A TECHNICAL VIEW ON TATA MOTORS LTD-28.11.2020

 

TATA MOTORS LTD

Open-174.65--High-183.85--Low-174.65—Close-178.75 on 27.11.2020

Support:174/169/167.55/164/155.20/154.70/149.10.

Resistance:184.50/190/193.05/201.70/219.45/226.20/239.35/251.80/263/282/313.90/324.30/368.80.

All Time High:--612.40 Made on 3.2.2015.

Recent Low   :--63.50 Made on 24.3.2020.

(Bold and underlined figures are most important)

It is getting geared up for a big up move in coming months provided it respects it important key points mentioned below and most importantly if market conditions remain conducive. Moving up its major key points are at 190 & 193.05 sustained close above these points will open the door for a big upside move but going up it will face stiff resistance and the broad resistance points would be at 201.70---240---279---338---402---472---503. Similarly moving down its major key points are at 174---169---167.55---164---155.45(last figure will change with new upside movement in the price), it can be bought on decline but not below 155.45(this figure will also move up with fresh up move in the stock price/ stop loss will also move up) with a stop strict loss of 152 because sustained close below 155.45(it can change) can push it into long term correction mode and may potentially threaten the uptrend also. The present important range for it is between 193.05----167.55----155.45.

The short term technical setup is good but it will take some time for the medium and long term technical outlook to improve, so have patience and accumulate the stock on decline or above important points for smart gains. I once again repeat to exit long position if it sustain below 155.45(this figure will also move up with fresh up move in the stock price) on the closing basis. Please note that you can structure your trade or investment with the help of above mentioned support and resistance points.

The investment time horizon is 15-18 months and the possible upside target could be 360—400 or may be more, will review again once the said target is achieved.

 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 FOR—1.12.2020

 

CNX-NIFTY

 Open—13012.05--High—13035.30—Low—12914.30---Close-12968.95 on 27.11.2020.

Support:12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                           

Resistance:13032/13055.15/13075/13145.85/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

After opening firm it almost moved in a short range during the day and finally closed with a meager loss of 18.05 points. It is still above its most critical points also which are placed at 12880 & 12780 for 1.12.2020(figures can change every day) which is a positive sign. Its other key points are at 13047.75---12765.80---12590---12430.5---11816(except for 12430.50 other figures can change), but it is below its first key point of 13047.75 therefore it is still in very short correction mode till it bounces back above it and sustain on the closing basis, please note that sustained break below 12765.80 on the closing basis will push it into short term correction mode, sustained break below 12590 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11816 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good for the up move but certain technical indicators are showing distinct negative divergence which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is still above it all but came closer to few averages, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days. The divergence is so strong therefore it is likely to happen and in that case it can come down to 12690 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 12963---12880---12780---12730----12590---12530---12430.50---12340---12245---12150---11968---11915---11857---11816.

Moving up its critical resistance points at 13047.75---13075---13145.85---13294---13419---13611—13640.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 12987 for some time. But aggressive traders can try long trade on decline at appropriate points or near 12858 but not below it or if it maintains above 12987 for some time. It may pick up momentum if it moves and sustain above 13075 on the closing basis. Since it is still into very short correction mode and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the corrective move.

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 maintain above 12987 for some time with a stop loss of 12950. It could be a risky trade.

Or

Buy on decline at appropriate points or near 12858 but not below it with a stop loss of 12830. It is for aggressive traders and could be a risky trade.

2. Sell near or within the range of 13080--13120 with a stop loss of 13160. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12850 for some time with a stop loss of 12890. It could be a highly risky trade but worth trying for intraday correction.

