A TECHNICAL UPDATE ON CNX-NIFTY-1.2.2025

 

CNX-NIFTY

Open—23296.75—High—23546.80---Low---23277.40--Close---23508.40 on 31.1.2025.

Support:23484.15/23426.30/23391.65/23338.70/23263.15/23110.80/23047.25/22976.85/22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:23537/23637.65/23644.80/23664/23667.20/23816.15/23873.35/23893.70/23938.85/24073.90/24094.20/24099.70/24141.80/24354.55/24472.80/24498.20/24537.60/24694.35/24753.15/24792.3024854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 258.90 points. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak and most importantly its long term uptrend is jeopardized as it is below almost all its long term moving averages, therefore further fall is very much on the cards in coming times. But the good thing is that its short term parameters have improved a bit on the daily chart as it is above its short & medium term pullback threshold point and above all its short term moving averages also, therefore if it holds the range of 23508---23367(figures may change every day) on the closing basis then the on-going up-move is likely to extend further, but close below 23367 will push it into correction mode for its recent rise, but even if it breaks the above range and moves down but holds the range of  23324—23152(figures will change every day) then also the chances are that it can bounce back and may resume the up-move.. But break & sustained close below this range may weaken it and it may resume the down move again and then moving down its most important & critical support points could be at 22976.85--22794.70---22786.90---22768.40 & 23725, break & sustained close below these points and particularly below 22725 which is major rising trend line count for the month of February-2025 may trigger fresh fall and it may witness an accelerated fall and then the next strong support range would be at 22281—22165---21821---21710 and it could bounce back from this range, but break and sustained close below this range can drag it down to 21137 or lower, which may please be noted. The short-term bias seems up now, but medium-term trend is down and the long-term uptrend is severely threatened and in jeopardy now. The overall bias is negative as of now.

Similarly moving up the key resistance points would be at 23512---23611---23637.65---23644.80---23750----23893.70----23999-----24076----24125----24193---24330(figures will change daily). Please note that,  if it moves above 23512 and sustain on the closing basis then it will gain some strength , if it moves above 23611 and sustain on the closing basis then it may get good strength  and may enhance the chances of extending the up-move further, if it moves above 23637.65---23644.80 and sustain on the closing basis then it will keep the hope alive for an up-move in the year 2025,if it move above 23893.70  and sustain on the closing basis then it will get a good foothold to build the strong up-move and then the up move is likely to extend further and if it moves above the range of 24125----24193---24330 and sustain on the closing basis then the long term uptrend threat will dissipate and it may somewhat ensure that up-move can extend further for sure. But to get good strength for the continuation of the up-move and to get into strong up-momentum track it has to move above 24481.42---24625.43---24753.15---24857.75 & 25078.30 (figure may change) particularly above 24753.15 and sustain on the closing basis.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-It is decisively below its neckline which is placed at 23893.70 and if it sustain below it on the closing basis then the maximum downside target could be in the range of 21850---21510. Please note that this pattern will be negated if it moves above 24857.75 & 25078.35. This is a very powerful pattern and rarely fails. It is therefore suggested that do not remain short if it closes above the neckline of 23893.70 and sustain, similarly do not remain long if it closes below it.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It has crossed its recent top on the line chart and  it is above all its short term moving averages on the daily chart, which is a positive  sign for the continuation of the up move, , but it is still below  all the averages on the weekly & below few on the monthly chart also, it is below all its medium term moving average on the daily chart & below few averages on the weekly chart too and most importantly it is below  all its long term moving average on the daily chart, which is a severe threat to the long term uptrend and it is highly  concerning and jeopardized the long term uptrend. But five out of seven important technical indicators have turned positive and showing buy signal in four indicators and huge positive divergence in one, but inching towards overbought zone, therefore, it can extend up-move if it hold the range of 23177---23100 (range will change every day) may be with-in-between down move.. Please keep an eye on the price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative, sell mode is on in the maximum indicators, there is huge negative divergence but it is in the oversold zone and may stage a recovery of a mild nature but that may not last. On the monthly chart it is in overbought zone and with huge negative divergence and MACD has triggered sell. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and the down move is on. So, keep a watch on the price action for further directional indication.

