A TECHNICAL VIEW ON CNX-NIFTY FOR---8.12.2021

 

CNX-NIFTY

 Open—17044.10--High—17251.65—Low—16987.75---Close-17176.70 on 7.12.2021.

Support:17055/16782.40/16701.85/16565/16376.05/16349.45/16162.55/15962.25---15895.75/15635.95/15632.75/15578.55/15513.45/15450.90.                                                           

Resistance: -17216.10/17254.20/17326.10/17436.50/17452.90/17613.15/17757.95/17792.95/17798.20/17884.60/17947.65/17968.50/18012.20/18041.95/18112.60/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a hugely positive note and went up further high and finally closed with a decent gain of 264.45 points. Since 16900—800 was a strong support range so it bounced back but today’s rise was a pullback rally only and nothing else at this point of time. It is still into medium term correction mode and below its most important and immediate critical points of 17600.60---17454---17323---17312.82 & 17212.40(figure can change), but above two important point of 17166.70 & 17032.85(figure can change) which is not that great but slightly comforting. Kindly note that if it slips below 17166.70 and sustain then it may weaken again and break below 17032.85 will end the pullback rally hope for now. Please note that 17212.40 is the key pullback threshold point and if it moves above it and sustain on the closing basis then only there is a chance that it could give moderate to reasonable pullback up move, else down move may continue with in between short relief rallies. Please note that it may gather some strength if it moves above 17454 and sustain on the closing basis and may pick up good momentum if it moves above 17600.60 and sustain on the closing basis, chances of happening this looks weak at this point of time. Therefore moving down further its other important support points are at 17166.70---17032.85---16900---16701---16565.60---16376---16058(figure may change). The long term uptrend is still o.k. till it holds 16900(figure will change every day) sustained break below this mark will put the long term uptrend in jeopardy. It is important to mention here that it has a very strong support in the range of 16900---16800, so till it breaks this range and sustain on the closing basis it may bounce back from this range(it did bounced back from here today) but sustained break below this range may take it down sharply. The overall short term technical setup is weak; therefore bias is down as of now.

 Kindly note that moving up it will face stiff resistance at 17190.75---17212.40---17261.33---17312.82---17323---17348.60---17370.18--17454---17476---17543---17613---17673---17731---17893—17965---18022---18165---18232, it may correct at any of these points which may please be noted but if it moves above 17454 and sustain on the closing basis then it could possibly builds up some gain for the pullback rally.

 It is still below its short and medium term moving averages and also below some of its long term important parameters on the daily chart. Furthermore few important technical indicators are also weak on the daily and weekly chart which indicates that it could seek much lower levels in coming days/weeks with in between short relief rallies; therefore it seems that the fall may continue if the technical indicators don’t improve or it fails to exhibit sustained strong price pattern. The undertone as of now is weak.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

In view of the above, it is into medium term correction mode now, therefore for safe traders long trade should only be tried if it closes either above 17212.40 or 17454 and sustain else avoid. However, aggressive traders can try long trade if it moves above 17212.40 and maintain for some time or if it holds 17166.70 for some time and finally on decline in the range of 16900—16800 but not below it just for pullback gains. I strongly caution here that long trade in a corrective mode could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time.  It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move gains.

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 (Suggested)

1. Buy if it moves above 17212.40 and maintain for some time with a stop loss of 17160 or try long trade if it holds 17166.70 for some time with a stop loss of 17130. It is for the aggressive traders and could be a risky trade.

Or

Buy on decline near or within the range of 16900---16800 but not below it with a stop loss of 16740. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise at possible sell points of 17262---17350---17370 with a stop loss of 17290 & 17410 respectively. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17166 and maintain for some time with a stop loss of 17220. It could be a risky trade but worth trying for intraday gain.

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—8.12.2021

 

CNX--BANK NIFTY

Open—36086.95---High—36820.20--Low—36013.95---Close—36618.40 on 7.12.2021.

Support:36525.95/16151.95/35977.97/35810.90/35531.35/35359.25/35327.90/34817.50/34115/33908/33273.95. 

Resistance: -36647/36655.40/36844//36876.35/37140/37232.20/37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important). 

It opened on a hugely positive note and went up further and finally closed with robust gain of 882.50 points. It was a pullback rally but with today's up move it moved above its long term correction threshold point of 35761.25, furthermore some technical indicators have also improved and are  giving  positive indication after today’s rise, which is a good sign. But please note that it has to move above its important pullback threshold point of 36862.50(figure may change) and long term upholding threshold point of 36870(figure will change every day) and sustain on the closing basis then only it can have fair chance of moderate to good pullback up move and finally regaining steady up momentum else sustain up move is doubtful and sustained break below 36486 may dampen the pullback up move further. it is below its short term moving averages on the daily and the weekly chart, below all its medium term moving averages and also below some of its long term important parameters on the daily chart, which is a very weak indication and if it does not bounce back sharply and move above at least some of the key points in shortest possible time then the fall may continue with in between short relief rallies. Therefore moving down further its other important support points are at 36525---36486---36151---35696.75---35359.25---35327.90---35037---34817.50---34115---33908 (figure may change), please note that it is below its long term uptrend upholding point of 36870(figure will change every day) which is very concerning therefore the  long term uptrend is already in question mark now, furthermore sustained break below 35053(figure will change every day) may end the long term up trend and it may get into bear market. Similarly moving up it will face stiff resistance from its critical points at 36844---36876.35---37477---37591---37871---38033---38288---38541---40419---40727---41039 (figures may change) and to regain the steady up momentum again it has to move above this range and sustain, chances of crossing this range and sustain looks immensely weak in near future now. 

