. HDFC BANK.

Sell below -1637, S/L-1647, Target---1627/1613/1599/1565. 

3. BAJAJ AUTO.

Sell below -3760, S/L-3780, Target---3735/3696/3680/3647. 

4. HERO MOTO CORP.

Sell below -2702, S/L-2715, Target---2679/2636/2600/2550. 

5. KOTAK MAHINDRA BANK.

Sell below-2176, S/L-2190, Target-2129/2115/2090. 

6. HINDUSTAN UNILEVER.

Sell below--2391, S/L-2405, Target—2370/2359/2336/2318. 

7. MAHINDRA & MAHINDRA.

Sell below--883, S/L-890, Target—872/850/830. 

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—28.10.2021

 

CNX--BANK NIFTY

Open—41234.55---High—41347--Low—40750---Close—40874.35 on 27.10.2021.

Support:40855/40680/40498/40291/40011.15/39292.80/38377.25/38112.75/37708.75/37315.20/36876.35. 

Resistance: -41173/41811/41830/41965/42036/42222/42808/43050/43248/45178.

(Bold and underlined figures are most important)

It opened on a flat note and moved in a very short range for a long time but finally closed below its first critical point of 41231 with a loss of 363.95 points. It has slipped into very short term correction mode today which is concerning and if it remains below it down move may accelerate. However as long as it holds its most critical support range of 40483—40211---39907(figure will increase every day) it seems that there is no major threat to the on-going up move and it may continue it off course with intermittent corrections. Moving up from here it will face resistance at 41811---41830---41965---42036---42222---42808---43050, it could correct from any of these points and then may resume the up move again or may break down also which may be kept in mind. Similarly moving down its critical support points could be at 40661---40578---40490---40175---40009---39960 (figure may change), it may bounce back from any of these points,  it has slipped into very short term correction mode today, break below the range of 40661---40578---40490 will push it into short term correction mode, break below 40175 will weaken it further and sustained break 39960 will push it into deep short term correction mode, which may please be noted. 

It is important to mention here that its long term technical setup is strong and good for the uptrend to continue. The short term bias is also positive as of now. Furthermore except for one other important technical indicator is also positive as of now, so it may continue the up move with an accelerated pace in coming days with in between down correction.  But I would like to caution here that although it is on a very sound technical footing as of now and further rise is indicated, but with every rise in it the risk element is also increasing, so be alert and careful in your long commitment henceforth.

In view of the above, since it slipped into correction mode therefore safe traders can try long trade only if it closes above 41240 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can try long trade on decline at appropriate points or near the range of 40661---40578---40490 but not below it for pullback gains. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious and alert in the long trade at this point of time.   It is in the long term uptrend but in correction mode now, 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 because it is in 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 on decline at appropriate points or near or within the range of 40661---40578---40490 but not below it with a stop loss of 40200. It is for the aggressive traders and could be a risky trade.

2. Sell near if it does not move above 41240 in first one and half hour of trade with a stop loss of 41400. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 40250 and maintain for some time with a stop loss of 40500. It could be a risky trade but worth trying for intraday gains.

Or

Sell if it moves below 40750 and maintain for some time with a stop loss of 40900. It is for the aggressive traders and 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---28.10.2021

 

CNX-NIFTY

 Open—18295.85--High—18342.05—Low—18167.90---Close-18210.95 on 27.10.2021.

Support:18118.60/18034.35/17968.50/17947.75/17613.15/17576/17452.90/17326.10/17254.20/17055/16701.85.                                                                                                                                                           

Resistance: -18332.70/18604.50/18778/18817/18950/19505/19549/19575/19639/20390.09/20405/20656.           

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and moved in a range for quite some time but in the late afternoon it slipped down and closed with a loss of 57.45 points. Today’s price pattern showed some weakness, furthermore it is still into very short term correction mode ,therefore further fall cannot be ruled out, but as long as it holds  its critical point of 18118.60 on the closing basis it may still try to move up . Please note that to get out of corrective mode it has to close above 18332.70 and sustain else down move may continue. It is important to mention here that till it holds the range of 18026---17950---17850(figures will increase every day) there is no major threat to the on-going up move, which may please be noted. Moving down its critical support points could be at 18118.60---18078.55---18028---17875---17860---17775---17724---17452(figure may change), it is still into very short term correction mode now, break below 18118.60 will weaken it, break below 18078.55---18028 will push it into short term correction mode, break below 17860 will push it into deep short term correction mode, break below 17775 will weaken it further and finally sustained break below 17452 on the closing basis will indicate that the on-going uptrend may be in jeopardy. Similarly moving up it will face stiff resistance at 18286.50---18302.75---18332.70---18362---18407---18454---18478---18512---18525---18550---18605---18778---19549---19575---19639(figures may change) and it could react from any of these points and then may resume the uptrend again or may break down also which may please be noted.

It is important to mention here that its long term technical setup is still good for the uptrend to continue. It is still into very short term correction mode therefore further fall cannot be ruled out if it remains in the corrective mode. Furthermore please note that few technical indicator are giving weak indication which is also concerning and may accelerate the fall in coming days. It is therefore suggested to be extra alert and cautious in long trade till correction completion sign emerges.

In view of the above, it is still into correction mode therefore safe traders can try long trade only if it closes above its critical points 18332.70 or if it gives visible indication of correction completion at the lower levels. However, aggressive traders can try long trade if it moves above 18270 and maintain for some time or can try buy on decline near 18118.60 but not below it. Please note that long trade in a corrective mode could be a risky affair, therefore one should be extremely cautious in the long trade at this point of time.  It is in the long term uptrend but now in correction mode, 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 because it is in long term uptrend as of now.

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 18270 and maintain for some time with a stop loss of 18200. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline at appropriate point or near 18118.60 but not below it with a stop loss of 18090. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 18340---18360 with a stop loss of 18390. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 18270 in first one and half hour of trade with a stop loss of 18300. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18114 and maintain for some time with a stop loss of 18170. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 18210 and maintain for some time with a stop loss of 18240. 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.