IT IS BUY ON DECLINE MARKET AS OF NOW;-

It is into deep correction mode for its earlier & recent rise, but pullback mode is on therefore  buy on decline can be tried  at appropriate support point  with strict stop loss , similarly short trade  can also be tried  after reasonable  rise at appropriate resistance points  with strict stop losses for intraday corrective gains.

 

STRENGTH: -

1. It is above its very short, short & medium pullback threshold point of 22938---23127 & 23276 (figure may change), sustained close it may help it to move-up further.

2. Five out of seven technical indicators are positive on the daily chart with buy signal in four and with huge positive divergence.

3. It crossed its recent top on the line chart.

4 It is above all its short-term moving averages now on the daily chart and the important average range for day is between 23324----23274----23219----23197---23171----23152(figure will change every day), sustained close above this range will help in extending the up-move.

5. The price action was positive today.

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are negative indicates oversold condition, sell mode is on and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25098.32-----25064.27-----24625.43-----24521.63--- 24481.42-----24047.39----23659.18 (figures may change). The other important correction threshold point is 21848.52 (figure may change) and if it sustain below these points correction will deepen.

4. Two out of seven technical indicators are negative on the daily chart with 1 in sell mode and the other indicators inching towards overbought zone.

5 It is below its long pullback threshold point of 23611 (figure may change), sustained close below this point will help it to extend down move.

6. It is below its most critical points of 23644.80 & 23637.65; please note that it must stay above these points to keep up the up momentum going in the year 2025.

7. It is below all its long-term moving averages therefore severely threatened the uptrend.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 23440---23370 with a stop loss of 23270 or can try long trade if it moves above 23550 and maintain for some time with a stop loss of 23480 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains.  

2. Short trade can be tried on the rise near or within the range of 23750----23780 with a stop loss of 23850. It could be a risky trade but can be tried for intraday corrective 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 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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—1.2.2025

 

CNX-BANK NIFTY

Open—49259.65---High—49674.80---Low—49031.80---Close—49587.20 on 31.1.2025. 

Support:49459/49057.40/48636.45/48292.25/48203.45/48161.75/48074.05/47898.35/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:49654.65/49688.80//49787.10/49904.40/49974.75/50194.30/50369.40/50382.10/50438.30/50841.90/50860.20/50947.70/51000.90/51133.20/51138.90/51693.50/51749.45/51749.45/52354.85/52493.95/52577.50/52760.20/52782.75/52794.95/53357.70/53531.30/53792.85/53888.30/54247.70/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55740/55827/56135/56255.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss/gain of 275.25 points. The gap it created 28.1.2025 is still there and if it makes an effort to fill the gap in the next 1—2 trading sessions, which is technically possible then it can come down to 48319, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being, but it will fill the gap some day. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak and most importantly its long term uptrend is jeopardized as it is below its long term moving averages, therefore further fall is very much on the cards in coming times. But the good thing is that its short term parameters have improved a bit on the daily chart as it is above its medium & long term pullback threshold points and above all its short term moving averages also, therefore if it holds the range of 49408---49243(figures may change every day) on the closing basis then the on-going up-move is likely to extend further and if it moves above 49655 and sustain on the closing basis then it may extend the up move sharply. Please note that even if it breaks the aforesaid range and moves down but hold the range of 49036---48860 it can still resume the up-move. But break & sustained close below this range will weaken it and it may resume the down move again and then moving down its most important & critical support points could be at 47898.35---47844.15 & 47756. Please note that break & sustained close below these points and particularly below 47756 can drag it down to the range of 46437---46077 and sustained close below this range can drag it down to 44500 levels or lower. The short-term bias seems up now, but medium-term trend is down and the long-term uptrend is severely threatened and in jeopardy now. The overall bias is negative as of now.

