AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—10.9.2025

 

CNX-BANK NIFTY

Open—54330.55---High—54350.65--Low—54079.45---Close—54216.10 on 9.9.2025.

 

Support: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:54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55547.35/55695/55957.75/56098.70/56161.40/56204.85/56594.25/56623.60/57049.50/57276.55/57312.75/57363.70/57375.80/57566/57628.40/57683/57755/58000/58224/58316/58479/58950.

OVERALL, VIEW: --

It opened on a positive and thereafter had both side moves during the day and finally, ended the day with a small gain of 29.20 points. Please note that it has been rising for the last 5 days in a row and with each rising day vulnerability of correction is increasing , therefore it may correct any moment soon, so be watchful. It is important to mention here that it still has earlier unfilled gaps (gap points are 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 is weak, it is into short, medium and deep correction mode for its recent rise and into medium & deep correction mode for its earlier rise also, it is  below almost all of  its short term moving average on the daily, below all on the weekly chart and below few on the monthly chart, also below  all its medium term moving averages on the daily chart and below few on the weekly chart  and most importantly below few long term moving averages also, therefore long term uptrend is under threat, it is decisively below its major long term rising trend-line which is drawn from the bottom of 16116.25 made on 24.3.2020 , also below some of  its most critical  points and  few important technical indicators are negative now on the daily chart, so all together it is giving weak indication , therefore further fall cannot be ruled out in coming days. But the good thing is that it is making higher top & bottom on the line chart and if it holds the range or points of 54174.06---53658.15---53655.65---53606.45  for the month of September-2025 chances of resuming the up-move will be alive, but it may get back into strong up-momentum track only once it  moves above its  most critical point or range of 54293----54312.12---54467.35---54530 (some figures may change daily), and  sustain on the closing basis in a shortest possible time, else it will dampen the chances of an up-move in the year-2025. Please note that break & sustained close below the range of 53658.15---53655.65---53606.45 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 53017---52711 (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 54293----54312.12---54467.35---54510----54521.48---54734-----55285.91----55629.14-----56038.48---56098.70-------56650.10-----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 the range of 54293---54312.12----54467.35----54521.48----54530 and sustain on the closing basis then it will raise good hope for an extension of up-move in the year-2025, else it will start to drift down again, if it moves above  54734 and sustain on the closing basis then it may gain reasonable strength for extending the up move, if it moves above the range of  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, if it moves above 56816 and sustain on the closing basis then it  may get back  into  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 recent & earlier gains and long term uptrend is also threatened.

IMPORTANT NOTE: - TO KEEP THE HOPE ALIVE FOR AN UP-MOVE IN THE MONTH OF SEPTEMDER—2025 IT HAS TO SUSTAIN ABOVE 53658.15---53655.65 & 53606.45 IN THE MONTH AND  FOR A CONTINUED UP-MOVE IN THE YEAR-2025 IT HAS TO MOVE ABOVE 54467.35 & 54530 AND SUSTAIN ON THE CLOSING BASIS, ELSE IT MAY KEEP DRIFTING DOWN.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

POSITIVE POINTS:-

1. It is in the oversold zone, EV & ST is in the buy mode, so it may rally at times.

2. Volatility method has triggered fresh buy signal on 1.9.2025, so be watchful.

NEGATIVE POINTS:-

1. below almost all short terms moving average on the daily & below all on the weekly chart and below few on the monthly chart.

2. below all medium terms moving average on the daily & below few on the weekly chart.

3. Below few long terms moving averages and the top average it at 54530 for the day—very weak sign.

4. Most of the important technical indicators are negative and MACD, PS & ADX are in the sell mode and RSI is showing negative divergence, so it may correct at times and continued down move may be with-in-between short relief rally is a strong possibility.

In view of the above there is a strong possibility that the down move can extend with-in-between relief rally till it moves above the important & key points on the closing basis as mentioned above. 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. 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 & ADX 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 oversold 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 SELL ON THE RISE  MARKET  NOW;-

It is into deep correction mode for its earlier & recent rise and below its recent key points, therefore it is a sell on the rise market now till it closes above 54467.35 & 545307(figure may change) and sustain.  But long trade can also be tried on the reasonable or sharp decline near critical support points or range with strict stop losses, for intraday gains.

STRENGTH: -

1. It is above its most crucial 2^nd 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 making higher top & bottom on the line chart.

4. 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.

5. 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. 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 & 55285.91 (figure may change), sustained close below these points can drag it down much lower.

3. It is below its correction threshold point of 54293(figure may change) for its very recent rise.

4. It is almost below all(except for two) its short-term moving averages now on the daily chart and the important average range for day is between 54734---54641--54408---54260---54055---54025(figure will change every day), sustained close below this range can drag it down further.

5. It is below its recent pullback threshold point of 54521.48(figure may change), if it sustain below it chances of up move will be slim.

6. It has broken its 1st major first major long term rising trend line which is placed at 55724 for the month of September-2025, it is a very weak sign.

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

8 It is below 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.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 54120---54080 if it holds this range for some time then, with a stop loss of 53900 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 54450—54530 with a stop loss of 54630.   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.