INTRA-DAY TRADING CALLS FOR 5.10.2023

 

TRADING CALLS

 

1. DR.REDDYS LAB.

Sell below-5401, S/L-5420, Target-5389/5348/5304/5278.

2. ICICI BANK.

Sell  below- 925, S/L-936, Target—914.80/892/880.

3. HDFC BANK.

Buy above-1535, S/L-1525, Target-1541/1560/1575.

4. AXIS BANK.

Sell below-988, S/L-997, Target-978/968/962/950.

5. INFOSYS.

Buy above-1450, S/L-1440, Target-1456/1470/1480.

6. BAJAJ AUTO.

Sell below -4903, S/L-4920, Target-4890/4824/4774.

7. S.BI.

Sell below -583, S/L-588, Target-579/571/568/559. 

PLEASE NOTE THAT INTRADAY TRADES ARE HIGHLY RISKY AFFAIR, THEREFORE TRADE WITH EXTREME CAUTION. 

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 CNX-BANK NIFTY—5.10.2023

 

CNX-BANK NIFTY

Open---44108.15---High—44161.35---Low---43857.50---Close—43964.05 on 4.10.2023.

Support:- 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44151.80/ 44182.50/44207.25/44254/44279.40/44459.25/44498.60/44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It is exhibiting tremendous weakness in price action, it opened with a down gap and went down further and finally ended the day with a loss of 435 points.  It is into deep short  & medium term correction mode now for recent and earlier gains as it is decisively below its threshold point of 44539, which is a weak sign and most importantly now it is posing a threat to its long term uptrend. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also; all together it is a very weak sign and indicates that further fall may be ahead with short relief rallies. Please note that to get into meaningful pullback mode it has to close above 44437(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but it can have very short pullback up move or relief rally also if it moves above 44151.80&44254(figure may change) and sustain on the closing basis, else down move may continue. But to get into strong up momentum track it has to close above 45060---45816 & 45820(figures may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it was terribly weak today. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days in a row then the trend may reverse, else it can continue the down move, so watch out price action. It is into deep short and medium term correction now but the long term trend is still up.  

Kindly note that moving down from here the key support points could be 43600.35---43446---43345.90---43038.25---42986.45---42868(figure may change) break below 43600.35 will be an alert point for further fall, sustained break below 43345.90 on the closing basis may will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also and finally sustained break below 43038.25---42986.45 & 42868 may end the possibility of a steady up move, which please note.  

Moving up from here it may face resistance at 44090---44151.80---44254---44437---44539---44577---44658---44756---44795---45084---45118---45311---45373---45671---45725---45782.75---45816---45820---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: -- It is into short & medium term correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 43850 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44437 at least. But aggressive traders can try long trade on decline near or within the range of 43600---43345.90 with a stop loss of 43100.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short and medium correction mode now, therefore short trade can be attempted but with extreme caution and care on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 44465---44525 with a stop loss of 44600 or sell if it moves below 43850 with a stop loss of 44080.

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.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—5.10.2023

 

CNX-NIFTY

 Open-19446.30---High—19457.80--Low-19333.60--Close-19436.10 on 4.10.2023.

Support: 19421/19405/19361.75/19333.60/ 19303.60/19300/19296.45/19253.60/19223.65/18887.60/18646.70/18555.40/18464.55

Resistance: 19458.55/ 19465/19467.50/19482.75/19492.10/19563.10/19584.45/19615.95/ /19645.50/19657.50/ 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45.

 (Bold and underlined figures are most important)

It is exhibiting tremendous weakness, it opened with a down gap and the plunged down but in the later half of the day it staged a sharp bounce back but finally ended the day with a loss of 92.65 points. It is already into short term correction mode for its recent rise. It is below some of its short and medium term moving averages on the daily chart and below some short term averages on the weekly chart also which is a weak sign and indicates that further fall may be ahead with in between short relief rallies. Please note that to get into meaningful pullback mode it has to close above 19544(figure may change) and sustain on the closing basis then there is a hope that the up move may extend but it can have very short pullback up move or relief rally if it holds the threshold point of 19436(figure may change), else down move may continue. But to get into strong up momentum track it has to close above 19790 & 19991.85 and then above 20045(this figure may change) and sustain on the closing basis. The short term technical setup is already, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also negative as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it was terribly weak today. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days in a row then the trend may reverse, else down move may continue, so watch out price action. It is into short correction mode now but the long term trend is up.

Kindly note that moving down from here its strong support points would be 19421(figure may change) break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300—19255---19234---19223.60. It is important to mention here that sustained break below 19223.60 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

Moving up from here it may face resistance at 19499---19544---19601---19673---19680---19778---19883---19986.73---19991.85---20013----20045---20201---20222.45(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: - It is into short correction mode, therefore it is sell on the rise market now till it closes above 19991.85 and sustain. Please note that long trade could be risky affair till correction is on but can be tried intraday at critical support points for pullback gains only. It can get out of correction once it closes above 19986.73 and sustain. Long trade below 19405 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above its pullback threshold point of 19544 at least and sustains. But aggressive traders can try long trade if it moves above 19460 with a stop loss of 19400 or on sharp decline near or within the range of 19300---19230 with a stop loss of 19180.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but in correction mode now, therefore short trade can be attempted but with extreme caution and care on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19540---19560 with a stop loss of 19600 or sell if it moves below19405 with a stop loss of 19470.

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.

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 favourable 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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—4.10.2023

 

CNX-NIFTY

 Open-19622.40---High—19623.20--Low-19479.65--Close-19528.75 on 3.10.2023.

Support: 19523.55/19492.10/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55

Resistance: 19563.10/19584.45/19615.95/ /19645.50/19657.50/ 19795.60/19867.55/19887.40/19901/19986.73/ 19991.85/20168/20184/20201/20222.45/20245/20285/20390/20467/20500/20568/20760.