Similarly moving up the key resistance points would be at 49654.65---49915---50226---50501---50563---50830----50841.90---50860.20----51137---51172-----51490(some figure will change daily). Please note that, if it moves above 49654.65 and sustain on the closing basis then it will gain a good foothold and chances of extending the up-move will enhance , if it moves above 50841.90 & 50860.20 and sustain on the closing basis then it will keep the hope alive for the up move to continue in the year 2025 and if it moves above the range of 51137---51172-----51490 and sustain on the closing basis then the long term uptrend threat will dissipate and then it is likely to extend the up-move for sure. But please note that it may get good strength for the continuation of the up-move if it moves above 52679.47 & 52920.42 (figure may change daily) and sustain on the closing basis and finally to get back into the strong up-momentum track again it has to move above 53142.71----53331.55----53370.43----53500.30(figure may change) and sustain on the closing basis. Please note that if it moves above 53142.71 and sustain on the closing basis then it could retest its all-time high of 54467.35 or may go beyond it also.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It crossed its recent top on the line chart and  above all the short term moving average on the daily chart, which is a positive  sign for the continuation of the up move , but it is still below all its short term moving average on the weekly & below few on the monthly chart also, it is below all its medium term moving average on the daily chart & below few averages on the weekly chart too and most importantly it is below  all its long term moving average on the daily chart, which is a severe threat to the long term uptrend and it is highly  concerning and jeopardized the long term uptrend. But five out of seven important technical indicators have turned positive and triggered buy signal in four indicators and positive divergence in one, but inching towards overbought zone, therefore, it can extend up-move if it hold the range of 49408---49243 (range will change every day) may be with-in-between down move. Please keep an eye on the price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART: -

On the weekly chart almost all the indicators are negative now, it is in the sell signal in maximum indicators, and negative divergence is there but in the oversold zone. On the monthly chart it is in overbought zone and with huge negative divergence and with MACD in the sell mode. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and down move is on. So keep a watch on the price action for further directional indication.

IT IS BUY ON DECLINE MARKET AS OF NOW;-

It is into deep correction mode for its earlier & recent rise, but pullback mode is on therefore  buy on decline can be tried  at appropriate support point  with strict stop loss , similarly short trade  can also be tried  after reasonable  rise at appropriate resistance points  with strict stop losses for intraday corrective gains.  For safe traders long trade can only be tried if it closes above 49655 and sustains, else avoid.

STRENGTH: -

1. Five out of seven technical indicators are positive on the daily chart with buy signal in four & positive divergence.

2. It is above its very short, short, medium & long term pullback threshold point of 48271--- 48748---49271 & 49408(figure may change), sustained close below these points will help it to extend the up-move.

3 It is above  all its short-term moving averages now on the daily chart and the important average range for day is between 49318---49036---49006---48951-----48895---48859(figure will change every day), sustained close above this range can help it to move-up further.

4. It has crossed its recent top on the line chart.

5. The price action was positive today.

WEAKNESS: -

1. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

2. Please note that indicators, on the weekly chart it is in the sell mode in maximum indicators, in overbought zone and with huge negative divergence & on the monthly chart, indicating overbought condition and with huge negative divergence and triggered sell mode also.

3. It is below few of its corrective threshold points of 53500.30-----53370.43---53331.55----52920.42---52487.43---52098.30------51549.93-----50725.73---- (figure may change) and if it sustains below these points then it may extend the down move. The other important key correction threshold points are 49201.72--- 45416.49 (figure may change)  

4. Two out of seven technical indicators are negative on the daily chart with sell signal and inching towards overbought zone.

5. The long-term uptrend is in jeopardy as it is below all its long-term moving averages.

6. Its below its most critical points of 50860.20 & 50841.90; please note that it must stay above these points to keep up the up momentum going in the year 2025, else it will drift down sharply.

7. It has broken its crucial bottom of 49654.65.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 49408---49243 with a stop loss of 49000 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 50150—50230 with a stop loss of 50400 .It could be a risky trade but can be tried for intraday corrective 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 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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.  

