A TECHNICAL VIEW ON CNX--BANK NIFTY FOR—30.6.2021

 

CNX--BANK NIFTY

Open-35320.45--High-35337.45--Low—34913.70--Close-35010.30 on 29.6.2021

Support:34976/34930/34893.25//34641/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;35380/35428.15/35491.95/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

As anticipated it could not build up on the upsurge it had on 25.6.2021 and moved down today and closed with a loss of 349.15 points. It has broken its short term rising trend line again which is a weak indication, however as long as it holds 34875 (figures can change) it could still consolidate and move up again but break below it on the closing basis could weaken it and finally break below 34525 on the closing basis could push it into short correction mode. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may resume again. Please note that if it moves and sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Moving up from here it will face critical resistance at 35380---35491.95---35648---35810.90---35985---36248---36328---36537---36939---37100---37708.75. Similarly moving down its important support points would be at 34525.45---34374.35---33908.95---33625---33273. The long term bias is positive as of now and short term outlook has improved but still looks slightly dicey, so watch out carefully for the next 1-2 days. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, for safe traders long trade can be tried if it moves and maintain above 35492 for some time avoid buy on decline for the day. However aggressive traders can also try long trade if it moves above 35380 and maintain for some time or on decline near 34875 but not below it. Please note that long trade below 34875 could be a risky trade for the day. Since it has not crossed its critical resistance range of 35648---36248 and broken the rising trend line also, therefore short trade should be tried after the reasonable rise or can be tried 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 (Suggested)

1. Buy if it moves above 35380 and maintain for some time with a stop loss of 35200.It is for the aggressive traders and could be a risky trade.

Or

Buy on decline near 34875 but not below it with a stop loss of 34730. It is for the aggressive traders and could be a risky trade.

Or

Buy if it moves above 35492 and maintain for some time with a stop loss of 35300.It is for both the traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 35585---35650 with a stop loss of 35750. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 34870 and maintain for some time with a stop loss of 35040. It could be a risky trade but worth trying.

Or

Sell if it does not move above 35340 in first one and half hour of trade with a stop loss of 15440. 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 FOR-30.6.2021

 

CNX-NIFTY

 Open—15807.50--High—15835.90—Low—15724.05---Close-15748.45 on 29.6.2021.

Support:/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -15780/18835.55/15877/15895.75/15901.60/ 15920/ 16024/16074/16180/16223/16631.        

 (Bold and underlined figures are most important)

It continued down move today and closed with a loss of 66.25 points. It gave downside break from its present range of 15780---15920 and is also below its next critical support of 15760 (it can change) which is a weak sign. Its most critical support is at 15673.95 and lastly and most importantly it is very near from its major rising trend line which is placed at 15660(it will scale up every day) for 30.6.2021. Please note that break below 15673.95 and finally below 15660 on the closing basis could jeopardize the up move and if it sustain below it then it can go down sharply. Please note that to resume the up move it has move and sustain above 15780 on the closing basis and eventually to close above 15870 then only it will have enhanced chances of moving up further, else it may move sideways to downward in coming days. It is important to mention here that its long term technical setup is still good as of now, therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. Kindly note that it is looking fine technically for the up move to continue, but with every rise in it the valuation of the constituent stocks are also getting stretched, so be careful and cautious in the long trade because there is a possibility that this up move may exhaust also at any time soon.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, for safe traders long trade can be tried once it closes above 15871 or if it moves above 15780 and maintain for some, avoid buy on decline. However aggressive trader can also try long trade on decline at appropriate points or near 15673 but not below it. Please note that long trade below 15673 could be a risky trade mind you because if it remains below it for a longer time during the day then it could move down sharply. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a stop loss of 15380. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 (Suggested)

1. Buy if it moves above 15780 and maintain for some time with a stop loss of 15720. It for both the traders and could be a risky trade.

Or

Buy on decline near 15673 but not below it with a stop loss of 15630. It for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15895---15920 with a stop loss of 15940. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below15660 and maintain for some time with a stop loss of 15730. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it does not move above 15836 in first one and half hour of trade with a stop loss of 15875.

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 29.6.2021

 

TRADING CALLS

 

1. BHARTI AIRTEL.

Sell below 527, S/L-532, Target-518/510/500. 

2. ASIAN PAINTS.

Sell below 2975, S/L-2986, Target—2943/2916/2877. 

3. HDFC BANK.

Sell below 1505, S/L-1515, Target-1487/1478/1462. 

4. HDFC LTD.

Sell below-2491, S/L-2501, Target-2482/2453/2440/2402. 

5. HCL TECH.

Sell below-984, S/L-990, Target-974/969/961/950/936. 

6. TCS.

Sell below-3333, S/L-3343, Target-3319/3284/3271/3256. 

7. RELIANCE INDUSTRIES.

Sell below-2081, S/L-2091, Target-2060/2039/2024/2016. 

                    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--BANK NIFTY FOR—29.6.2021

 

CNX--BANK NIFTY

Open-35488.20--High-35576.65--Low—35236.45--Close-35359.45 on 28.6.2021

Support:34976/34930/34893.25//34641/34525.45/34410/34374/34287/33990.80/33625/33371/33306.80/32842.30/32613.10/32465.45/32415.15/32347/32157.05/32130/31783.60/31661/31649.49/31297.30/31264.05.

