AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—26.9.2025

 

CNX-BANK NIFTY

Open—55061.65---High—55276.65--Low—54903.30---Close—54976.20 on 25.9.2025.

 

Support:54905.60/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:55149.30/55475.45/55547.35/55695/55957.75/56098.70/56161.40/56204.85/56594.25/56623.60/57049.50/57276.55/57312.75/57363.70/57375.80/57566/57628.40/57683/57755/58000/58224/58316/58479/58950.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally, ended the day with a loss of 145.30 points. It is important to mention here that it still has earlier unfilled gaps (gap points are 54350.65,51361, 51244 & 50496) , 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 it is not a good sign for a steady market.

The technical setup has weakened but still looks o.k. for the continuation of the up-move, but it is still into corrective mode for its earlier rise and also for very recent rise as it is below its threshold point of 55298.70 and most importantly it is well below its short term rising trend-line & major long term rising trend-line which is drawn from the bottom of 16116.25 made on 24.3.2020 , it is also below its short pullback threshold point of 55124(figure may change) , furthermore it is making lower top & bottom on the line chart and below key bottom of 55149.30, therefore all together it is giving weak signal and if it does not bounce back above the key points as mentioned above in a shortest possible time then fall may continue.  Moving down further its most critical support points are at  54748---54521.48---54467.35---54312.12 (some figures may change daily), and if it sustain above these points on the closing basis then the chances of resuming the up-move is there, but break & sustained close below 54748 will threaten the long term uptrend, break & sustained close below 54521.48 will  dim the chances of extending the up move, break & sustained close below 54467.35 may trigger fresh fall and will also dampen the chances of a continued up-move in the year—2025, break & sustained close below 54312.12  can drag it down further to  53483 levels but on the way it will find support at 54174.06---53658.15---53655.65---53606.45(some figure may change)  for the month of September-2025 and if it holds this range or points then the chances of resuming the up-move will be alive. Please note that break & sustained close below this range may trigger fresh fall.  

Moving down further its next critical & strong support point will be at 53483.05 and if it does not hold this point on the closing basis then it may witness an accelerated fall and then the final support range could be 53188---52896 (range will change daily), but break & sustained close below this range will trigger fresh fall and long term uptrend would also be in potential danger and then it may head for sharp fall may be with-in-between short relief rallies.

Moving up the broad resistance points could be at 55124---55298.70---55652----55835.25---56024---56038.48----56075-----56098.70-----56650.10----56669-------56816-----56908.08----57043.33---57049.50----57213-----57376----57566---57629(some figures may change)(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. Please note that if it moves above 55124---55298.70 and sustain on the closing basis then it will be above its short pullback threshold point and will get out of recent corrective mode then the up-move can extend, if it moves above 55652 & 55835.25 then it will get good strength to move-up further, if it moves above the range of  56024---56038.48---56098.70 and sustain then it will get good foothold and raise good hope for extending the up-move, if it moves above 56650.10 and sustain then it will get out of deep corrective mode for its recent rise and if it moves above 56816 and sustain on the closing basis then it  may get back  into strong  up- momentum track and may retest its all-time high of 57628.40 or may go beyond it also. It is already into deep correction mode for its earlier gains, but long term uptrend is intact.

TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT;-

POSITIVE POINTS:-

1. Almost all the important indicator are positive and EV, MACD, PS, ADX & VM is in the buy mode, RSI is with positive divergence, so up-move can extend.

2. it is above half of its short term moving averages on the daily, mostly above on the weekly & all on the monthly chart.

3. It is above all its long terms moving averages and the top average it at 54748(figure will change every day) for the day.

NEGATIVE POINTS:-

1. It is in the overbought zone in few indicators on the daily chart and ST is in the sell mode, so it may correct at times.

2. It is below 5 out of 6 & 3 out of 6 of its short term moving averages on the daily & weekly chart respectively.

3. It is below most of its medium term moving averages on the daily chart.

In view of the above there is a possibility that the up-move can extend with-in-between corrective move till it holds its important & key points or range of 54748---54521.48---54467.35 on the closing basis as mentioned above. But 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. 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: -

WEEKLY CHART: - All the important indicators are negative MACD, EV, PS & VM are in the sell mode and RSI is showing negative divergence, therefore further fall looks quite likely in coming weeks .But the only silver lining is that it is in the neutral zone, so it may have short up-moves at times.

MONTHLY CHART:-Few indicators are in the buy mode such as MACD, PS & ADX, but it is in the overbought zone and with huge negative divergence in RSI. Therefore, all together indicators are painting a mixed picture now with tilt towards down-side as of now.

IT IS BUY ON DECLINE  MARKET  NOW;-

It is still into deep correction mode for its earlier & recent rise but it moved above its recent key point of 54748---54521.48---54467.35  (figure may change) , therefore as long as it holds these point on the closing basis it will be buy on decline market.  But short trade can also be tried on the reasonable or sharp rise near critical resistance points or range with strict stop losses, for intraday corrective gains.

STRENGTH: -

1. It is above its most crucial 2nd 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 2nd major long term rising trend line which is placed at 50939 for the month of September-2025, it is a very strong support point.

3. It is above its short pullback threshold point of 54174.06(figure may change), sustained close above it may keep the hope alive for further up-move.

4. It is above its recent pullback threshold point of 54521.48(figure may change), if it sustain above it then up-move can extend.

5. It is 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.

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. It is into short, medium & deep correction mode for its recent rise as it is below its threshold point and also below its medium & deep correction threshold points 57189.04---57043.33---56908.08-----56650.10---55861 & 55629.14 (figure may change), sustained close below these points can drag it down much lower.

3. It is below its major first major long term rising trend line which is placed at 55800 for the month of September-2025, it is a very weak sign.

4. It is below its first major long term rising trend line which is placed at 56138 for the day, it is a very weak sign.

5. The price action was negative today.

6. It is below its recent correction threshold point of 55298.70 (figure may change), sustained close below it could drag it down.

7. It is below it short term pullback threshold point of 55124(figure may change), if it closes above it then it will give some hope for extending the up-move.

8. It is below its most crucial 1^st bottom of 55149.30, if it sustains below it on the closing basis then it will slide down further.

9. It is making lower top & bottom on the line chart.

10. It is below 5 out of 6 of its short-term moving averages now on the daily chart and the important average range for day is between 55279---55242--55130---55026---54996---54680(figure will change every day), sustained close below this range can drag it down further.

TRADING CALL: -- 

1. Long trade can be tried on decline near  54905 if it holds this point for some time then, with a stop loss of 54750 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 55250—55350 with a stop loss of 55470 or can sell if it moves below 54880 and maintain for some time then with a stop loss of 55100.  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.