 

                        

 

CNX-NIFTY PROBABLE RANGE FOR -1.2.2025

 

CNX-NIFTY

CLOSED ON-31.1.2025: -23508.40

The possible range for the day is between 23576--23441, if it moves above 23576 and sustain then the upside target for the day could be 23643--23710---23777, if it moves above 23777 and sustain then it can sharply move up further. Similarly break below 23441 can pull it down to 23374---23307---23240 it can bounce back from any of these points but sustained break below 23240 may accelerate the fall further.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -1.2.2025

 

CNX- BANK NIFTY

CLOSED ON 31.1.2025: -49587.20

The possible range for the day is between 49687-----49406 if it moves above 49687 and sustains then the upside target for the day could be 49868---50049---50230 if it moves above 50230 and sustain then it can sharply move up further. Similarly break below 49406 can pull it down to 49225---49044----48863 for the day, it can bounce back from any of these points but break below 48863 may accelerate the fall.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

 

A TECHNICAL UPDATE ON CNX-NIFTY-31.1.2025

 

CNX-NIFTY

Open—23169.50—High—23322.05---Low---23139.20--Close---23249.50 on 30.1.2025.

Support:23110.80/23047.25/22976.85/22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:23263.15/23338.70/23350/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23816.15/23873.35/23893.70/23938.85/24073.90/24094.20/24099.70/24141.80/24354.55/24472.80/24498.20/24537.60/24694.35/24753.15/24792.3024854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

It opened on a flat to positive note and thereafter had both side moves during the day and finally ended the day with a gain of 86.40 points. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak and most importantly its long term uptrend is jeopardized as it is way below its long term moving averages, therefore further fall is very much on the cards in coming times. But the good thing is that its short term parameters have improved a bit on the daily chart as it is above its short pullback threshold point of 23127 and above few short term moving averages also, therefore if it holds the range of 23177---23100(figures may change every day) on the closing basis then the on-going up-move is likely to extend further. But break & sustained close below this range may weaken it and it may resume the down move again and then moving down its most important & critical support points could be at 22976.85--22794.70---22786.90---22768.40 & 23700, break & sustained close below these points and particularly below 22700(figure will change every day) which is major rising trend line count for the day may trigger fresh fall and it may witness an accelerated fall and then the next strong support range would be at 22281—22165---21821---21710 and it could bounce back from this range, but break and sustained close below this range can drag it down to 21150 or lower, which may please be noted. The short-term bias seems up now, but medium-term trend is down and the long-term uptrend is severely threatened and in jeopardy now. The overall bias is negative as of now.

Similarly moving up the key resistance points would be at 23263.15---23276---23350----23515---23611---23637.65---23644.80---23752----23893.70----23993-----24082----24120----24198---24335(figures will change daily). Please note that, if it moves above 23263.15 & 23276 and sustain on the closing basis then it may get some strength to move up further, if it moves above 23515 &23611 and sustain on the closing basis then it may get good strength  and may enhance the chances of extending the up-move further, if it moves above 23637.65---23644.80 and sustain on the closing basis then it will keep the hope alive for an up-move in the year 2025,if it move above 23893.70  and sustain on the closing basis then it will get a good foothold to build the up-move and then the up move is likely to extend further and if it moves above the range of 24120----24198---24335 and sustain on the closing basis then the long term uptrend threat will dissipate and it may somewhat ensure that up-move can extend further for sure. But to get good strength for the continuation of the up-move and to get into strong up-momentum track it has to move above 24481.42---24625.43---24753.15---24857.75 & 25078.30 (figure may change) particularly above 24753.15 and sustain on the closing basis.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-It is decisively below its neckline which is placed at 23893.70 and if it sustain below it on the closing basis then the maximum downside target could be in the range of 21850---21510. Please note that this pattern will be negated if it moves above 24857.75 & 25078.35. This is a very powerful pattern and rarely fails. It is therefore suggested that do not remain short if it closes above the neckline of 23893.70 and sustain, similarly do not remain long if it closes below it.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It has crossed its recent top on the line chart today and  it is above its few short term moving averages on the daily chart, which is a positive  sign for the continuation of the up move, , but it is still below few of its short term moving average on the daily, and below all on the weekly & below few on the monthly chart also, it is below all its medium term moving average on the daily chart & below few averages on the weekly chart too and most importantly it is below  all its long term moving average on the daily chart, which is a severe threat to the long term uptrend and it is highly  concerning and jeopardized the long term uptrend. But four out of seven important technical indicators have turned positive today and triggered buy signal in three indicators and positive divergence in one, but inching towards overbought zone, therefore, it can extend up-move if it hold the range of 23177---23100 (range will change every day). Please keep an eye on the price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative, sell mode is on in the maximum indicators, there is huge negative divergence but it is in the oversold zone and may stage a recovery of a mild nature but that may not last. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and the down move is on. So, keep a watch on the price action for further directional indication.

