AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—3.11.2025

 

CNX-BANK NIFTY

Open—57942.45---High—58254.95--Low—57656.95---Close—57776.35 on 31.10.2025.

 

Support:57755/57683/57628.40/57566/57375.80/57363.70/57312.75/57276.55/57049.50/56816/56623.60/56594.25/56204.85/56161.40/56098.70/55957.75/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance: 58000/58224/58316/58479/58734/58950/59182/60142.

OVERALL, VIEW: --

It opened on a negative note and thereafter it had both side moves during the day and finally, ended the day with a  loss of 254.75 points. It is also important to mention here that it still has earlier unfilled gaps (gap points are 56922.70,55616.45,51361, 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 still looks o.k. , but it is into short correction mode for its recent rise , however it is still above its important & key point of 57776.35---57550.69.30---57393.78(figure may change)and above lots of other critical points of 57207-----56772----56282----55540------55149.30-----54582.55----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 below 57550.69.30---57393.78will push it into medium & deep correction mode for its recent rise, break & sustained close below the range of 56772----56282 will be an extreme alert sign for going down, break & sustained close below 55540 will threaten the long term uptrend, break & sustained close below 55149.30 may trigger fresh fall 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 below this point 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 the long term uptrend will be in potential danger and it may witness an accelerated fall.

Moving up the broad resistance points could be at 57926.97---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 if it moves above 57926.97 and sustain on the closing basis then it will get out of recent corrective mode and may resume the strong up-move again ,else it may drift down further. It is in the strong long-term uptrend now, but into short correction mode for its recent rise.

TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT;-

POSITIVE POINTS:-

1. Few important technical indicator like MACD & ADX is in the buy mode, so it may rally at times.

2. It is above its short-term moving averages few on the daily chart and above all on the 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 55540(figure will change daily) for the day.

NEGATIVE POINTS:-

1.  Few important indicators such as EV, ST, PS & VM is in the sell mode and it is in the overbought zone and RSI with negative divergence, so down move may happen at times and it can extend also.

2. It is below few of its short-term moving averages on the daily chart.

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 57550.69.30---57393.78 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 positive MACD, EV, PS & ADX are in the buy mode, so the up-move may extend,   but RSI is showing negative divergence, and ST & VM is in the sell mode and it is in the overbought zone in certain indicators, therefore further fall looks quite likely in coming weeks . But 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 in the corrective mode but above certain key points of 57628.40---57550.69.30---57393.78, 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 1^st & 2nd bottom of 54226.60 & 53561.75, 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 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.

3. It is above its recent medium & deep correction threshold point of 57550.69.30---57393.78 (figure may change), sustained close above may help it to extend the up-move.

4. It is above half of its all short-term moving averages now on the daily chart and the important average range for day is between 58035---58006--57807---57654---57256---57207(figure will change every day), sustained close above this range can extend the up-move.

5. It is above its 1^st & 2nd major long-term rising trend line which is placed at 56939 & 51836 for the month of November-2025, it is a good sign.

6. It is above its first major long-term rising trend line which is placed at 56772 for the day, it is a good sign for the continuation of the up-move.

7. It is above its major long term down- trend line which is placed at 56282 for the day; it is a good sign for the continuation of the up-move.

8. It still has higher top & bottom on the on the line chart.

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 has slipped into short correction mode for its recent rise as it is below its threshold point of 57926.97 (figure may change), sustained close below it can drag it down further.

3. The price action was negative today.

TRADING CALL: -- 

1.

Long trade can be tried on decline near 57653 if it holds this point for some time then, with a stop loss of 57500 for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 58100---58175 with a stop loss of 58300 or can sell if it moves below 57650  and maintain for some time then with a stop loss of 57850.  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.