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---1.12.2020

 

CNX--BANK NIFTY

Open-29622--High-29716.85--Low-29368.70—Close-29609.05 on 27.11.2020

Support:29435.05/29314/29156.25/29030.90/28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29612.55/29784.75/30121.75/30197.85/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

After opening firm it moved in a range during the day and finally closed with a meager gain of 59.30 points. Its benchmark point is 29314 and other key points are at 29816---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark point of 29314 now but still below its 1st key points of 29816 and closed just shade above the 2^nd key point of 29609 therefore it is still in very short correction mode till it bounces back above it and sustain on the closing basis. Please note that sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good for the up move but certain technical indicators are showing distinct negative divergence which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is still above it all but came closer to few averages, therefore it may take some time for divergence to happen in reality or it may fade out also with positive divergence in coming days. But the divergence is so strong therefore it is likely to happen and in that case it can come down 28278 or below as of now, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29609---29314---29030.90---28904---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at 29785---29942---30197.85---30220---30649---30801---30899---30996---31649.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 29609 for some time. But aggressive traders can try long trade on decline at appropriate points or near 29196 but not below it or if it maintains above 29609 for some time. It may pick up momentum if it moves and sustain above 29942 on the closing basis. Since it is still into very short correction mode and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the corrective move.

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 at appropriate points or near 29196 but not below it with a stop loss of 29100.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 29609 for some time with a stop loss of 29500. It is for aggressive traders and could be a risky trade. 

2. Sell on the rise near or within the range of 29975—30100 with a stop loss of 30210. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29196 for some time with a stop loss of 29280. It could be a highly risky trade but worth trying for corrective move.

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 TATA STEEL LTD-27.11.2020

 

TATA STEEL LTD

Open-570--High-582.35--Low-563.05—Close-574.90 on 27.11.2020

Support:568.25/561.65/553.50/538/518.60/506/455.

Resistance:579.85/610.60/636.80/647.60/671.90/683.50/713.90/739/793/846/925.50/935/957/961.45.

All Time High:--961.45 Made on 26.10.2007.

Recent High: - 793 Made on 15.1.2018.

Recent Low :--250.85 Made on 30.3.2020.

 (Bold and underlined figures are most important)

Technically it is on a strong footing on daily, weekly and monthly chart as of now and already in robust up momentum which indicates that further big rise may be ahead in coming days/months if market conditions remain conducive and off course with intermittent down correction. Please note that it could correct any time soon as it has had a vertical rise from 395 to 581.95 intraday, but the bias is hugely bullish therefore it should be bought into on decline  but not below 538(this figure will move up with stock price rise) and then below 503.80(this figure will move up with stock price rise), because sustained close below 538 will push it into medium term correction mode and sustained close below 503.80 can push it into long term correction mode and can potentially threaten the uptrend also. But looking at the overall technical setup now deep correction is less likely, therefore it is expected that when it corrects that will be a short correction and it may resume the up move again. Moving up it will face stiff resistance and the broad resistance points would be at 586---606---647.60---665---690---739---793---820. Similarly moving down its major key points are at 568.25---553.50---538---503.80(last figure will change with new upside movement in the price). In view of the above observation one should exit long trade if it sustain below 503.80 as of now (this figure will move up with fresh upside movement in stock price) on the closing basis.

The investment time horizon is 12-15 months and if it respects its key points on the downside then the possible upside target could be 740---800 or may be more. Please note that you can structure your trade or investment with the help of above mentioned support and resistance points.

 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 FOR—27.11.2020

 

CNX-NIFTY

 Open—12906.45--High—13018—Low—12790.40---Close-12987 on 26.11.2020.

Support:12963/12938.25/12858/12769.75/12430.50/12328/12294/12283/12246.70/12178/12159/12103.05/12041.15/12025.45/11981.75/11929.60/11841.30/11832.30/11803/11794.25/11775.75/11761.                                                                                                                                                           

Resistance:13032/13055.15/13145.85/13294/13419/13611/13640/1377914334/15043.

 (Bold and underlined figures are most important)

It gave key reversal on 25.11.2020 so it was supposed to go down today, it did move in the lower trajectory for some time in the first half but in last hour of trade it moved up sharply to close with a gain of 128.60 points which is commendable and indicate huge strength in it for the up move. Furthermore it has bounced back above its most critical points also which are placed at 12880 & 12770 for 27.11.2020(figures changes every day) is a positive sign. Its other key points are at 13047.75---12765.80---12590---12430.5---11816(except for 12430.50 other figures can change), despite today’s rise it is still below its first key point of 13047.75 therefore it is still in very short correction till it bounces back above it and sustain on the closing basis, please note that sustained break below 12765.80 on the closing basis will push it into short term correction mode, sustained break below 12590 will push it into medium term correction mode, sustained break below 12430.50 will indicate that it could lose steam for continuation of the up move and most importantly sustained break below 11816 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good for the up move but certain technical indicators are showing distinct negative divergence which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out with positive divergence in coming days, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 12963---12880---12770---12730----12590---12530---12430.50---12340---12245---12150---11968---11915---11857---11816.

