CNX-BANK NIFTY
Open—56529.45---High—56862--Low—56276.15---Close—56461.90 on 24.6.2025.
Support:56324/56161.40/56098.70/55957.75/55695/55475.45//55149.30/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance:56601/56670/57049.50/57098/57406/57566/55775/57850/58000/58060/58224/58474/58949.
OVERALL, VIEW: --
It opened with an up-gap and thereafter had both side moves during the day and finally, ended the day with a gain of 402.55 points. The gap it created today is still there and if it makes an effort to fill this gap in the next 4-5 trading sessions, which is technically possible then it can come down to 56233.55, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for now but it will fill the gap one day for sure. 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 looks good now for continuation of the up-move, despite volatility but its see-saw movement every other day is a matter of deep concern and possibly can drag it down sharply in coming times. It is out of corrective mode, therefore likely to move-up further. Please note that moving down if it manages to hold the range of 56457.80-----56207.82----56098.70-----56047---55980---55869—55719----55597.75(some figures may change daily) on the closing basis then the chances of up-move extension will be there but break & sustained close below the range of 56457.80----56207.82 will push it into short & deep correction mode for its recent rise, if it break & sustain below the range of 56098.70-----56047---55980---55869—55719 on the closing basis it may trigger fresh fall and break & sustained close below 55597.75 may dampen the chances of an up-move and then moving down further its most critical support points or range could be, 55186.86----54843.63-----54467.35( some figures may change), which is a very strong and important bounce back points or range and if it holds this range then the chances of up move will be alive. But break & sustained close below the range of 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 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 56465.90----56601.05----56657-----56670---56783----56839(some figures may change) (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 56465.90 and sustain on the closing basis
then it will get out of corrective mode and may make an effort to resume the bigger
up-move again and if it moves above 56670(it
did cross this mark intraday today but could not sustain) and sustain on
the closing basis then it may retest its all-time high of 57049.50 or may go beyond it also, else it may drift down again. It
is in a strong long term uptrend as of now, but still into correction mode for
recent rise now.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
It is making higher top & bottom on the line & bar chart, it is above all its short, medium & long term moving averages on the daily, weekly & monthly chart which is a positive sign for moving up further. But almost all the important technical indicators are negative now on the daily chart and majorly in the sell mode such as MACD, EV, VM and RSI is with huge negative divergence and it is in the overbought zone. The silver lining is that ADX & ST is in the buy mode, so it may have a relief rally at times. Therefore please note that in totality it is giving mixed signal and likely to swing either way but with a slight positive bias as of now. Furthermore earlier vertical rise, unfilled gaps, negative divergence and in the overbought zone on weekly & monthly chart is still a concern, so it may correct at times and it is already into correction mode now, 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 because it is in the corrective mode now. 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, 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 & ST is also in the sell mode, which is a concern, so it can correct at times, but looks good for the up-move. 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 still into correction mode but move above some of its critical points therefore it is buy on decline market now till it holds the range of 56098.70----55869 on the closing basis. But short trade can also be tried on the rise near its critical resistance points or range with strict stop loss, for intraday gains.
STRENGTH: -
1. It is way
above its most crucial bottom of 53483.05, if it
sustains above it on the closing basis then the chances of the up-move will be alive.
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 52765(figure
will change every day). Close below this point will be a warning signal.
4 It is
above all its correction threshold point of 56457.80---56207.82----55186.86 & 54843.63 (figure may change) sustained close above these points could be a
strong hope for moving up further.
5 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.
6. It is above its long
term rising trend-line which is placed at 53824 &49332 for the month of
June—2025.
7. It has
made short higher bottom on the line chart, but yet to make higher top, so
watch out.
8. It is
above all its short-term moving averages now on the daily chart and the
important average range for day is between 56051--56047--56013---55990---55980---55869(figure will change every day), sustained close above this range can help it to extend the up move.
9. 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. Al important
technical indicators are weak on the daily chart, so, it can correct at times
and it already in the corrective mode now.
3 It is still
below one of its important correction threshold points of 56465.90 (figure may change) sustained close below it may drag it down.
TRADING CALL: --
1. Long trade can be tried on decline near or within the range of 56315---- 56210 but not below it with a stop loss of 56030 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 56900—57000 with
a stop loss of 57150 or can sell if it moves below 56030 and
maintain for some time with a stop loss of 56260. 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.
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