 

Resistance;35380/35428.15/35491.95/35584.30/35648/35810.90/35902.90/36248/36455.15/36497/36615/37232/37708.75.

(Bold and underlined figures are most important)

It closed with a meager loss of 5.20 points. It is technically good for the continuation of the up move as of now. It is important to mention here that it will only resume the steady up move once it crosses its critical range of 35648---36248 and sustain above it on the closing basis, else down move may begin again. Please note that if it sustain above 36248 on the closing basis then it could retest its all-time high of 37708.75 or may go beyond also. Moving up from here it will face critical resistance at 35491.95---35648---35810.90---35985---36248---36328---36537---36939---37100---37708.75. Similarly moving down its important support points would be at 34525.45---34374.35---33908.95---33625---33273. The long term bias is positive as of now and short term outlook has drastically improved. But be vigilant for the next 2-3 trading sessions and see whether it sustains the upsurge of 25.6.2021 or not. 

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, for safe traders long trade can be tried if it moves and maintain above 35492 for some time avoid buy on decline for the day. However aggressive traders can also try long trade if it moves above 35365 and maintain for some time but avoid buy on decline for the day. Please note that long trade below 35350 could be a slightly risky trade for the day. Since it has not crossed its critical resistance range of 35648---36248, therefore short trade should be tried after the reasonable rise or can be tried 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 (Suggested)

1. Buy if it moves above 35365 and maintain for some time with a stop loss of 35200.It is for the aggressive traders and could be a highly risky trade.

Or

Buy if it moves above 35492 and maintain for some time with a stop loss of 35300. It is for both the traders and could be a risky trade.

2. Sell on the rise near or within the range of 35950---36100 with a stop loss of 36250. It could be a highly risky trade but worth trying for intraday gain.

Or

Sell if it moves below 35200 and maintain for some time with a stop loss of 35380. It could be a risky trade but worth trying.

Or

Sell near if it does not move above 35585 in first one and half hour of trade with a stop loss of 35685. 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 FOR-29.6.2021

 

CNX-NIFTY

 Open—15915.35--High—15915.65—Low—15792.15---Close-15814.70 on 28.6.2021.

Support:18835.55/15780/15673.95//15629.65/15606.55/15566/15471/15450.90/15431.75/15336.30/15273.15/15263/15257.10/15176.50/15051.60/14984.15/14888.80/14883.20/14753.55/14653.35/14595/14484.12/14467.75/14459.50/14350.10/14264.40/14248/14222.80/14151.40/14024.85/13996.11/13981.75.                                                                                                                                                           

Resistance: -15877/15895.75/15901.60/ 15920/ 16024/16074/16180/16223/16631.           

 (Bold and underlined figures are most important)

It opened with an up gap but could not sustain at the upper levels and slipped down to end the day near low of the day and with a loss of 45.65 points. Its present range is between 15780---15920 and break below 15780 on the closing basis could be an alert sign and  break below 15760 on the closing basis could weaken it and may drag it down, furthermore break below 15673 could push it into very short correction mode and may take it down sharply ,which may please be noted. Similarly if it moves above 15920 and sustain on the closing basis then the next upside target could be 16024---16074---16180---16223. It is important to mention here that its long term technical setup is  good as of now, therefore as long as it hold 15471 & 15431.75 on the closing basis there is no major threat to the uptrend. Kindly note that it is looking fine technically for the up move to continue, but with every rise in it the valuation of the constituent stocks are also getting stretched, so be careful and cautious in the long trade because there is a possibility that this up move may exhaust also at any of the above mentioned points or earlier also.

It is important to mention here that technically this on-going uptrend is showing enough strength and looking good for the continuation of the up move but this up rally is not in sync with the fundamentals and you are well aware that it is the fundamentals which eventually hold the Priceline. Therefore this on-going up rally may deceive you at any point of time, so be alert and careful in long trade henceforth.   

In view of the above observation, for safe traders long trade can be tried once it closes above 15871 or can try on if it holds 15780. However aggressive trader can also try long trade if it moves above 15871 and maintain for some time or can try on decline at appropriate points or near 15673 but not below it. Please note that long trade below 15780 &15760 could be a risky trade and below 15673 could be a highly risky trade mind you because if it moves and sustain below it for a longer time during the day then it could move down sharply. Lastly long trade can be tried on sharp decline in the range of 15471---15431 but not below it with a stop loss of 15380. Since it has not yet crossed some of its critical long term averages, therefore short trade can also be tried after reasonable rise or can be tried on the price breakdown for taking advantage of the intraday or otherwise 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 (Suggested)

1. Buy if it moves above 15871 and maintain for some time with a stop loss of 15840. It for the aggressive traders and could be a risky trade.

Or

Buy on decline near 15780 but not below it with a stop loss of 15740. It is for both the traders.

Or

Buy on decline at appropriate points or near 15673 but not below it with a stop loss of 15640. It is for the aggressive traders and could be a highly risky trade.

2. Sell on the rise near or within the range of 15920---15930 with a stop loss of 15960. It could be a risky trade but worth trying for intraday gain.

Or

Sell if it moves below 15760 and maintain for some time with a stop loss of 15820.

Or

Sell if it moves below 15673 and maintain for some time with a stop loss of 15720.

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.