A TECHNICAL UPDATE ON CNX-BANK NIFTY—22.2.2023

 

CNX-BANK NIFTY

Open-40784.90-High-40946.20--Low-40508.25-Close-40673.60 on 21.2.2023.

Support: - 40537/40502/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38/839426.65/37950---943/37581.05/37386.35.

Resistance: 40839/41095.10/41115/41318.60/41569.45/41643.90/41677.65/41791.95/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.          

 (Bold and underlined figures are most important)                       

It is in corrective mode and still within its long term moving average range which is placed between 41119---38847(figures will change every day) for the day, furthermore it is also below its short & medium term moving average on the daily chart and in some averages below the weekly chart also which is highly concerning and lastly but most importantly almost all the important technical indicators has also turned negative on the daily chart and you are well aware that indicators are already weak on the weekly and monthly chart(see my post of 20.2.2023). However till it hold the pullback trigger point of 40537 on the closing basis then the chances of pullback rally will be alive, else fall may accelerate. The other observation & figures in my post of 20.2.2023 will remain valid for the week ending on 24.2.2023 except for the long term moving average range, which will change every day. The undertone is bearish 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.