A TECHNICAL VIEW ON CNX--BANK NIFTY FOR- 19.5.2020

CNX--BANK NIFTY

 

Open-18795.10--High-18795.10--Low-17514.20—Close-17573.20 on 18.5.2020

Support:17497/17380/17286.40/17248.42/17143/16635/16450/16193.25/16116.25/15850/15440/15162.

Resistance:18175/18287/18565.06/18703.45/18941/19051/19200/19350/19460/19585/19680/19825/19934/20010.

 (Bold and underlined figures are most important)

It opened on a flat to negative note today at 18795.10 and the open was high also for the day, then it plummeted and made a low of 17514.20 in the late afternoon and closed the day near the low at 17573.20 with a colossal loss of 1260.75 points.

 It has been showing extreme weakness for quite some time and today was no exception, it broke its first support range effortlessly and decisively, but it took support near its second range last point at 17400 (see my post of 18.5.2020) The fall was huge but since it took support on the second range last point, so it may stage a short up move from here before finally breaking this point. Moving down the support ranges for now is mentioned hereunder.

1. 17400----17286---17248----17143---sustained break below 17143 will accelerate the fall.

2. 16635---16450---16193----16116.

3. since it has been running far below its most critical point of 20010 for quite some time, therefore it is very likely that it could retest its bottom of 16116.25 made on 24.3.2020 in coming days/weeks. Furthermore if it sustain below 17248 then it will definitely break the bottom of 16116.25 and open the downside up to 13407 levels which may please be noted. So the bench mark point for now is 17248.

In case it gives move up it will face stiff resistance in the range mentioned hereunder.

1. 18175---18287---18565.06—sustained close above 18565.06 may take it little higher.

2. 18840----19215---sustained close above 19215 will give some strength for the up move.

The trend is down and in view of today’s huge down move, it is not likely to move up beyond the range of 18175---18565---18840 on the intraday basis in case of pullback rally, therefore any up move should be utilised for selling till it closes above its critical points of  18565.06. Therefore it is strongly advised to avoid long trade completely as of now.

TRADING STARTAGY      

1. Sell on the rise in the range of 18175---18287---18565---18840 with a stop loss of above 19200. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 19200 only.

 

Or

 Sell below 17248 with a stop loss of above 17425. This is a short

 stop loss and possibly it could be triggered one or two times, but  

 one has to initiate short position again below 17248 for the

 day.

Remark: - The long term trend is down. It looks extremely weak technically and there was a complete breakdown today, therefore long trade should be completely avoided and should be reviewed only if it closes above its critical point of 18565.06. It is suggested to adopt sell on the rise strategy or sell on the price breakdown as suggested above. The long term bias is hugely bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

A BROAD TECHNICAL VIEW ON CNX-NIFTY FOR THE WEEK STARTING FROM---18.5.2020

CNX-NIFTY

 

Open-9182.40--High-9182.40—Low-9050—Close-9136.85 on 15.5.2020

 

Support:9116.50/9090/9038.90/9000/8967.23/8900/8860/8842.28/8801.14/8672.07/8617/8555/.

 

Resistance:9244/9290/9327.85/9390.31/9468.75/9685.55/9687.55.

 

 (Bold and underlined figures are most important)                                                                       

It exhibited huge volatility during the preceding week, it made a high of 9584.50 and made a low of 9043.95 and finally ended the week near the lower end at 9136.85, which is a weak sign.

It is in the downtrend but in between frantic up move upset the thought process and confuses you about the direction of the market. The trend is down for sure as of now and any up rally should be utilised for selling till it closes above its critical points of 9243.89---9327.85----9390.31 and sustain, therefore up move seems to be capped in the range of 9250----9450 on intraday basis as of now. Moving down it has the following support range.

1.9116.50---9090----9038-  it took support around 9038 couple of time ,therefore sustained break below 9038 may accelerate the fall.

2.8980---8967---8940---8909— sustained break below 8909 will trigger sharp fall.

3.8821---8801---8672- sustained break below 8672 will indicate that it could retest or break its bottom of 7511.10 made on 24.3.2020 in coming days/weeks.

In view of the above observation it is clear that the trend is down, but in between up rally cannot be ruled, therefore it is suggested to avoid long trade till it closes above the critical points mentioned above, however aggressive traders who wish to take advantage of the in between short up move may initiate trade with the help of support points and exit trade with the help of resistance points mentioned above. Please note that long trade could be a risky affair. So it is apt for now to adopt selling on the rise strategy or sell on the price breakdown.

