A TECHNICAL UPDATE ON CNX-BANK NIFTY—26.6.2025

 

CNX-BANK NIFTY

Open—56564.50---High—56681.40--Low—56420.65---Close—56621.15 on 25.6.2025.  

 

Support:56601/56324/56161.40/56098.70/55957.75/55695/55475.45//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:56670/57049.50/57098/57406/57566/55775/57850/58000/58060/58224/58474/58949.

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/loss of 159.25 points. The gap it created on 24.6.2025 is still there and if it makes an effort to fill this gap in the next 3-4 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, 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  if it manages to hold the range of 56465.90----56457.80-----56207.82----56108-----56098.70-----56040---55941—55797----55597.75(some figures may change daily) on the closing basis then the chances of up-move extension will be great but break & sustained close below the range of 56465.90----56457.80----56207.82 will push it into short & deep correction mode for its recent rise,  break & sustain below the range of 56108----56098.70-----56040---55941—55797 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  will get into deep correction mode.

Moving up the broad resistance points could be at 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 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, short & medium term trend is also up.

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,PS & 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 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, therefore  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, 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----55941 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 55149.30& 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 52809(figure will change every day). Close below this point will be a warning signal.

4 It is above all its correction threshold point of 56465.90----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 56154--56128--56108---56040---56007---55941(figure will change every day), sustained close above this range can help it to extend the up move.

9. The price action was mixed 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. Few important technical indicators are weak on the daily chart, so, it can correct at times.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 56500---- 56450 but not below it with a stop loss of 56300 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 56900—57000 with a stop loss of 57150.  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.