A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –10.9.2020

 

CNX--BANK NIFTY

Open-22486.70--High-22554.60--Low-22080.40—Close-22267 on 9.9.2020

Support: 21967/21886/21403/21031/20926.

Resistance:22418/22439.95/22479.85/22866/23080.60/23211.35/23385.30/24240/24364.17.

Critical Points moving up: 22636---22866---23080---23318---23770---24364.27----24418.          

Critical Points moving down:-22169---22022---21871.68---20369---20010.

(Bold and underlined figures are most important)

It is showing extreme weakness  and as expected broken all key levels going down but managed to close above one key point of 22169  but as of now the technical setup is very weak and indicates that it is likely to break this level again and  go down further in coming days. However if it moves above 11287(it will change every day) and sustain on the closing basis then it could give short recovery but it will gain some tangible strength for a reasonable up rally if it moves above 22418 & 22825 and sustain on the closing basis else it will move sideways with strong downward bias. Moving down it will find support at 22022---21871---21403---21031---20926. The technical indicators suggest that it is likely to hit 21680 levels on the downside or below and if it sustains below 21872 on the closing basis then it is very likely that it could hit the range of 21031---20926 in coming days. Looking at the overall technical setup now, it seems that down move may continue for some time and it may seek lower levels in coming days. 

In view of the above observation, since it is in correction mode now therefore long trade should be avoided till it starts making higher bottom and top on the line chart or gives a visible indication of bottom formation on the bar chart. However, long trade can be tried by the aggressive traders as long as it holds 22169 and not below it, but it could be a risky trade. Since it is correction mode therefore it is strongly suggested to adopt sell on the rise strategy in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown till it give visible sign of lasting bottom formation.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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

1. Buy on decline near 22169 but not below it with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near or within the range of 22650---22850 with a stop loss of 22940. It could be a risky trade but worth trying.

Or

Sell near if it maintains below 22876 with a stop loss of 22980. It could be a risky trade but worth trying.

Or

Sell if it moves below 22169 and maintains with a stop loss of 22350. 

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –9.9.2020

 

CNX-NIFTY

 Open—11378.55--High—11437.25—Low—11290.45---Close-11317.35, on 8.9.2020.

Support:11303.65/11289.80/11248/11111.45/11056/10882.                                                           

Resistance: 11325.85/11378/11447/11460.35/11584.95/11633/11694.85/11736/11761/11794.25.

Critical Points moving down: 11303---11289.80---11248---11111.45---11056---10882.

Critical Points moving up: -11325--11390--11447---11542---11633---11675—11761---11794.25.

(Bold and underlined figures are most important)

It has been making lower top and bottom on the line chart; it is below its short term moving averages, way below its major rising trend line and the benchmark point of 11447. Therefore the technical setup is showing gross weakness as of now and indicates further fall ahead in the coming days. But it is still holding on to its important points of 11289.80---11269.52---11248 and only sustained break below 11248 on the closing basis may accelerate the fall else it may bounce back but to resume the uptrend again it has to move above 11447 level and sustain on the closing basis. Moving down it will find support at 11171.55---11111.45---11030---10900----10882, please note that if it fails to hold the range of 11030—10882 then the fall will accelerate and may hit the range of 10750---10600 or below. Looking at some of the technical indicators it is very much likely to drift down in coming days off course with intermittent short up moves.   

In view of the above observation long trade should be avoided now and can only be tried if it moves and sustain above 11447 on the closing basis or on the decline near or within the range of 11030—10882, but aggressive traders can try long trade in the range of 11289---11248 also, but it could be a highly risky trade mind you. Since it is in correction mode therefore as of now it is suggested to adopt sell on the rise strategy near or within the appropriate range or on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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

1. Buy on decline in the range of 11289—11248 for aggressive traders with a stop loss of 11220. It could be a highly risky trade.

Or

Buy on decline near or within the range of 11030--10882 with a stop loss of 10840. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11375---11425 with a stop loss of 11480.

Or

Sell if it falls below 11289 and maintain below it for some time with a stop loss of 11350.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –9.9.2020

 

CNX--BANK NIFTY

Open-22971.20--High-23064.15--Low-22641.40—Close-22744.40 on 8.9.2020

Support: 22479.85/22439.95/22418/21967/21886/21403/21031.

Resistance:22866/23080.60/23211.35/23385.30/24240/24364.17/24617/25232.60/25430/25725.

Critical Points moving up: 22866---23080---23318---23770---24364.27----24612---24880----25120----25432.    

Critical Points moving down:-22866---22693---22479.85---22418---22306---22169--21871.

(Bold and underlined figures are most important)

It is making lower top and bottom and steadily moving down breaking important levels on the downside but still holding on to its recent important points of 22632---22418---22311(1st and 3^rd figure will change every day) Please note that sustained break below 22311 on the closing basis may put the uptrend in potential danger. Moving down it may find support at 22169----21886---21403---21031---20926 sustained break below 22169 can drag it down further and sustained break below 20926 may accelerate the fall further, which may please be noted. Looking at the overall technical setup now, it seems that down move may continue for some time and it may seek lower levels in coming days. 

In view of the above observation, since it is in correction mode now therefore long trade should be avoided till it starts making higher bottom and top on the line chart or gives a visible indication of bottom formation on the bar chart. However, long trade can be tried on decline near or within, the range of 22311—22169, but it could be a risky trade. It is therefore strongly suggested to adopt sell on the rise strategy in the appropriate price range or sell on the price breakdown for taking advantage of the corrective move or for taking advantage of possible rally breakdown.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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

1. Buy on decline near or within the range of 22311—22169 with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near or within the range of 23100---23200 with a stop loss of 23300. It could be a risky trade but worth trying.

