A TECHNICAL UPDATE ON CNX-BANK NIFTY —13.6.2023

 

CNX-BANK NIFTY

Open---44035.20----High----44124.95----Low---43874.05---Close---43944.20 on 12.6.2023.

Support:43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44095.25/44151.80/44340/44459.25/44498.60/44592/45525/45658.               

 (Bold and underlined figures are most important)

The view and observation posted for 12.6.2023 will also be relevant for 13.6.2023 with the following addition or modification in figures and partly in views.

1.  The price action is still weak.

2. All the four important technical indicators are showing distinct weakness on the daily chart. So, further fall looks imminent from here provided it breaks 43917 & 43706 and chances of breaking theses point’s looks very strong as of now. The intensity of the fall could be moderate to sharp.

3. Please note that if it does not bounce back above its key points of 44151.80---44281---44340 in next two trading sessions and sustain on the closing basis then it may move sideways or may drift down.

TRADING TIPS:--

1. Safe traders should avoid long trade till it closes above 44276. However aggressive traders can try buy on decline near 43800 with a stop loss of 43680 or can try long trade if it moves above 44175 and maintain for some time with a stop loss of 43960. Please note that buy on decline trade could be a risky trade for the day.

2. As it is into short correction therefore short trade can also be attempted on the price rise or on the price breakdown for intraday gain. One can try short trade if it moves below 43917 & 43706 and maintain for some time with a stop loss of 44160 & 43950 or sell on the rise near or within the range of 44160---44180 with a stop loss of 44290.

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.