TRADING STARTAGY      

1. Sell on the rise in the range of 9240---9327.85---9390.31 ---9450

    with a stop loss of above 9475. Kindly note that the self defined short      

    stop losses can be applied by the traders, but the authentic stop loss

    would be 9475 only.     

 Or

Sell below 9038 with a stop loss of above 9130.

Remark: - The long term trend is down. It showed extreme volatility during the week but headed down, thereby indicating weakness; therefore long trade should be avoided for now and be reviewed only if it closes above its critical points mentioned above. Only short trade should be attempted as suggested above. The long term bias is hugely bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.

 

A BROAD TECHNICAL VIEW ON CNX--BANK NIFTY FOR THE WEEK STARTING FROM- 18.5.2020

CNX--BANK NIFTY

Open-19098.80--High-19119.10--Low-18683.65—Close-18833.95 on 15.5.2020

 

Support:18703.45/18400/18150/17854/17340/17248.42/17143.20/16946/16759/16587/16193/16116.25.

 

Resistance:18941/19051/19155.48/19200/19635/19769/19881/19934/20010/20260/20514.75/20586.22/21122.10/21348.15/21462.40.

 

 (Bold and underlined figures are most important)

It exhibited huge volatility during the preceding week, it made a high of 20122.25 and made a low of 18287 during the week and finally ended the week near the lower bracket at 18833.95.

It has been weak technically (see my last few posts) and is in the downtrend now but in between frantic up move upset the thought process and confuses you about the direction of the market. The trend is down now for sure and any up rally should be utilised for selling only till it closes above its critical points of 19155.48---19695----20010 and sustain, therefore up move seems to be capped in the range of 19200----19695----20010---20300 on intraday basis as of now. Moving down it has the following support range.

1.18703---18400---18170--sustained break below 18170 may accelerate the fall.

2.17900---17600---17400 sustained break below 17400 will trigger sharp fall.

3. Since it has been running below its most critical point of 20010 for some time and if it stays below it, then it is very likely that it could retest or break its bottom of 16116.25 made on 24.3.2020 in coming days/weeks.

In view of the above observation it is clear that the trend is down, but in between up rally cannot be ruled, therefore it is suggested to avoid long trade till it closes above its critical points mentioned above. So it is apt for now to adopt selling on the rise strategy or sell on the price breakdown.

TRADING STARTAGY      

1. Sell on the rise in the range of 19200---19700---20010---20300 with a stop    loss of above 20400. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20400 only.

 Or

 Sell below 18680 with a stop loss of above 18850. This is a short

 stop loss and possibly it could be triggered one or two times, but  

 one has to initiate short position again below 18850 for the

 day.

Remark: - The long term trend is down. It looks extremely weak technically; therefore long trade should be completely avoided till its closes above its critical points as mentioned above. Only short trade should be attempted as suggested above. The long term bias is hugely bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

 

INTRA-DAY TRADING CALLS FOR 15.5.2020

TRADING CALLS

 

1. HINDALCO.

Sell below -117, S/L-118.50, Target-115/111.70/105.

 

2. ASIAN PAINTS.

Sell below-1517, S/L-1525, Target-1512/1490/1470/1458.

 

3. INFOSYS.

Sell below -652, S/L-660, Target-639/627/610.

     

4. BAJAJ FINANCE.

Sell below-2095.S/L-2120,Target-2060/2040/2015/1980.

 

5. HDFC BANK.

 Sell near but below-905, S/L-915, Target-890/871/860.

 

6. HDFC LTD.

Sell below -1628, S/L-1640, Target-1595/1580/1550.                                    

 

7. KOTAK MAHINDRA BANK.

Sell below-1167, S/L-1180, Target-1137/1114/1095.

 

8. ICICI BANK.

Sell below-336, S/L-340, Target-325/319/308/298.

 

9. RELIANCE IND.

Sell below -1430, S/L-1440, Target-1417/1392/1380/1365.  

 

10. INDUSIND BANK.

Sell below-428, S/L, 435, Target-415/408/395/380.

 

11. SHRIRAM TRANSPORT FINANCE CO.

Sell below-642, S/L, 652 ,Target-632/608/589/566.