Or

Sell if it maintains below 22876 with a stop loss of 22980. It could be a risky trade but worth trying.

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR –8.9.2020

 

CNX-NIFTY

 Open—11359.60--High—11381.15—Low—11251.70---Close-11355.05, on 7.9.2020.

Support:11325.85/11303.65/11289.80/11111.45/11056/10882.                                                      

Resistance: 11378/11447/11460.35/11584.95/11633/11694.85/11736/11761/11794.25.

Critical Points moving down: 11325---11289.80---11248---11111.45---11056---10882.

Critical Points moving up: -11390--11447---11542---11633---11675—11761---11794.25.

(Bold and underlined figures are most important)

The view and observation expressed in my post for 7.9.2020 will be valid for 8.9.2020 trading session also. In addition please note that it has three critical points moving down at 11289.80---11269.52—11248, it did stage a recovery today from these levels, but how long it will sustain has to be seen, sustained break below 11248 may accelerate the fall. The technical indicators as of now suggest that it is very likely that it may break the level of 11248 in coming days. Last but not the least that it has to move above 11447 and sustain on the closing basis for the uptrend to resume. I once again repeat that the overall technical parameter as of now indicates that it is likely to drift down in coming days with intermittent short up moves as it staged today.

There has been some change in the trading strategy for the day.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        

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

1. Buy on decline near or within the range of 11030--10904 with a stop loss of 10850. It could be a risky trade but worth trying.

2. Sell on the rise near or within the range of 11410---11450 with a stop loss of 11500.

Or

Sell if it falls below 11333 and maintain below it for some time with a stop loss of 11380.

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.

 

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX--BANK NIFTY FOR –8.9.2020

 

CNX--BANK NIFTY

Open-23036.25--High-23109.10--Low-22716.23—Close-22945.05 on 7.9.2020.

Support: 22866/22479.85/22439.95/22418/21967/21886/21403/21031.

Resistance:23080.60/23211.35/23385.30/24240/24364.17/24617/25232.60/25430/25725.

Critical Points moving up: 23080---23318---23770---24364.27----24612---24880----25120----25432.      

Critical Points moving down:-22866---22693---22479.85---22418---22367---22169--21871.

(Bold and underlined figures are most important)

The view and observation expressed in my post for 7.9.2020 will be valid for 8.9.2020 trading session also, except for the change in the critical  points which are at 22653---22330(figures will change every day) for the day; sustained break below 22330 on the closing basis may put the uptrend in potential danger. To resume the uptrend it has to really toil hard and cross many important point on the upside which is less likely to happen as of now. The technical indicators suggest that the fall is likely to continue with intermittent short up ticks. There has been some change in the trading strategy also for the day.

It is imperative to mention here that the ongoing surge in the Indian as well in the rest of the world stock market for the last few months is not at all fundamentally backed but purely liquidity driven which is concerning. In light of this instead of caution it seems that there is an irrational exuberance in the stock market now which is even more concerning. Please take my word that at this juncture if investors and traders do not exercise extreme caution and alertness particularly in the long trade then they are surely going to be trapped in coming days. One cannot time the correction but it seems that it is around the corner. 

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

1. Buy on decline near or within the range of 22330—22169 with a stop loss of 22000. It could be a risky trade.

2. Sell on the rise near or within the range of 23400---23500 with a stop loss of 23600. It could be a risky trade but worth trying.

Or

Sell if it moves below 22866 and maintain for some time with a stop loss of 22960. It could be a risky trade but worth trying.

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.

 

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON YES BANK—7.9.2020 (Study done on request)

 

YES BANK

Open-14.20--High-14.45--Low-14.05—Close-14.25 on 4.9.2020

Support:13.90/11.10/8.10/5.65 (all time low).

Resistance: 15.60/16.40/17.05/20.25/25/26/29/30.45/32/34.05/36.55.

Critical Points moving up:--17.05---20.25---26----32.

Critical Points moving down:--13.90---11.10---8.10---5.65.

(Bold and underlined figures are most important)

It made an all time high of 404 on 20.8.2018 and then moved down steadily with intermittent up move and made a spike bottom of 5.65 on 6.3.2020 and then went up vertically and made a top of 87.30 on 18.3.2020(in just 7 days) and thereafter it steadily moved down and made a recent low of 11.10 on 27.7.2020 and since then it has been moving in a range of 17.05---11.10. Please note that an either side breakout will decide which way it is going to move break below 11.10 can drag it down and it may test its all time low of 5.65 or go beyond, similarly sustained break above 17.05 can take it higher. Moving up it could go to 20.25---26---29---32—34.05. It is expected to move in the range for now with a slight downward bias.

Technically it is not at all good at this point of time; therefore it may spend considerable time in this range before giving decisive direction. It is important to mention here that the stock lost more than 98% of its value from the top and still quoting at 96.48% discount from the top value, which speaks that it is a very low pedigree stock. Please note that investment in these types of stocks is just like a lottery ticket you may win or may not, however in the stock market this saying also works some time that every stock has a day. Therefore investment in this is not suggested in general but those who wish to take a chance can invest some percentage of their total investible fund but as a dead investment and with a hope that it may give return some day. No wonder it can work some time. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

NOTE: - It is the technical assessment of the stock as of now, the technical interpretation changes with the price movement and time, therefore investors are advised to look into fundamental, financial details of the company and last but not the least management perception for the future of the company before taking investment decision.

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.