CNX-BANK NIFTY
Open—57529.95---High—57614.50--Low—56193.80---Close—57312.75 on 30.6.2025.
Support:57049.50/56670/56601/56324/56161.40/56098.70/55957.75/55695/55475.45//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:57566/57614.50/57683/57755/58000/58224/58316/58479/58950.
OVERALL, VIEW: --
It opened on a positive note and thereafter had both side moves during the day and in the process hit a new all-time high of 57614.50 and after 4 days of rise it took a breather today and finally, ended the day with a loss of 131.15 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 1 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 extremely good for continuation of the up-move, but it’s see-saw movement every other day is a matter of deep concern and possibly can drag it down sharply in coming times once price action starts weakening. However please note that if it holds 57049.50 & 57032.71on the closing basis then the up-move can extend further, but break & sustained close below these points will push it into short correction mode, but even if it break this mark but manage to hold the range of 56897.46----56639.48(figure may change) chances of up-move will be alive, but break & sustained close below the range will push it into medium & deep correction mode for its recent rise and will be an alert sign for going down, moving down further its important critical support range would be 56450-----56300-----56278----56098.70(some figures may change daily) it is strong bounce back range, but break & sustained close below the range of 56450-----56300-----56278 may trigger fresh fall and break & sustained close below 56098.70 may witness an accelerated fall and then moving down further its most critical support points or range could be, 55618.52----55275.29-----54467.35( some figures may change), which is yet again a very strong and important bounce back points or range and if it holds this range then the chances of resuming the up move will still be faintly alive. But break & sustained close below the range of 55618.52----55275.29 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.
Moving up the broad resistance points could be at 57543----57566---57683---57755---57863----58000(for complete resistance points see the 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.
It is in a strong long term uptrend as of 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. Furthermore
almost all the important technical
indicators have turned positive now on the daily chart and majorly in the buy
mode such as MACD, EV, ST, PS & ADX but RSI is with negative divergence, VM
is in sell mode today and it is in the overbought zone. So there is a high
probability of a correction anytime soon, but in totality as of now it
is giving positive signal for
the extension of the up-move. But please note that 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 at this juncture. 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 and ST in the sell mode, which is a concern, so it can correct at times, but overall 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 and it is in the overbought zone, which is a deep concern, therefore chances are that it can sharply go 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 57049.50---57032.71 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 52963(figure
will change every day). Close below this point will be a warning signal.
4 It is
above all its correction threshold point of 57032.71----56597.46---56639.48----55618.52
& 55275.29 (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 54556 &50016 for the month of
July—2025.
7. It is
making higher top & bottom on the line & bar chart.
8. It is
above all its short-term moving averages now on the daily chart and the
important average range for day is between 56769--56685--56450---56447---56300---56278(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. RSI is
with negative divergence and it is in the overbought zone and VM in sell mode
today, so, it can correct at times.
TRADING CALL: --
1. Long trade can be tried on decline near or within the range of 57210---- 57102 but not below it with a stop loss of 56950 or can buy if it moves above 57476 and maintain for some time with
a stop loss of 57290, for a possible intraday gain, else avoid.
2. Short
trade can be tried on the rise near or within the range of 57650—57750 with
a stop loss of 57900 or can sell near 57443 if it remains below
it with a stop loss of 57630. 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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