The overall short term technical setup is still weak and long term uptrend is also in jeopardy now, therefore the bias is down as of now.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that it is below its critical support points which are now resistance points as mentioned above is a weak sign. However please note that few important technical indicators which were weak on the daily and weekly chart for a reasonable time period, but with today’s rise some indicators are giving positive indication, therefore if it continues with the strong price pattern for the next few days then chances are that it may pick up good and steady up momentum in coming days/weeks, else it may resume down move again. Kindly note that to give some hope for a steady up move to happen it has to close above 36870 (figure will change every day) and sustain. Since it is in medium term corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. The, short term bias is weak as of now.

In view of the above, it is into medium term correction mode now and also below its important pullback threshold point of 36862.50 and long term upholding point of 36870 therefore for safe traders long trade should be avoided and can only be tried if it closes above 36870 and sustain for the pullback gains. However, aggressive traders can try long trade if it holds 36615 levels for some time but not below it. I strongly caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time, it is therefore suggested to avoid long trade now.  Please note that its long term uptrend is still in question now, therefore short trade should be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move gains.

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 (Suggested)

1. Buy if it holds 36615 for some time but not below it with a stop loss of 36450. It is for the aggressive traders and could be a risky trade.

2. Sell on the rise near 36870 with a stop loss of 36970. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 36450 with a stop loss of 36550. It could be a risky trade but worth trying for intraday gains.

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.

 

 

INTRA-DAY TRADING CALLS FOR 7.12.2021

 

TRADING CALLS

 

1.  DIVIS LAB.

Sell below-4635, S/L-4650, Target-4566/4526/4511. 

2. ICICI BANK.

Sell below -710.50, S/L-715, Target---702/694/687/674. 

3. HCL TECH.

Sell below -1134, S/L-1140, Target---1126/1110/1100/1090. 

4. INDUSIND BANK.

Sell below-914, S/L-920, Target-906/891/875/860. 

5. TCS.

Sell below--3522, S/L-3542, Target—3506/3461/3436. 

6. TECH MAHINDRA.

Sell below--1546, S/L-1555, Target—1538/1515/1510/1506/1488. 

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 VIEW ON CNX-NIFTY FOR---7.12.2021

 

CNX-NIFTY

 Open—17209.05--High—17216.75—Low—16891.70---Close-16912.25 on 6.12.2021.

Support:16782.40/16701.85/16565/16376.05/16349.45/16162.55/15962.25---15895.75/15635.95/15632.75/15578.55/15513.45/15450.90.                                                           

Resistance: -17055/17216.10/17254.20/17326.10/17436.50/17452.90/17613.15/17757.95/17792.95/17798.20/17884.60/17947.65/17968.50/18012.20/18041.95/18112.60/18342.05/18604.50.                                                                                                                

 (Bold and underlined figures are most important)

It opened on a positive note but could not sustain and immediately slipped down and closed with a loss of 284.45 points. It is into medium term correction mode and below its most important and immediate critical points of 17600.60---17454---17323---17312.82---17212.40 & 16975(figure can change), please note that 17212.40 is the key pullback threshold point and if it moves above it and sustain on the closing basis then there is a chance that it could give moderate to reasonable pullback up move, else down move may continue with in between short relief rallies. Kindly, note that it may get some strength if it moves above 17454 and sustain on the closing basis, chances of happening this looks bleak at this point of time. Therefore moving down further its other important support points are at 16890---16701---16565.60---16376---16028(figure may change). The long term uptrend is still o.k. till it holds 16890(figure will change every day) sustained break below this mark will put the long term uptrend in jeopardy, it did took support on this mark today and just managed to close above it, which is still concerning. It is important to mention here that it has a very strong support in the range of 16900---16800,so till it breaks this range and sustain on the closing basis it may bounce back from this range but sustained break below this range may take it down sharply. The overall short term technical setup is weak; therefore bias is down as of now.

 Kindly note that moving up it will face stiff resistance at 17055---17212.40---17312.82---17323---17454---17476---17543---17613---17673---17731---17893—17965---18022---18165---18232, it may correct at any of these points which may please be noted but if it moves above 17454 and sustain on the closing basis then it could possibly builds up some gain for the pullback rally.