Moving up its critical resistance points at 13047.75---13145.85---13294---13419---13611—13640.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 12987 for some time. But aggressive traders can try long trade on decline at appropriate points or near 12858 but not below it or if it maintains above 12987 for some time. It may pick up momentum above 13060. Since it is still into very short correction mode and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the corrective move.

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 maintain above 12987 for some time with a stop loss of 12950. It could be a risky trade.

Or

Buy on decline at appropriate points or near 12858 but not below it with a stop loss of 12830. It is for aggressive traders and could be a risky trade.

2. Sell near or within the range of 13080--13120 with a stop loss of 13160. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 12830 for some time with a stop loss of 12890. It could be a highly risky trade but worth trying for intraday correction.

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---27.11.2020

 

CNX--BANK NIFTY

Open-29370.40--High-29623--Low-28923.10—Close-29549.75on 26.11.2020

Support:29435.05/29314/29156.25/29030.90/28525.45/27754.45/27589/27164/26950/26545.70/26492/26408/26311.30/25953.50/25891/25723.55/25426.75/25232.60/25199/25105.35/24823.60/24617.15/24364.

Resistance:29612.55/29784.75/30121.75/30197.85/30220/30649/30801/30899/30996/31649.45.

(Bold and underlined figures are most important)

It gave key reversal on 25.11.2020 and it was supposed to go down today, it did move in the lower trajectory for some time in the first half but in last hour of trade it moved up sharply to close with a gain of 353.35 points which is commendable and indicate strength in it for the up move. Its benchmark point is 29314 and other key points are at 29816---29609---28643.75---27886.70---26874.60(figures can change). It is well above its benchmark point of 29314 now but despite today’s rise it is still below its key points of 29816 & 29609 therefore it is still in very short correction mode till it bounces back above it and sustain on the closing basis. Please note that sustained break below 28643.75 on the closing basis will push it into short term correction mode, sustained break below 27886.70 will push it into medium term correction mode and most importantly sustained break below 26874.60 on the closing basis can push it into long term correction mode and will potentially threaten the uptrend also, which may please be noted. The overall technical setup is still looking good for the up move but certain technical indicators are showing distinct negative divergence which is haunting and if it comes into play then it could witness sharp fall and then correction may last for some time. Please note that divergence will come into play only once its short term averages are broken and at present it is well above it all, therefore it may take some time for divergence to happen in reality or it may fade out with positive divergence in coming days, so watch out. Therefore in light of this it is advised that one should be very alert and cautious in the long trade henceforth.

Moving down its critical support points at 29314---29030.90---28904---28643.75---28292---28202---28119---27703.

Moving up its critical resistance points at -29609---29750---29816---30197.85---30220---30649---30801---30899---30996---31649.

In view of the above observation for safe traders long trade should be avoided on the decline for the day but can be tried if it moves and maintain above 29550 for some time. But aggressive traders can try long trade on decline at appropriate points or near 29196 but not below it or if it maintains above 29550 for some time. It may pick up momentum above 29785. Since it is still into very short correction mode and some other technical indicators are also pointing that it may seek lower levels in coming days, therefore short trade can also be attempted after a reasonable rise or on the price breakdown for taking advantage of the corrective move.

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 at appropriate points or near 29196 but not below it with a stop loss of 29100.It is for aggressive traders and could be a highly risky trade.  

Or

Buy if it moves and maintains above 29560 for some time with a stop loss of 29450. It is for aggressive traders and could be a risky trade. 

2. Sell on the rise near or within the range of 29785--29885 with a stop loss of 29950. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it moves and maintains below 29196 for some time with a stop loss of 29280. It could be a highly risky trade but worth trying for corrective move.

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.