A TECHNICAL VIEW ON DR.REDDYS LAB LTD-26.10.2020

 

DR.REDDYS LAB LTD

Open-5051--High-5091--Low-4996—Close-5018.25 on 23.10.2020.

Support:5002/4996/4906/4831/4758.60/4560/4336.

Resistance: 5070/5150/5215/5280/5318/5322.80/5512.65 (all time high).

 (Bold and underlined figures are most important)

After hitting an all-time high of 5512.65 sometimes back, it was consolidating in the range of 5318---5002 for quite some time but recently it broke the range on the downside and hit a low of 4831 but bounced back above 5002 level again. The technical chart is O.K. as of now but showing weak sign on some advance technical parameters therefore the present range for it is between 5207---5002, since it is below 5207 therefore it seems that it has already gotten into correction mode and sustained break below 5002 on the closing basis may drag it down further, going down it will find support at 4906---4864----4831---4758.60---4711----4522---4475 and it may bounce back from any of these points for a pullback rally, which may please be noted. But to regain the strong up momentum again it has to move above 5207 and sustain on the closing basis and then move beyond 5318, else down move may continue. It is showing weakness in the price movement for few days now, therefore it is suggested that the traders or investors should be careful and cautious in the long trade at this point of 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. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. 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.

 

A TECHNICAL VIEW ON ADANI PORTS&SEZ LTD-26.10.2020

 

ADANI PORTS&SEZ LTD

Open-360--High-369--Low-367.65—Close-364.35 on 23.10.2020.

Support:358.35/357.35/355.50/353.75/341.25/339.65.

Resistance: 369/374.80/378.35/394.60/406.40/415.65/417/421.50/424/428.85—430.60/443.30/452.35 (all time high).

 (Bold and underlined figures are most important)

The technical chart is looking good as of now and it has made Inverse Head & Shoulder Pattern on the daily chart, it is a bullish pattern and if it gives upside breakout from its Neckline which is at 369 and sustain on the closing basis then the upside target could be 425 or it may retest it’s all time high of 452.35 levels also. Moving up to the targeted range it may face resistance at 378.35---386---394.60---406.40---417 levels. The present range for it is between 369---357---353, so it can be bought on decline at range point also but in that case your stop loss would be 350 and the apprehension remains whether it will give breakout from the neckline or not, if it doesn’t then the pattern will fail and it can go down. It is therefore suggested to take long position after it moves and sustain above the neckline of 369 on the closing basis then your stop loss for trade would be at 358. But those who trade with small quantity can buy on decline on delivery basis but should not hold it below 350 in any case. Please note that after the sustained breakout if it fall below 369 and sustain on the closing basis then also the pattern will fail this may be kept in mind.

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. PLEASE NOTE THAT IT IS PURELY A TECHNICAL CALL. 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.

 

A TECHNICAL VIEW ON CNX-NIFTY—26.10.2020

 

CNX-NIFTY

 Open—11957.90--High—11974.55—Low—11908.75---Close-11930.35 on 23.10.2020.

Support:11929.60/11832.30/11802.65/11794.25/11775.75/11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It did gave a positive close today but failed to cross the recent top of 11937.65  on the closing basis, however it could still cross the desired points  of 11937.65---11971.05---12025.45---12068 for the continuation of the ongoing uptrend in coming days provided it holds 11880 and finally 11775 on the closing basis as of now. It will give weak signal if it breaks and sustain below 11880 and will grow further weak and put the ongoing uptrend in danger if it sustain below 11775 on the closing basis and will get into deep corrective mode if it sustain below 11733(this can change with upward movement in prices) on the closing basis. Similarly if it moves and sustain above 12025.45 & 12068 on the closing basis then it may have accelerated up move, which may be kept in mind. The overall chart setup is strong as of now and indicates that the further up move is ahead in coming days/week/months and it is very likely to retest it all time high of 12430.50 or may go beyond it also, provided it holds it key points as mentioned above. The bias is bullish as of now.

Moving down it will find support at 11880---11832---11803---11794---11775---11733---11694.85---11661---11618---11584---11549.

Moving up the upside target or the resistance points could be at 11937.65---11971.05--12025.45---12041.15---12068---12130---12178---12415---12430.50.