 It is still below its short and medium term moving averages and also below some of its long term important parameters on the daily chart. Furthermore few important technical indicators are also weak on the daily and weekly chart which indicates that it could seek much lower levels in coming days/weeks with in between short relief rallies; therefore it seems that the fall may continue if the technical indicators don’t improve or it fails to exhibit sustained strong price pattern. The undertone as of now is tremendously weak.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

In view of the above, it is into medium term correction mode now, therefore for safe traders long trade should only be tried if it closes above either above 17212.40 or above 17454 and sustain else avoid. However, aggressive traders can try long trade on decline in the range of 16900—16800 but not below it for pullback gains. I strongly caution here that long trade in a corrective mode could be a risky affair; therefore one should be extremely cautious and vigilant in the long trade at this point of time.  It is still in corrective mode; therefore short trade can be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move gains.

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 (Suggested)

1. Buy on decline near or within the range of 16900---16800 but not below it with a stop loss of 16740. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 17170---17215 with a stop loss of 17245. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 17890 with a stop loss of 17940. It could be a risky trade but worth trying for intraday gain.

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—7.12.2021

 

CNX--BANK NIFTY

Open—36252.75---High—36344.55--Low—35696.75---Close—35735.90 on 6.12.2021.

Support:35531.35/35359.25/35327.90/34817.50/34115/33908/33273.95. 

Resistance: -35810.90/35977.97/36151.95/36525.95/36647/36655.40/36844//36876.35/37140/37232.20/37708.75/37891/38112.75/38377.25/38426/38932.45/39117.15/39292.80/40011.15/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important) 

It opened on a positive note and moved in a short range but eventually slipped down to close with a loss of 461.25 points. It has slipped again into long term correction mode today as it moved below its threshold point of 35761.25, which is terribly weak sign. Please note that it has to move above its important pullback threshold point of 36862.50(figure may change) and long term upholding threshold point of 36860(figure will change every day) and sustain on the closing basis then only it can have a chance of reasonable to good pullback up move else sustain up move is doubtful and since it is below its last pullback threshold points of 35933(figure may change) also therefore it is all the more doubtful. Furthermore it is below its short term moving averages on the daily and the weekly chart, below all its medium term moving averages and also below some of its long term important parameters on the daily chart, which is a very weak indication and if it does not bounce back sharply and move above at least some of the key points in shortest possible time then the fall may continue with in between short relief rallies, chances of sharp bounce back looks extremely bleak at this point of time. Therefore moving down further its other important support points are at 35359.25---35327.90---35037---34817.50---34115---33908 (figure may change), please note that it is decisively below its long term uptrend upholding point of 36860(figure will change every day) which is very concerning therefore the long term uptrend is already in question mark, furthermore sustained break below 35043(figure will change every day) may end the long term up trend and it may get into bear market. Similarly moving up it will face stiff resistance from its critical points at 36151.95---36486---36525.95---36844---36876.35---37477---37591---37871---38033---38288---38541---40419---40727---41039 (figures may change) and to regain the steady up momentum again it has to move above this range and sustain, chances of crossing this range and sustain looks immensely weak in near future now.

The overall short term technical setup is tremendously weak and long term uptrend is also in jeopardy now, therefore the bias is hugely down as of now.

It is important to mention here that pullback rallies are treacherous in nature and can end abruptly, it is therefore suggested that one should be extremely alert and cautious in the long trade initiated for pullback gains.

It is important to mention here that it is below its all critical support points which are now resistance points as mentioned above which is a bad sign. Furthermore, please note that few important technical indicators are also weak on the daily and weekly chart which indicates that it could seek much lower levels in coming days/weeks with in between short relief rallies; therefore it seems that the fall may continue if the technical indicators or the price pattern does not improve drastically. To give some hope for an up move to happen it has to close above36860 (figure will change every day) & 36862.50 and sustain. Since it is in long term corrective mode therefore sell on the rise strategy should be adopted till visible sign of correction completion emerges. The, short term bias is hugely weak and negative as of now.

In view of the above, it is into long term correction mode now and also way below its important pullback threshold point of 36862.50 and long term upholding point of 36860 therefore for safe traders long trade should be avoided and can only be tried if it closes above 36862.50 and sustain for the pullback gains. However, aggressive traders can try long trade on decline near or within the range of 35400----35325 but not below it. I strongly caution here that long trade in a corrective mode could be a highly risky affair; therefore one should be extremely cautious in the long trade at this point of time, it is therefore suggested to avoid long trade now.  Please note that its long term uptrend is in question now, therefore short trade should be attempted on the rise at appropriate point or can be tried on the price breakdown for taking advantage of the down move gains.

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 (Suggested)

1. Buy on decline near or within the range of 35400---35325 but not below it with a stop loss of 35200. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 36200--36300 with a stop loss of 36400. It could be a highly risky trade but worth trying for intraday gains.

Or

Sell if it moves below 35695 with a stop loss of 35850. It could be a risky trade but worth trying for intraday gains.

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.