A TECHNICAL UPDATE ON CNX-BANK NIFTY —15.6.2023

 

CNX-BANK NIFTY

Open---44181.65----High----44212.35----Low---43956..15---Close---43988 on 14.6.2023.

Support:43874.05/43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.

Resistance: 44095.25/44151.80/43266/44340/44459.25/44498.60/44592/45525/45658.                

 (Bold and underlined figures are most important)

It is still in short correction and exhibiting weakness in the price movement and also failed to move above its critical points of 44151.80---44237---44281---44340 on the closing basis, which is a weak sign. Furthermore it is below some of its short term moving averages on the daily chart and most importantly three out of four important advance technical indicators are still negative, therefore all together it is slightly concerning and indicates that it may go down from here, but if it manages to holds the levels of 43874 & 43706 then chances are that it can still bounce back. It is in short correction now but medium and long term trend is still up.

TRADING TIPS:--

1. Safe traders should avoid long trade till it closes above 44151.80 at least. However aggressive traders can try long trade if it moves above 44080 and maintain for some time with a stop loss of 43930 or can buy if it holds 43944 for some time with a stop loss of 43850. Please note that long trade could be a risky affair 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 corrective gains. One can try short trade if it moves below 43917 & 43706 with a stop loss of 44090 & 43950 or sell on the rise near or within the range of 44200---44220 with a stop loss of 44350.

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.