CNX-BANK NIFTY
Open—57231.95---High—57262.85--Low—56799.65---Close—56828.80 on 17.7.2025.
Support:56623.60/56594.25/56161.40/56098.70/55957.75/55695/55475.45//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:57049.50/57312.75/57363.70/57375.80/57566/57628.40/57683/57755/58000/58224/58316/58479/58950.
OVERALL, VIEW: --
It opened on a positive note and thereafter had both side moves during the day and finally, ended the day with a loss of 340.15 points. It is important to mention here that it still has earlier unfilled gaps (gap points are 56233.55,54054.80, 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, and is not a good sign for a steady market.
The technical setup has weakened, it is into short & medium correction mode for its recent rise now, and it has lower top & bottoms on the line & bar chart. Furthermore today it fell below almost all its short term moving averages on the daily chart and to top it all almost all the important technical indicators are negative, this is a concern and if it does not get out of corrective mode, moves above its averages and start making higher top & bottom in a shortest possible time then further fall looks inevitable in coming times. Please note that it will get good strength for the continuation of the up-move only once it moves above the range 57312.75---57375.80 and sustain on the closing basis. However moving down it may find support in the range of 56801----56798----56650.10----56098.70(some figures may change daily) it is a good bounce back range, but break & sustained close below the range of 56801-----56650.10 will push it into medium & deep correction mode for its recent rise and 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, 55629.14----55285.91-----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 55629.14----55285.91 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 56838---56908.08----56928----56996----57043.33----57049.50----57189.04---57313----57376-----57566---57629----57683---57725----57755---57850----57930----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.
Please note that if it moves above the range of 56838---57043.33----57049.50----57189.04 and
sustain on the closing basis, then it will get out of corrective mode and may
make an reasonable effort to extend the up-move, if it moves above the range of
57313—57376 and
sustain on the closing basis then it will gain good strength for the
continuation of the up-move and finally if it moves above 57629
and sustain on the closing
basis then it will get back into strong up-momentum track again. It is in a
strong long term uptrend now, but into
short & medium correction mode now.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
It still has lower top & bottom on the line &
bar chart; it also fell below almost all its short term moving averages 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 the continuation of the up-move. But almost all
the important technical
indicators are negative now and majority of them are in the sell mode now such
as MACD, EV, PS, VM and RSI with huge negative divergence and it is in the
overbought zone, but only ADX & ST is in the buy mode, so it can have
relief rally at time but there is a high probability of a correction anytime
soon and it is already into correction mode, so in totality as of now it
is giving mixed signal therefore
at times it may swing both ways but with slight tilt towards downside as of now
. Furthermore please note that earlier vertical rise, unfilled gaps,
negative divergence and in the overbought zone on weekly & monthly chart is
still a concern, 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 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,ST, ADX & EV are in the buy mode, RSI with negative divergence and it is in the overbought zone ,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 SELL ON THE RISE MARKET
NOW;-
It is into correction mode therefore for aggressive traders it is sell on the rise market now till it closes above 57050 and sustains and for safe traders till it closes above 57376 and sustain on the closing basis. But long trade can also be tried on the decline near critical support points or range with strict stop losses, 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
all its long-term moving averages and the top average is placed at 53573(figure
will change every day). Close below this point will be a warning signal.
3 It is
above few of its correction threshold point of 56650.10----55629.14
& 55285.91 (figure may change) sustained close above these points could be a
strong hope for moving up further.
4 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.
5. It is above its long
term rising trend-line which is placed at 54556 &50016 for the month of
July—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. Almost
all the important indicators are negative now and majority are in sell mode
such as MACD, EV, PS, VM and RSI is with negative divergence and it is
in the overbought zone, so, it can correct at times, it is already into correction
mode now.
3. It is into short & medium term correction mode for its recent rise as it is below its threshold points of 57189.04----57043.33---56908.08 (figure may change), sustained close below these points may drag it down further.
4. It has made lower
bottom on the line chart & lower top and bottom on the bar chart.
5. It is
below almost all(except for one) its short-term moving averages now on the
daily chart and the important average range for day is between 56996--56994--56966---56950---56928---56801(figure will change every day), sustained close below this range may accelerate the down move.
6. The price action was negative today.
TRADING CALL: --
1. Safe
traders should avoid long trade till it closes above 57375.80 and
sustain. But aggressive traders can try long trade on decline near or within
the range of 56780---56755 if it holds this range for some time but not
below it with a stop loss of 56580 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 57050—57150 with
a stop loss of 57300 or can sell if it moves below 56750 and
maintain for some time then with a stop loss of 56850. 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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