A TECHNICAL UPDATE ON CNX-BANK NIFTY —14.2.2023

 

CNX-BANK NIFTY

Open-41563.50-High-41662.55-Low-41157.90-Close-41282.20 on 13.2.2023.

Support:-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:41318.60/ 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 13.2.2023 will remain valid except for the long term moving average range which is between 40986---38677(figures will change every day) for the day. It has gotten into deep corrective mode today as it went  below the threshold point of 41352 which is a weak sign, furthermore despite the few important technical indicators showing positive sign price did not firm up instead it closed below its low of the previous day i.e.10.2.2023 today ,which is highly concerning. But the good point is that it is well above its long term moving average and pullback trigger point of 40537 but if does not bounce back fast in next few days and move above its critical points as mentioned in my post of 13.2.2023 then it can surely start drifting down because technical parameter on the weekly & monthly chart are giving very weak indication. The undertone is mixed but gave a weak signal today.

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.