A TECHNICAL UPDATE ON CNX-BANK NIFTY—2.3.2023

 

CNX-BANK NIFTY

Open-40473.85-High-40725.35-Low-40341.95-Close-40698.15 on 1.3.2023.

Support:- 40537/40509/40288.90/40160.20/40148.80/39848.85/39759.15/39424.85/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35..

Resistance: 40819.15/40882.70/41095.10/41569.45/41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42015.65/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the corrective mode therefore all the observation in my last post of 27.2.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 41176---39036(figures will change every day, this is very strong support range) for the day.

2.     The short pullback trigger point is 40162 (the trigger points will be scaled down once it breaks its low of 39600.25) and major trigger is 40537(the trigger points will be scaled down once it breaks its low of 39419.80).

It was above its short pullback trigger point of 40162 and today it moved above its major pullback trigger point of 40537 and if it sustain above it then it may have a strong and meaningful pullback rally ahead, else it may start to drift down again. Moving up from here the important resistance or target points could be at 40790---41070---41228---41418---41503---41786---41979---42344, it is pullback rally so it can fizzle out at any of these points or earlier also, therefore be cautious and alert in long trade initiated for pullback gains. It is needless to mention here that it will gain good strength only above its long term moving average range and strong up momentum above other key points as mentioned in my post of 27.2.2023.The technical setup 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 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.