 (Bold and underlined figures are most important)

It opened on a negative note and started to move down and finally ended the day with a loss of 109.55 points. It is already into short term correction mode for its recent rise. It is below some of its short and medium term moving averages on the daily chart and below some short term averages on the weekly chart also which is a weak sign and indicates that further fall may be ahead with in between short relief rallies. Please note that to get into pullback mode it has to close above 19655(figure may change) and sustain on the closing basis then there is a hope that the up move may extend, else down move may continue. But to get into strong up momentum track it has to close above 19800 & 19991.85 and then above 20074(this figure may change) and sustain on the closing basis. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it is still weak. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days in a row then the trend may reverse, else down move may continue, so watch out price action. It is into short correction mode now but the long term trend is up.

Kindly note that moving down from here its strong support points would be 19523.55--19492.10---19451---19421(figure may change) break below 19523.55 will be an alert point, break below 19492 will weaken it and break below 19421 will push it into deep medium term corrective mode and it may slide down further and then the next strong support range would be between 19300—19255---19234---19223.60. It is important to mention here that sustained break below 19223.60 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

Moving up from here it may face resistance at 19655---19698---19763---19811---19838---19851---19939---19986.73---19991.85---20047----20074---20201---20222.45(figure may change), Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

IMPORTANT NOTE: - It is into short correction mode, therefore it is sell on the rise market now till it closes above 19991.85 and sustain. Please note that long trade could be risky affair till correction is on but can be tried intraday at critical support points for pullback gains only. It can get out of correction once it closes above 19986.73 and sustain. Long trade below 19492 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above its pullback threshold point of 19655 at least and sustains. But aggressive traders can try long trade if it holds 19523 for some time with a stop loss of 19475 or on sharp decline near or within the range of 19300---19230 with a stop loss of 19180.  

2. It is into the long term uptrend therefore short trade in general could be a risky affair, but in correction mode now, therefore short trade can be attempted but with extreme caution and care on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19640---19670 with a stop loss of 19820 or sell if it moves below19492 with a stop loss of 19570.

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.

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 favourable 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. 

 for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 Email--- suranank@gmail.com

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—4.10.2023

 

CNX-BANK NIFTY

Open---44561.50---High—44566.30---Low---44243.10---Close—44399.05 on 3.10.2023.

Support:-44279.40/44254/44207.25/44182.50/44151.80/ 43950/43862/43830.75/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44459.25/44498.60/44539/44547.80/44795/44949.60/45118.05/45238.80/45655.50/ 45782.75/45816/45893.80/46310.40/46369.50/46761/47063/47123/47284/47427/47755/48081/48198/48446/49139.           

 (Bold and underlined figures are most important)

It opened on a negative note started to move down further and finally ended the day with a loss of 185.50 points.  It was already into deep short correction mode for quite some time for its recent rise but today it slipped again into medium term correction mode for earlier gains as it is decisively closed below its threshold point of 44539, which is a weak sign. It is below some of its short & medium term moving averages on the daily and below some short term moving averages on the weekly chart also; all together it is a very weak sign and indicates that further fall may be ahead with short relief rallies. Please note that to get it into pullback mode it has to close above 44685(figure may change) and sustain, else the down move may continue, but to get into strong up momentum track it has to close above 45050---45816 & 45885(figures may change) and sustain on the closing basis. However, if it manages to hold the range of 44254---44151.80 it can still bounce back but break below this range could be highly concerning. The short term technical setup has weakened, furthermore on the daily chart all the five important indicators are negative now therefore down move is likely to continue, few indicators on the weekly and monthly chart are also showing weakness as of now. Please note that weak indicators with weak price action are a deadly combination and it can pull it down sharply and the price action has been weak since 18.9.2023 and it is still weak. It is therefore suggested to keep an eye on the price action and look for higher highs & lows for at least 2-3 days in a row then the trend may reverse, else it can continue the down move, so watch out price action. It is into deep short and medium term correction now but the long term trend is still up.  

Moving up from here it may face resistance at 44539---44585---44628---44658---44685---44704---44995—45011---45118---45259---45311---45507----45671---45725---45782.75---45816---45885---46310.40---46369.50(some figure may change). Please note that it may correct at any of these points and then may resume the up move again or rally may exhaust also.

Kindly note that moving down from here the key support points could be 44300.95---44254---44151.80(figure may change) break below 44300 will be an alert sign, but  if it holds  the range of 44254 & 44151.80 on the closing basis then the hope of  up move will still  be alive ,but break below 44151.80 on the closing basis may dampen the possibility of continuation of the up move and it may slide down and then the next strong support range would be between 44072----43600----43446---43345.95 break below 44072(figure will change every day) will threaten the long term uptrend. It is important to mention here that sustained break below 43345.95 on the closing basis will trigger fresh fall and it may witness an accelerated down move and most importantly it could be trend threatening also, which may please be noted.

IMPORTANT NOTE: -- It is into short & medium term correction mode now, therefore it is sell on the rise market now till it closes above 45816 and sustain, therefore long trade could be risky thing till correction is on, but long trade can be tried intraday at critical support points for pullback gains only. Long trade below 44300 could be a risky bet for the day.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion sign emerges or it closes above 44685 at least. But aggressive traders can try long trade on decline near or within the range of 44300—44151.80 with a stop loss of 44000.

 2. It is into the long term uptrend therefore short trade in general could be a risky affair, but it is into deep short and medium correction mode now, therefore short trade can be attempted but with extreme caution and care on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 44640---44680 with a stop loss of 44770 or sell if it moves below 44151 with a stop loss of 44350.

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.

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 favourable 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.