CNX-BANK NIFTY
Open—57139.95---High—57525.80--Low—56994.70---Close—57422.55 on 16.10.2025.
Support:57375.80/57363.70/57312.75/57276.55/57049.50/56816/56623.60/56594.25/56204.85/56161.40/56098.70/55957.75/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance:57566/57628.40/57683/57755/58000/58224/58316/58479/58734/58950/59182/60142.
OVERALL, VIEW: --
It opened with an up-gap and thereafter had both side moves during the day and finally, ended the day with a huge gain of 622.65 points. The gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 days which is technically possible then it can come down to 56922.70, but if it fails to fill the gap in the stipulated time then chances of filling the gap recede for the time being, but it will fill the gap one day for sure. Furthermore, it is also important to mention here that it still has earlier unfilled gaps (gap points are 55616.45,51361, 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 on a very strong footing , as it is above its major long term rising trend-line and above major downtrend line and most importantly above its important & key point of 57123.47(figure may change) & 56816 and above lots of other critical points of 56747.19---56590.28---56380-----56347-----55835.25----55750----55149.30----55103---54653.90---54635.85----54521.48---54467.35(some figure may change daily), so it looks good for the continuation of the up-move provided moving down it holds the key points. Please note that break & sustained close 57123.47 below will push it into short correction mode for its recent, break & sustained close below 56816 may dampen the chances of hitting new high, break & sustained close below 56747.19---56590.28 will push it into medium & deep correction mode for its recent rise, break & sustained close below 56380----56360.74----56347 will be an extreme alert sign for going down, break & sustained close below 55835.25----55750may weaken it further, break & sustained close below 55149.30 may trigger fresh fall again, break & sustained close below 55103 will threaten the long term uptrend again, break & sustained close below 54653.90---54635.85 will be a strong alert sign for going down further, break & sustained close below 54521.48 may dampen the possibility of a continued up-move and finally break & sustained close be 54467.35 may end the possibility of an up-move in the year 2025. Moving down further its support point could be at 54312.12, break & sustained close below it can pull it down to 53483 levels but on the way down it may find support at 54174.06 and if it holds this point then the chances of resuming the up-move will be faintly alive. Please note that break & sustained close these points may trigger fresh fall.
Moving down further its next critical & strong support point will be at 53561.75 & 53483.05 and if it does not hold these point on the closing basis then it may witness an accelerated fall and then the final support could be in the range of 53438---53111 (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 57629---57683—57755---58000—58224—58316---58479---58734 (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 it may be heading to retest it’s all time high of 57628.40 or may go beyond it also provided moving down it holds 56816 on the closing basis. It is into the long-term uptrend now.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT;-
POSITIVE POINTS:-
1. All the important technical indicator like MACD, EV, ADX, ST & PS is in the buy mode and RSI is with positive divergence, so it may extend the up-move.
2. It is above all its short-term moving average on the daily, weekly & monthly chart.
3. It is above all its medium-term moving average on the daily, weekly & monthly chart.
4. It is above all its long terms moving average on the daily chart and the top average is placed at 55103(figure will change daily) for the day.
NEGATIVE POINTS:-
1. It is in the overbought zone, so it may correct at time in coming days.
In view of the above now there is a possibility that the up-move can extend till it sustains above its important & key point of 56816---56747.19---56590.28 on the closing basis. But please also 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: - Almost 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 silver lining is that it is in the neutral/oversold zone and ST & ADX is in buy mode, so it may have short up-moves at times.
MONTHLY CHART:-Few indicators are in the sell mode such as MACD & ST and it is in the overbought zone and with huge negative divergence in RSI, but PS & ADX is in the buy mode, 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 out of corrective mode and above its key point of 56816---56747.19---56590.28, therefore as long as it holds these points 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 or on the price breakdown with strict stop losses, for intraday corrective gains.
STRENGTH: -
1. It is above its most crucial 1st & 2nd 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 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 long-term pullback threshold point of 54521.48 (figure may change), if it sustains above, it on the closing basis then there will be hope that the up-move can extend.
4. 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.
5. It is above its recent correction threshold point of 57123.47—56747.19----56590.28 (figure may change), sustained close above may help it to extend the up-move.
6. It is above all its short-term moving averages now on the daily chart and the important average range for day is between 56636---56423--56409---56083---55946---55750(figure will change every day), sustained close above this range can extend the up-move.
7. It has higher top & bottom on the line chart.
8. It is above its first major long-term rising trend line which is placed at 56300 for the month of October-2025, it is a very weak sign.
9. It is above its first major long-term rising trend line which is placed at 56380 for the day, it is a good sign for the continuation of the up-move.
10. It is above its major long term down- trend line which is placed at 56347 for the day; it is a good sign for the continuation of the up-move.
11. The price action was positive today.
12. It is completely out of corrective modes for earlier rise.
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.
TRADING CALL: --
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2. Short trade can be tried on the rise near or within the range of 57800---57900 with a stop loss of 58050. 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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