In view of the above observation it is suggested for the safe traders to avoid long trade on the decline for the day but it can be tried if it maintains above 11940 for some time. However aggressive traders can try long trade if it maintain above 11940 or on the decline at the appropriate points but not below 11775. Please note that trying long trade on decline may be a risky affair for the day. Since it has made lower top on the line chart and has still not crossed it, so possibility of further down correction from here cannot be ruled out till it cross the recent top on the closing basis, therefore short trade can also be attempted after a reasonable rise at appropriate range or on the price breakdown for taking advantage of possible intraday correction or may be long correction.

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 if it moves and maintain above 11940 with a stop loss of 11875. It could be a risky trade but worth trying.

Or

Buy on decline but not below 11775 with a stop loss of 11720.It is for aggressive traders. It could be a highly risky trade but worth trying.

2. Sell on the rise near or within the range of 12040---12070 with a stop loss of 12100 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 11794 for some time with a stop loss of 11840. It could be 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 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—26.10.2020

 

CNX--BANK NIFTY

Open-24669.20--High-24764.05--Low-24360.85—Close-24478.30 on 23.10.2020

Support:24365/24240/24096.75/23912.75/23822/23605.40/23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:24617.15/24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It continued down move today but at the end respected its key points of 24386---24365---24267 and closed above it, which is a good sign. Please note that to keep the up momentum going it has to hold these key points and to close above its recent closing top of 24635.05 on the line chart and then move above its recent high 24823.60 and close above it. The chart setup looks o.k. as of now therefore further up move may be ahead. However in case it goes down, sustained break below 24386 on the closing basis may push it into correction mode and sustained  break below 24267 on the closing basis may accelerate the fall. Similarly sustained close above 24635.05 & 24823.60 levels could take it much higher at a faster speed.

Moving down it will find support at 24115—23897---23678---23408—23341.

Moving up the upside target or the resistance points could be at 24522---24656---24944---25232.60---25427---25724---25953---26312.

Please note that as long as it holds above 24365 levels on the closing basis then it may be heading for the level of 26312—26500 in coming days/weeks.

In view of the above observation long trade can be tried on decline at the appropriate points as mentioned above but not below 24267 or if it maintains above 24635 for some time. Today’s correction may continue if it breaks its key points on the closing basis, therefore short trade can also be attempted either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction.

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 if it moves and maintains above 24635 for some time with a stop loss of 24520.It could be risky trade.

Or

Buy on decline at appropriate points or near 24267 but not below it with a stop loss of 24150.

2. Sell on the rise near or within the range of 25050---25150 with a stop loss of 25250. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 24150 and maintain for some time with a stop loss of 24270.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 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—23.10.2020

 

CNX-NIFTY

 Open—11890--High—11939.55—Low—11823.45---Close-11896.45 on 22.10.2020.

Support:11832.30/11802.65/11794.25/11775.75/11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance:11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It did not showed the desired strength today and corrected; furthermore it made a lower top of 11937.65 on the line chart which is slightly concerning, but it has not made a lower bottom as yet which is comforting and a positive sign as of now for the up move to continue. It is also way above it key points of 11803 & 11733(figures can change with the change in prices) which is also a good sign. It is important to mention here that to resume the up momentum from here it has to move and close above 11937.65 first and then move above 11971.05---12025.45---12068 levels on the closing basis to provide strength and speed for the up move else it may correct further from here, which may please be noted. Therefore sustained close below 11800 or precisely below 11794 can put the ongoing up move in danger and sustained close below 11733 can push it into correction mode and the down move may accelerate.

 Moving down it will find support at 11832---11803---11786---11733---11694.85---11661---11618---11584---11549.

Moving up the upside target or the resistance points could be at 11971.05--12025.45---12041.15---12068---12130---12178---12415---12430.50.

In view of the above observation it is suggested for the safe traders to avoid long trade on the decline for the day but it can be tried if it maintains above 11940 for some time. However aggressive traders can try long trade if it maintain above 11940 or on the decline at the appropriate points but not below 11786. Please note that trying long trade on decline may be a risky affair for the day. Since it has made lower top on the line chart, so possibility of further correction from here cannot be ruled out therefore short trade can also be attempted after a reasonable rise at appropriate range or on the price breakdown for taking advantage of possible intraday correction or may be long correction.

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 if it moves and maintain above 11940 with a stop loss of 11870. It could be a risky trade but worth trying.