IT IS BUY ON DECLINE MARKET AS OF NOW;-

It is into deep correction mode for its earlier & recent rise, but pullback mode is on therefore  buy on decline can be tried  at appropriate support point  with strict stop loss , similarly short trade  can also be tried  after reasonable  rise at appropriate resistance points  with strict stop losses for intraday corrective gains.

 

STRENGTH: -

1. It is above its very short & short pullback threshold point of 22938 & 23127 (figure may change), sustained close it may help it to move-up further.

2. Four out of seven technical indicators are positive on the daily chart with buy signal in three with positive divergence.

3. It crossed its recent top on the line chart.

4 It is above major of its short-term moving averages now on the daily chart and the important average range for day is between 23306----23300----23177----23154---23122----23101(figure will change every day), sustained close above this range will help in extending the up-move.

5. The price action was positive today.

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are negative indicates oversold condition, sell mode is on and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25098.32-----25064.27-----24625.43-----24521.63--- 24481.42-----24047.39----23659.18 (figures may change). The other important correction threshold point is 21848.52 (figure may change) and if it sustain below these points correction will deepen.

4. Three out of seven technical indicators are negative on the daily chart with 2 in sell mode and inching towards overbought zone.

5 It is below its medium & long pullback threshold point of 23276 & 23611 (figure may change), sustained close below this point will help it to extend down move.

6. It is below its most critical points of 23644.80 & 23637.65; please note that it must stay above these points to keep up the up momentum going in the year 2025.

7. It is below all its long-term moving averages therefore severely threatened the uptrend.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 23177---23140 with a stop loss of 23070 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains.  

2. Short trade can be tried on the rise near or within the range of 23380----23430 with a stop loss of 23520. It could be a risky trade but can be tried for intraday corrective 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 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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—31.1.2025

 

CNX-BANK NIFTY

Open—49206.20---High—49426.20---Low—49031.80---Close—49311.95 on 30.1.2025. 

Support:49057.40/48636.45/48292.25/48203.45/48161.75/48074.05/47898.35/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:49459/49654.65/49688.80//49787.10/49904.40/49974.75/50194.30/50369.40/50382.10/50438.30/50841.90/50860.20/50947.70/51000.90/51133.20/51138.90/51693.50/51749.45/51749.45/52354.85/52493.95/52577.50/52760.20/52782.75/52794.95/53357.70/53531.30/53792.85/53888.30/54247.70/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55740/55827/56135/56255.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 146 points. The gap it created 28.1.2025 is still there and if it makes an effort to fill the gap in the next 2—3 trading sessions, which is technically possible then it can come down to 48319, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being, but it will fill the gap some day. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak and most importantly its long term uptrend is jeopardized as it is below its long term moving averages, therefore further fall is very much on the cards in coming times. But the good thing is that its short term parameters have improved a bit on the daily chart as it is above its short & medium term pullback threshold point of 48748 & 29271 and above few short term moving averages also, therefore if it holds the range of 49290---48847(figures may change every day) the on-going up-move is likely to extend further and if it moves above 49655 and sustain on the closing basis then it may extend the up move sharply. But break & sustained close below this range will weaken it and it may resume the down move again and then moving down its most important & critical support points could be at 47898.35---47844.15 & 47756. Please note that break & sustained close below these points and particularly below 47756 can drag it down to the range of 46437---46077 and sustained close below this range can drag it down to 44500 levels or lower. The short-term bias seems up now, but medium-term trend is down and the long-term uptrend is severely threatened and in jeopardy now. The overall bias is negative as of now.

