A TECHNICAL UPDATE ON CNX-BANK NIFTY—13.6.2025

 

CNX-BANK NIFTY

Open—56480.90---High—56611.05---Low—55968.50---Close—56082.55 on 12.6.2025.

 

Support:55957.75/55875.75/55827/55740/55691.95/55646/55499.65/55209/55097/54924/54815/54772/54604/54593/54467.35/54176.45/53888.30/53792.85/53531.30/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:56098.70/56161.30/56307/56696/56752/56810/57098/57406/57715/57850/58060/58648/58714/58976/59541.

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and finally, ended the day with a loss of 377.20 points. It is important to mention here that it still has earlier unfilled gaps (gap points are 54054.80, 51361, 51244 & 50496) also on the downside, which is still a huge concern, although stipulated time for filling the gap is over long ago, but it will fill the gap one day for sure. So, be cautious. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

The overall technical setup has weakened a bit today,  it’s see-saw movement every other day is a matter of deep concern and possibly can drag it down sharply in coming times and it seems that it has started  today. It is below its upper channel, below rising trend line and below down trend line, below few short term moving average also and slipped into deep correction mode for its recent rise as it is below all its respective points, so, all together it is a very weak indication, therefore further fall looks inevitable in coming times, provided it does not make sharp recovery in a day or two and moves above the critical points and sustain. However please note that moving down if it manages to hold the range of 55963---55740----55711(figures will change daily),it could still bounce back from this range, but break & sustained close below this range may trigger fresh fall again and moving down it will  try to find support at its most critical points or range of, 55186.86----54843.63-----54467.35( some figures may change), it is a very strong and important bounce back range and if it holds this range then the chances of up move will be alive. But break & sustained close below 55186.86----54843.63  will push it into medium and deep correction mode for its earlier rise and break & sustained close below 54467.35 will dampen the chances of up-move in the year 2025  and will trigger fresh fall again and it may derail the up-move for good or halt it for a while and then moving down next support points could be at 53959.60---53887.09----53483.05, it may bounce back from these points, but break & sustained close below 53483.05 may witness an accelerated fall and it will get into deep correction mode. It is in the long term uptrend, but in a short term correction mode as of now.

Moving up the broad resistance points could be at 56098.70---56163----56207.82---56465.90----56530----56660----56752---57060---57206----57406----57715----57849---58060---58714, (for in between resistance point see the resistance table on the upside) it may correct at any of these points and then may resume the up-move again or may pause the rally for a while. But if moves above the range of 56098.70---56465.90 and sustain on the closing basis then it will get out of correction mode and may make an effort to resume the up-move again, else it may drift down further. But it is in a strong long term uptrend as of now, but got into correction mode today.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is making higher top & bottom on the line chart, it is above its few short term moving average on the daily chart but above all on the weekly & monthly chart, it is above all its medium & long term moving averages on the daily, weekly & monthly chart which is a positive sign for moving up further. But it is below few short terms moving average on the daily chart after a long time, furthermore few important technical indicators are negative now and in the sell mode now such as MACD, ST, VM, RSI is with huge negative divergence, it is in overbought zone and above all price action is weak so this is a huge concern. But few indicators are positive also such as PS,EV & ADX, therefore in totality it is giving mixed signal now  and likely to swing either way with a slight downward bias as of now . Furthermore earlier vertical rise, unfilled gaps, negative divergence and overbought zone is still a concern, so it may correct at times and gotten into corrective mode today, therefore further fall cannot be ruled out in coming days, so it is suggested to be extremely alert and cautious in your long trade commitments. Please keep an eye on the critical resistance & support points and price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART: -

On the weekly chart major important indicators are positive such as MACD,ST, PS, ADX & EV are in the buy mode,  RSI in tandem now but earlier negative divergence still exist and it is in the overbought zone, which is a concern, so it can correct at times. On the monthly chart few indicators are in buy mode such as MACD,ST,PS & ADX, but it is in the overbought zone and with huge negative divergence in RSI. Therefore, all together indicators on the weekly & monthly  chart more or less seems positive for the up-move , but on the monthly chart huge negative divergence is a deep concern, therefore chances are that it can sharply drag it down in coming months.

IT IS BUY ON DECLINE  MARKET  NOW;-

It is buy on decline market now till it holds the range of 55963---55711. But short trade can also be tried on the rise and near the critical resistance points or range or breakdown of price action with strict stop loss, for intraday corrective gains.

STRENGTH: -

1. It is way above its most crucial bottoms of 50369.40 & 49654.65, if it sustains above it on the closing basis then the chances of the up-move will be very good.

2. It is above 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.

3. It is above all its long-term moving averages and the top average is placed at 52449 (figure will change every day). Close below this point will be a warning signal.

4 It is above its few correction threshold point of 55186.86 & 54843.63 (figure may change) sustained close above these points could be a strong hope for moving up further.

5. It is making higher top & bottom on the line & bar chart.

6 It is way above its most critical point of 54467.35, please note that it is essential to stay above this point to keep the up-momentum going in the year-2025, else it may drift down.

7. It is above (except for few) its short-term moving averages now on the daily chart and the important average range for day is between 56277--56133--56129---55963---55740--55711(figure will change every day), sustained close above this range may help it to extend the up-move.

8. It is above its long term rising trend-line which is placed at 53824 &49332 for the month of June—2025.

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. Few indicators are still weak such as RSI with huge negative divergence, it is in the overbought zone, VM, MACD & ST in sell mode so, it can correct at times and it is in corrective mode now.

3 It slipped into deep correction mode for its recent rise as it is below its threshold points of 56465.90---56207.82 (figure may change) sustained close below these points may witness an accelerated fall.

4. The price action was negative today.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 55970---- 55875 but not below it with a stop loss of 55670, for a possible intraday gain, else avoid. Please note that long trade in a corrective mode could be a risky affair.

2. Short trade can be tried on the rise near or within the range of 56450—56550 with a stop loss of 56680. 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.