AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—27.11.2025

 

CNX-BANK NIFTY

Open—58783.05---High—59554.95--Low—58783.05---Close—59528.08 on 26.11.2025. 

Support:59455/59350/59182/59120/58688.55/58577.50/58469.90/58380.50/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance: 59720/59917/60177/60331/60875.

OVERALL, VIEW: --

It opened on a negative note but the open was also the low for the day and thereafter it had both side moves in the upper trajectory during the day and in the process hit a new all-time high of 59554.95 and finally, ended the day with a robust gain of 707.75 points after three days of fall. But 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 looks good for the continuation of the up-move. It is out of correction mode and made higher top again, so all together it is a positive sign for the up-move, but the volatility it exhibited today is concerning. However please note that moving down its key support points are at 59341.26---59199.78---58989.23---58716---58673.74---58463-----58297.46----58140.55---57157.85(figures may change) and if it holds these points on the closing basis then the chances of extending the up-move  may be alive, but break and sustained close below 59341.26 will trigger correction again, break and sustained close below the range of 59199.78---58989.23will deepen correction, break and sustained close below the range of 58716---58673.74---58463-----58297.46 may trigger fresh fall, break & sustained close below  58140.55will push it into deep correction mode and can drag it down further and finally break & sustained close below 57157.85 may witness an accelerated fall and if it sustains below it the correction could be painful.

Moving up the target or resistance points could be at 59720—59917--60177 (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 or may halt the up-move for a while. It is in the strong long-term uptrend.

TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT;-

POSITIVE POINTS:-

1. Few important technical indicator like ST,PS & ADX are in the buy mode, so it may rally up at times but that may not be lasting.

2. It is above all its short-term moving averages 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 56263(figure will change daily) for the day.

NEGATIVE POINTS:-

1.  Few important indicators such as MACD, EV & VM are 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 may extend also.

In view of the above observation there is a mixed possibility and it can swing both ways but as of now with a good upward-bias. 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 fall also cannot be ruled out in coming weeks & months. 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, ST & ADX are in the buy mode, so the up-move may extend,   but RSI is showing negative divergence, and VM is in the sell mode and it is in the overbought zone in certain indicators, therefore fall also looks quite likely in coming weeks. But the tilt is slightly on the upside as of now.

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 and ST & VM is in the sell 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 buy on decline market till it holds the range 58716---58673.74---58463on the closing basis.  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. Please note that today it slipped into the correction mode but it is not alarming now; therefore be alert & cautious in the long trade at this point of time.

STRENGTH: -

1. It is above its most crucial 1^st & 2nd bottom of 57157.85 & 54226.60, 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 all its  correction threshold points of 59341.26---59199.78---58989.23---58673.74-----58297.46----58140.55 (figure may change), sustained close above these points may keep the hope alive for moving up further.

4. It is above all(except for one) its short-term moving averages now on the daily chart and the important average range for day is between 59045---58937--58895---58716---58489---58463(figure will change every day), sustained close above this range can help to extend the up-move.

5. It is above its major long-term rising trend line which is placed at 56665 for the month of November-2025, it is a good sign.

6. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 57291 (figure may change daily) for the day.

7. Its short-term rising trend line is placed at 58742 (figure will change daily) for the day, if it sustains above it then chances of up-move will be alive. But break below this can drag it down.

8. The price action was positive today.

9. It has made higher top again on the line & bar 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.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 59440---59335 if it holds this range for some time then, with a stop loss of 59130 or can try long trade if it moves above 59555 and maintain for some time then with a stop loss of 59400  for intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 59850---59950 with a stop loss of 60100 or can sell if it moves below 59440 and maintain for some time then with a stop loss of 59600.  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.