Or

Buy on decline but not below 11786 with a stop loss of 11725.It is for aggressive traders. It could be a highly risky trade but worth trying.

2. Sell on the rise near or within the range of 12040---12070 with a stop loss of 12100 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it does not move above 11940 in first 2 hours of trade with a stop loss of above 11980. It could be a highly risky trade but worth trying.

Or

Sell if it moves and maintain below 11725 for some time with a stop loss of 11805. It could be 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--BANK NIFTY FOR—23.10.2020

 

CNX--BANK NIFTY

Open-24447.35--High-24691.15--Low-24250.20—Close-24484.15 on 22.10.2020

Support:24365/24240/24096.75/23912.75/23822/23605.40/23388/23211.35/2308122866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:24617.15/24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It corrected today  and went below all its key points intraday but at the end closed reasonably above its key points of 24386---24365---24267 which is a good sign. Please note that to keep the up momentum going it has to hold these key points and to close above its recent closing top of 24635.05 on the line chart in next 1-2 days and then move above 24823.60 and close on the bar chart. After yesterdays robust bounce back today’s weak move was little surprising, however it still looks o.k. for the up move as long as it holds the key points.  However in case it goes down, sustained break below 24386 on the closing basis may push it into correction mode and sustained  break below 24267 on the closing basis may accelerate the fall and then it will find support at 24115—23897---23678---23408—23341. Similarly moving up from here the possible upside target or the resistance points could be at 24522---24656---24944---25232.60---25427---25724---25953---26312. Please note that as long as it holds above 24365 levels on the closing basis then it may be heading for the level of 26312—26500 in coming days/weeks.

In view of the above observation long trade can be tried on decline near 24386 & 24267 but not below 24267 or if it maintains above 24635 for some time. Today’s correction may continue if it breaks its key points therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction.

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 if it moves and maintains above 24635 for some time with a stop loss of 24550.It could be risky trade.

Or

Buy on decline near 24386 & 24267 but not below 24267 with a stop loss of 24150.

2. Sell on the rise near or within the range of 25300---25450 with a stop loss of 25530. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves below 24150 and maintain for some time with a stop loss of 24270.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—22.10.2020

 

CNX-NIFTY

 Open—11958.55--High—12018.65—Low—11775.75---Close-11937.65 on 21.10.2020.

Support:11929.60/11832.30/11802.65/11794.25/11761/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                                                           

Resistance:11981.75/12000.35/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

 As anticipated and envisaged it did came very close to the high of 12025.45 of the down bar it made on 15.10.2020 today but could not cross it, therefore corrected sharply in the afternoon and hit a low of 11775.75 and in the process it has filled the gap of 11789 also it created on 19.10.2020 and bounced back in a robust manner in the late afternoon to close with a gain of 40.85 points, which is a good sign and indicate strength. It is still well above its key points of 11803 & 11733(figures can change with the change in prices) and as long as it hold onto the above points on the closing basis it is likely to continue the uptrend, but sustained break below 11733 on the closing basis will push it into correction mode, which may be kept in mind. Moving down it will find support at 11832---11803---11733---11694.85---11661---11618---11584---11549.The overall chart setup is good as of now and indicates further rise ahead in coming days/weeks off course with an intermittent correction. Moving up the upside target or the resistance points could be at12025.45---12041.15---12068---12130---12178---12415---12430.50.

In view of the above observation it is suggested for the safe traders to avoid long trade on the decline for the day but it can be tried if it maintains above 11940 for some time. However aggressive traders can try long trade if it maintain above 11940 or on the decline at the appropriate points but not below 11803. Please note that trying long call on decline may be a risky affair for the day but can be tried because of technical strength in it. Since it exhibited extra ordinary strength today therefore short trade in general should be avoided but  can  be attempted either after a reasonable rise in the appropriate range or on the price breakdown for taking advantage of possible intraday correction or otherwise.

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 if it moves and maintain above 11940 with a stop loss of 11890. It could be a risky trade but worth trying.

Or

Buy on decline but not below 11803 with a stop loss of 11725.It is for aggressive traders. It could be a highly risky trade but worth trying.

2. Sell on the rise near or within the range of 12070---12130 with a stop loss of 12160 It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintain below 11733 for some time with a stop loss of 11810. It could be 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.