A TECHNICAL UPDATE ON CNX-BANK NIFTY—10.2.2023

 

CNX-BANK NIFTY

Open-41634-High-41634-Low-41252.95-Close-41554.30 on 9.2.2023.

Support:-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: 41569.45/41643.90/41677.65/41829.60/41840.15/41877/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                  

 (Bold and underlined figures are most important)

It is still in the corrective mode but pullback move is on, therefore all the observation & figures in my post of 6.2.2023 will remain valid except for the long term moving range which is between 40936---38624(figures will change every day) for the day and the most important change is that out of four critical technical indicators two are positive now which is a good sign but price pattern is most important, if price pattern is firm then the positive indicators may act as a catalyst for the strong up momentum  ,similarly if price breaks down  indicators may turn negative in just one trading session and nothing will work ,which may please be noted. The price is firm as of now, therefore it is expected that the rally may continue for some time.

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 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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.