                          

12. SBI.

Sell below-167.50, S/L-169, Target-166/157/150/145/140.

 

13. TECH MAHINDRA.

Sell below-514, S/L-520, Target-502/490/487.

 

14. TATA STEEL.

Sell below-267, S/L-271, Target-264/259/251.

 

15. MOTHERSON SUMI.

Sell below-79, S/L-80.50, Target-76/74/71.

 

16. PETRONET LNG.

Sell below-229.75, S/L-232, Target-223/219/215.

                                            

                            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 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.                       

 

 Contact me for strategic guidance to enter and exit the trade

 

   

                     

  

 

                    

                            

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY- 15.5.2020

CNX--BANK NIFTY

 Open-19197.70--High-19380.10--Low-19024.75—Close-19068.50 on 14.5.2020

Support:18941/18854/18300/18100/17840/17340/17248.42/17143.20/16946/16759/16587/16387/16193/16116.25.

 

Resistance: 19420/19565/19694.55/19765/19851/19870/19970//20010/20391/20586.22/21122.10/21348.15/21462.40.

  (Bold and underlined figures are most important)

It could not sustain yesterdays euphoric up move and opened today with a down gap at 19197.70 and made a high of 19380.10 and then moved down and made a low of 19024.75 and finally closed near the low of the day at 19068.50 with a loss of 566 points.

As mentioned in my earlier post that it was already weak technically and is in down correction mode so the yesterdays up move was just an overreaction of the economic package announcement and hence fizzled out abruptly. It is therefore suggested to avoid long trade completely till it moves above 20010 and sustain on the closing basis. It is strongly suggested to adopt sell on the rise strategy or sell on the price break down as of now. Moving down it has good support at 18854----18400----18300----18100. Please note that sustained break below 18100 will accelerate the fall. So short trade can be squared off in the range of 18300—18100 and can be initiated again below 18100.

 

TRADING STARTAGY      

1. Sell on the rise in the range of 19460----19650----19770---19850---20010---20100 with a stop loss of above 20200. Kindly note that the self defined stop losses can be applied by the traders but the authentic stop loss would be 20200 only.

Remark: - The long term trend is down. Yesterdays up move was almost reversed today, furthermore it is already weak technically, therefore long trade should be completely avoided till it moves above 20010 and sustain on the closing basis. Only short trade should be attempted on the rise or on the price break down as suggested above. The long term bias is hugely bearish as of now.    

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.

 

Contact me for strategic guidance to enter and exit trade.

 

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR -15.5.2020

CNX-NIFTY

 

Open-9213.95--High-9281.10—Low-9119.75—Close-9142.75 on 14.5.2020

Support:9141/9120/9116.50/9090/9038.90/8980/8948/8905/8880/8842.28/8821.90/8801.14/8700/8672.07/8617/8555.

Resistance:9185/9240/9260/9280/9305/9327.85/9390.31/9468.75---9478/9493/9584.50/9685.55/9687.55/9722/9822.

 (Bold and underlined figures are most important)    

 It could not sustain yesterdays euphoric up move and opened today with a down gap at 9213.95 and made a high of 9281.10 and then moved down and made a low of 9119.75 and finally ended the day almost near the low at 9142.75 with a loss of 240.80   points. It wiped out its yesterdays gain completely and registered fresh losses today, which speaks of gross weakness in it.

It is in down correction mode and yesterdays up move was just an overreaction of the economic package announcement and hence fizzled out abruptly. It is therefore suggested to avoid long trade completely till it moves above 9390.31 and sustain on the closing basis. It is strongly suggested to adopt sell on the rise strategy or sell on the price breakdown as of now. Moving down it has good support at 9120---9090---9038---8990---8940 but sustained break below 9038 may accelerate the fall.

     

TRADING STARTAGY      

 1. Sell on the rise in the range of 9220----9240----9270---9327.85---9390.31, but not above 9390.31 with a stop loss of above 9475. Kindly note that the self defined short stop losses can be applied by the traders, but the authentic stop loss would be 9475 only.

Remark: - The long term trend is down. Yesterdays robust up move fell flat today which indicate gross weakness, therefore long trade should be completely avoided till it closes above 9390.31 and sustain. I would still prefer and suggest adopting sell on the rise strategy till it closes above 9390.31 and sustain. The long term bias is bearish.    

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.

 

Contact me for strategic guidance to enter and exit trade.