A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—28.10.2020

 

CNX--BANK NIFTY

Open-24288.05--High-24809.65--Low-23924.20—Close-24769.50 on 27.10.2020

Support:24617.15/24365/24240/24096.75/23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

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

(Bold and underlined figures are most important)

As anticipated it sharply and decisively bounced back not only above its key points of 24267---24365---24386 but crossed its recent top of 24635.05 on the line chart also, which is a very positive sign and indicate that the up move may continue provided it sustain above these key points. However if it breaks these key points again and sustain below it then this time it is going to witness sharp fall. Todays robust up move indicates that further rise is very much likely in coming days off course with intermittent corrections. Moving up it will face resistance at 24823.60---24944---25232.60---25427---25724---25953---26312 levels. It is important to mention here that sustained close above 24365 could take it to 26312---26492 levels in coming days/weeks, which may please be noted.

In view of the above observation long trade can be tried if it moves and maintains above 24825 for some time or on decline at the appropriate points as mentioned above with self-defined short stop losses but not below 24267. In light of sharp up move today short trade should be avoided in general but can  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 on decline at appropriate points or near 24267 but not below it with a stop loss of 24170.

Or

Buy if it moves and maintain above 24825 for some time with a stop loss of 24700.

2. Sell on the rise near or within the range of 25300--25400 with a stop loss of 25480. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it sustains below 24190 for some time with a stop loss of 24270.It could be a risky trade but worth trying. 

Or

Sell if it does not move above 24825 in first two hours of trade even intraday with a stop loss of 24875.It could be a highly 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—27.10.2020

 

CNX-NIFTY

 Open—11937.40--High—11942.85—Low—11711.70---Close-11767.75 on 26.10.2020.

Support:11761/11733/11694.85/11633/11618.10/11584/11549/11507.65/11490.75/11460.35/11447/11373.60/11341.4011305.60/11270/11242.65.                                                                                                                     

Resistance:11775.75/11794.25/11802.65/11805//11832.30/11929.60/11981.75/12025.45/12034.15/12041.15/12103.05/12158.80/12246.70/12283-12294/12430.50.

 (Bold and underlined figures are most important)

It did move above 11940 today immediately after the open but could not sustain above it even for a minute and steadily moved down during the day and made a low of 11711.70 for the day, it closed below its key points of 11880 & 11775 which is a weak sign, furthermore it has made lower top & bottom on the line chart and also broken its recent bottom on the bar chart on the closing basis, which is tremendously weak sign and indicate further fall may be ahead, but the silver lining is that it  managed to hold the last trigger point of 11733 for getting into the deep correction mode. Please note that if it sustain below 11805(this figure can change) on the closing basis then it is likely to break 11733 also in coming days and then it may go in for a sharp fall in coming days. Similarly if it sustain above 11805 on the closing basis it will give some glimmer of hope that it can move up but it will pick up the momentum only once it closes above 11937.65---11971.05---12025.45 as of now. It is important to mention here that if it does not move above these points in next 1-2 trading session then the correction may deepen, so watch out.

Moving down it will find support at 11733---11694.85---11661---11618---11584---11549---11447---11407---11270.  (Sustained break below 11447 on the closing basis will be a potential threat for the uptrend, which may please be noted)

Moving up the upside target or the resistance points could be at 11794.25---11805---11832---11937.65---11971.05--12025.45

In view of the above observation it is suggested to avoid long trade till clarity on correction completion emerges. However aggressive traders can try long trade if it maintain above 11733 or on the sharp decline at the appropriate points mentioned above with self-defined short stop losses with the help of support points mentioned above but not below 11447. Please note that trying long trade on decline may be a risky affair for now. Since it has made lower top & bottom on the line chart and broken recent bottom on the bar chart, so possibility of further down correction from here is very strong, therefore  it is suggested to adopt sell on the rise at the appropriate range or on the price breakdown for taking advantage of short 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 on decline but not below 11733 with a stop loss of 11700.It is for aggressive traders. It could be a highly risky trade.

Or

Buy on sharp decline at appropriate points with self-defined short stop losses but not below 11447 with a stop loss of 11400.

2. Sell on the rise near or within the range of 11870---11930 with a stop loss of 11980 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 11820. 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—27.10.2020

 

CNX--BANK NIFTY

Open-24525.80--High-24577.30--Low-23867.75—Close-24075.45 on 26.10.2020

Support:23912.75/23867.75/23822/23605.40/23388/23211.35/23081/22866/22479.85/22439.95/22418/22346/22122/22080/22028/21967/21909.40/21807/21027/20926/20404.90.

Resistance:24096.75/24240/24365/24617.15/24823.60/25105.35/25199/25232.60/25426.75/25723.55/25953.50/26408/26491.85.

(Bold and underlined figures are most important)

It has broken its key points of 24386---24365---24267 and closed decisively below it and if it does not bounce back above these points in next 1-2 trading session then the down correction may accelerate and moving down it will find support at 23897---23678---23408—23341---23081. It can bounce back from any of these points for a pullback rally but if it moves below 23081 and sustain on the closing basis then the correction will further deepen which may please be noted. I once again repeat that to regain the up momentum again it has to move above its key points of 24267---24365---24386 and sustain on the closing basis as of now, else correction will continue.

Moving up it will face resistance at 24267---24365---24386--- 24522---24656---24944---25232.60---25427---25724---25953---26312 levels.

In view of the above observation long trade can only be tried if it moves and maintains above 24386 on the closing basis or on decline at the appropriate points as mentioned above but not below 23081. Since it has broken its key points correction may continue, therefore only short trade can be attempted either after a reasonable rise or on the price breakdown for taking advantage of possible intraday correction or may be long correction, till clarity on correction completion emerges.

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 23081 but not below it with a stop loss of 22950.

2. Sell on the rise near or within the range of 24350--24425 with a stop loss of 24480. It could be a risky trade but worth trying for intraday corrective move.

Or

Sell if it sustains below 24190 for some time with a stop loss of 24270.It could be a risky trade but worth trying. 

Or

Sell if it sustains below 24115 for some time with a stop loss of 24200.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 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.