CNX-BANK NIFTY
Open---44208.30----High----44459.25----Low---43917.90---Close---43995.25
on 8.6.2023.
Support:43706.15/43614.65/43598.20/43578/ 43390.30/43078.90/43044.07/43038.25/42986.45/42822.15/42740/42582.20.
Resistance: 44095.25/44151.80/44340/44498.60/44592/45525/45658.
(Bold and underlined figures are most important)
The view
and observation posted for 5.6.2023 will also be relevant for 9.6.2023
with the following addition or modification in figures and partly in views.
As expected it gotten into correction today for its very recent rise and decisively
fell below its critical point of 44151.80 which is concerning, however
the uptrend is still intact as of now. The correction may last for 2-3
trading sessions and it will get out of correction if it closes above 44237 and
if it does so then it may resume the up move again otherwise it may move down
It is important to mention here that to put it back on strong up momentum track
it has to bounce back above its critical point of 44151.80---44237—44340
in next 2-3 trading sessions, else correction may deepen.
1. The price action showed distinct
weakness today as it closed way below its yesterday’s low of 44143.50
this is concerning.
2. It fell below some of it short term moving averages on the daily chart today,
which is a weak sign.
It is in the uptrend, but in light of terribly weak technical indicators on
the daily chart correction could last for few days and this time intensity of
the correction could be moderate to sharp if it does not bounce back above its
key points mentioned above in next 2-3 trading sessions, so be cautious
in the long trade at this point of time.
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 44152 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 has gotten into short correction therefore short trade can also
be attempted on the price breakdown for intraday gain. One can try to sell if
it moves below 43900 and maintain for some time with a stop loss of 44130.
IMPORTANT NOTE:- It is in the uptrend ,therefore short trade could be a risky affair
but it can be attempted at appropriate points with strict stop losses for
intraday gains.
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.
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Thank you for sharing your views.