Similarly moving up the key resistance points would be at 49408----49654.65---49924---50232---50495---50572---50821----50841.90---50860.20----51149---51164-----51505(some figure will change daily). Please note that, if it moves above  49408  and sustain on the closing basis then it may get good strength to move up further, if it moves above 49654.65 and sustain on the closing basis then it will gain a good foothold and chances of extending the up-move will enhance , if it moves above 50841.90 & 50860.20 and sustain on the closing basis then it will keep the hope alive for the up move to continue in the year 2025 and if it moves above the range of 51149---51164-----51505 and sustain on the closing basis then the long term uptrend threat will dissipate and then it is likely to extend the up-move for sure. But please note that it may get good strength for the continuation of the up-move if it moves above 52679.47 & 52920.42 (figure may change daily) and sustain on the closing basis and finally to get back into the strong up-momentum track again it has to move above 53142.71----53331.55----53370.43----53500.30(figure may change) and sustain on the closing basis. Please note that if it moves above 53142.71 and sustain on the closing basis then it could retest its all-time high of 54467.35 or may go beyond it also.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It crossed its recent top on the line chart and  above all the short term moving average on the daily chart, which is a positive  sign for the continuation of the up move , but it is still below all its short term moving average on the weekly & below few on the monthly chart also, it is below all its medium term moving average on the daily chart & below few averages on the weekly chart too and most importantly it is below  all its long term moving average on the daily chart, which is a severe threat to the long term uptrend and it is highly  concerning and jeopardized the long term uptrend. But five out of seven important technical indicators have turned positive and triggered buy signal in four indicators and positive divergence in one, but inching towards overbought zone, therefore, it can extend up-move if it hold the range of 49290---48847 (range will change every day). Please keep an eye on the price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART: -

On the weekly chart almost all the indicators are negative now, it is in the sell signal in maximum indicators, and negative divergence is there but in the oversold zone. On the monthly chart it is in overbought zone and with huge negative divergence and maximum indicators are in the sell mode. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and down move is on. So keep a watch on the price action for further directional indication.

IT IS BUY ON DECLINE MARKET AS OF NOW;-

It is into deep correction mode for its earlier & recent rise, but pullback mode is on therefore  buy on decline can be tried  at appropriate support point  with strict stop loss , similarly short trade  can also be tried  after reasonable  rise at appropriate resistance points  with strict stop losses for intraday corrective gains.

STRENGTH: -

1. Five out of seven technical indicators are positive on the daily chart with buy signal in four & positive divergence.

2. It is above its very short, short & medium term pullback threshold point of 48271--- 48748 & 49271(figure may change), sustained close below these points will help it to extend the up-move.

3 It is above  all its short-term moving averages now on the daily chart and the important average range for day is between 49290---49076---48914---48847-----48800---48755(figure will change every day), sustained close above this range can help it to move-up further.

4. It has crossed its recent top on the line chart.

5. The price action was positive today.

WEAKNESS: -

1. Volatility and wild swing can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

2. Please note that indicators, on the weekly chart it is in the sell mode in maximum indicators, in overbought zone and with huge negative divergence & on the monthly chart, indicating overbought condition and with huge negative divergence and triggered sell mode also.

3. It is below few of its corrective threshold points of 53500.30-----53370.43---53331.55----52920.42---52487.43---52098.30------51549.93-----50725.73---- (figure may change) and if it sustains below these points then it may extend the down move. The other important key correction threshold points are 49201.72--- 45416.49 (figure may change)  

4. Two out of seven technical indicators are negative on the daily chart with sell signal and inching towards overbought zone.

5. The long-term uptrend is in jeopardy as it is below all its long-term moving averages.

6. Its below its most critical points of 50860.20 & 50841.90; please note that it must stay above these points to keep up the up momentum going in the year 2025, else it will drift down sharply.

7. It is below its long pullback threshold point of 49408(figure may change), sustained close below these points will help it to extend down move.

8. It has broken its crucial bottom of 49654.65.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 49212---49100 with a stop loss of 48840 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 49750—49850 with a stop loss of 49980 .It could be a risky trade but can be tried for intraday corrective 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 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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.