CNX-BANK NIFTY
Open—55008.55---High—55208.60---Low—54491---Close—54801.30 on 14.5.2025.
Support:54772/54604/54593/54467.35/54176.45/53888.30/53792.85/53531.30/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance:54815/54924/55097/55209/55444/55646/55740/55827/55957.75/56098.70/56159/56307/56721/56767.
OVERALL,
VIEW: --
It opened on a positive note and thereafter had both side moves during the day and finally, ended the day with a loss of 139.55 points. Please note that the gap it created on 12.5.2025 is still there and if it makes an effort to fill the gap in the next 2—3 days, which is technically possible the it can come down to 54054, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for a while, but it will certainly fill the gap one day for sure. It is also important to mention here that it has other recent unfilled gaps (gap points are 51361, 51244 & 50496) also on the downside, which is still a huge concern, so, be cautious. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.
The overall technical setup is still strong for the continuation of the up-move. But it is below its first lair of important support points and also into correction mode for its very recent rise, both the development is weak indication and can drag it down. However, if it manages, to holds it’s most critical points or range of, 54467.35--54460.45----54176----54166.73----54117.22(today it bounced back from 54491) then the chances of up move will be alive. But break & sustained close below this range will trigger fresh fall and moving down next support points could be at 53959.60---53887.09----53483.05, it may bounce back from any of these points, but break & sustained close below 53483.05 may witness an accelerated fall. The long term trend is bullish but it is still into short correction mode.
Moving up the resistance points could be at 55023.94----55087.15---55100.95----55500---55538-----55576-----55648-----55740---55827---55958----56099----56159—56307—56721—56767, it may correct at any of these
points and then may resume the up-move again or may pause the rally for a while.
But please note that if it moves above the range of 55023.94----55087.15---55100.95 and sustain on the closing basis
then it will gain some sort of foothold to move up further and finally if it
moves above the range of 55500---55538--55576
and sustain on the closing basis then it could retest its all-time high of 56098.70 or may go beyond it also.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
It crossed its previous top on the line & bar chart; it
is above all its short, medium and long term moving average on the daily,
weekly & on the monthly chart, which is a positive sign for moving up
further. But certain important technical indicators are still negative and in
the sell mode such as MACD, P S & EV and negative divergence in RSI and in
the overbought zone, so, in totality it is giving mixed signal but earlier vertical
rise, unfilled gaps, negative divergence and overbought zone is still a big concern,
so it may correct at times and it is still into short corrective mode now, 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: -
On the weekly chart almost all the important indicators are positive and in the buy mode, but negative divergence and the overbought zone is a concern, so it can correct at times and it is already into corrective mode. On the monthly chart few indicators are in buy mode but it is in the overbought zone and with huge negative divergence in RSI and with MACD in the sell mode. Therefore, all together indicators on the weekly chart seems positive for the up-move , but on the monthly chart it is not yet out of woods therefore further fall may be on the horizon in coming weeks or months.
IT IS BUY ON DECLINE MARKET
NOW;-
It is buy on decline market now till it holds the range of 54467.35---54117.22. But short trade can also be tried on the rise and near the critical resistance points or range with strict stop loss, for intraday corrective gains.
STRENGTH: -
1. It is way
above its most crucial bottoms of 50369.40 & 49654.65, if it sustains above it on the closing basis then
the chances of the up-move will be very good.
2. It is above
its most critical points of 50860.20 & 50841.90; please note that it
must stay above these points to keep up the up momentum going in the year 2025,
else it will drift down.
3. It is above
all its long-term moving averages and the top average is placed at 51578 (figure
will change every day). Close below this point will be a warning signal.
4 It is
above its medium & deep correction threshold point of 54460.45
& 54117.22 (figure may change) sustained close above these points could be a
strong indication for moving up further.
5. It has
crossed its previous top on the line & bar chart.
6 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.
7. It is
above all its short-term moving averages now on the daily chart and the
important average range for day is between 54798--54709--54694---54674---54167(figure will change every day), sustained close above this range may help it to move further.
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 in
the overbought zone and few indicators turned into sell mode on the daily chart
such as MACD /PS /EV & negative divergence in RSI, so, it can correct at
times and it is already into correction mode.
3. It is still into very short correction mode
as it is below its threshold point of 55537.36 & 55023.94(figure may change) sustained close below this point is a weak
indication and can drag it down.
4. The price action was negative today.
TRADING CALL: --
1. Long trade can be tried on decline near
or within the range of 54467.35--54117.22, but not below it with a stop
loss of 53950 for a possible intraday gain, else avoid.
2. Short
trade can be tried on the rise near or within the range of 55380—55500 with
a stop loss of 55610. 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.
