A TECHNICAL UPDATE ON CNX-BANK NIFTY—9.3.2023

 

CNX-BANK NIFTY

Open-41178.35-High-41625.35-Low-41100.35-Close-41577.10 on 8.3.2023.

Support: 41569.45/41095.10/40819.15/40312.90/40288.90/39868.85/39600.25/39419.80/39419.80/39258.25/39197.20/38765.85/38437.95/38426.65/37950---943/37581.05/37386.35.

 Resistance: 41643.90/41677.65/41729/41791.95/41829.60/41840.15/41877/41979.10/42078.90/42202.55/42555.15/42622.75/42716.80/42740/42880/42948/42986.45/43038.25/43081/43339.15/43498.05/43515.05/43578.40/43614.65/43853.40/44151.80.                       

 (Bold and underlined figures are most important)

It is still in the deep corrective mode therefore all the observation in my last post of 6.3.2023 will remain valid for the rest of the week except for the following.

1.     The long term moving average range is placed between 41244--39179(figures will change every day, this is very strong support range) for the day.

The technical setup is good and all the important technical indicators are positive on the daily chart, so if price action remains o.k. then indicators will eventually help the continuation of the up move. In this regard please note that today’s price action was slightly weak as it made lower high and lower low during the day  but eventually closed near the high of the day which was comforting and seems o.k.

TRADING VIEW: - Long trade can be tried if it moves above 41672 and maintain for some time with a stop loss of 41540 or buy on decline can be tried  near 41420 with a short stop loss of 41370 but aggressive traders can also try long trade on decline near 41244 and then 40537 with a stop loss of 41080 & 40250 respectively for pullback gains. Please note that long trade below41244 could be a risky affair for the day.

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.