A TECHNICAL UPDATE ON CNX-BANK NIFTY—17.2.2023

 

CNX-BANK NIFTY

Open-41925.70-High-41979.10--Low-41521.95-Close-41631.35 on 16.2.2023.

Support:- /41569.45/41318.60/41115/41095.10/40839/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

Resistance: 41643.90/41677.65/41791.95/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                  

 (Bold and underlined figures are most important)

It is still in the corrective mode but pullback move is on and close above 42555.15 could end the on –going correction, but break below 41352 may drag it down further which may please be noted. The other observation & figures in my post of 13.2.2023 will remain valid  for the week ,except for the long term moving average range which is between 41062---38760(figures will change every day) for the day. It is lagging behind in the up move in comparison with Nifty as of now and to get back into strong up momentum it has to move above its critical points of 42555.15—42987—43039 & 43206 in the next few days and sustain on the closing basis else it may start drifting down again because technical parameter on the weekly & monthly chart are giving very weak indication. Please note that looking at overall technical setup now it seems pretty difficult for it to cross the above mentioned critical points and sustain on the closing basis. The undertone is mixed as of now.

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.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Kindly note that make your cost your stop loss in favourable trade and then trail it as the price move up/down to gain maximum profit and avoid losses. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS. 

Note: Price stated here are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.