CNX-BANK NIFTY
Open—56480.90---High—56611.05---Low—55968.50---Close—56082.55 on 12.6.2025.
Support:55957.75/55875.75/55827/55740/55691.95/55646/55499.65/55209/55097/54924/54815/54772/54604/54593/54467.35/54176.45/53888.30/53792.85/53531.30/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance:56098.70/56161.30/56307/56696/56752/56810/57098/57406/57715/57850/58060/58648/58714/58976/59541.
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 377.20 points. It is important to mention here that it still has earlier unfilled gaps (gap
points are 54054.80, 51361, 51244 & 50496) also on the downside, 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, which is not a good sign for a
steady market.
The overall technical setup has
weakened a bit today, it’s see-saw
movement every other day is a matter of deep concern and possibly can drag it
down sharply in coming times and it seems that it has started today. It is below its upper channel, below
rising trend line and below down trend line, below few short term moving
average also and slipped into deep correction mode for its recent rise as it is
below all its respective points, so, all together it is a very weak indication,
therefore further fall looks inevitable in coming times, provided it does not
make sharp recovery in a day or two and moves above the critical points and
sustain. However please note that moving down if it manages to hold the range
of 55963---55740----55711(figures will change daily),it could still bounce back from
this range, but break & sustained close below this range may trigger
fresh fall again and moving down it will
try to find support at its most critical points or range of, 55186.86----54843.63-----54467.35( some figures may change), it
is a very strong and important bounce back range and if it holds this range then the chances of up move will be alive. But
break & sustained close below 55186.86----54843.63 will push it into medium and deep correction
mode for its earlier rise and break & sustained close below 54467.35 will dampen the chances of up-move in the year 2025 and will trigger fresh fall again and it may
derail the up-move for good or halt it for a while and then moving down next
support points could be at 53959.60---53887.09----53483.05,
it may bounce back from these points, but break & sustained close below 53483.05 may witness an accelerated fall and it will get into
deep correction mode. It is in the long term uptrend, but in a short term
correction mode as of now.
Moving up the broad resistance points could be at 56098.70---56163----56207.82---56465.90----56530----56660----56752---57060---57206----57406----57715----57849---58060---58714, (for in between
resistance point see the resistance table on the upside) 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 if moves above the range of 56098.70---56465.90
and sustain on the closing basis then it will get out of correction mode and
may make an effort to resume the up-move again, else it may drift down further.
But it is in a strong long term uptrend as of now, but got into correction mode
today.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
It is making higher top & bottom on the line chart,
it is above its few short term moving average on the daily chart but above all
on the weekly & monthly chart, it is above all its medium & long term
moving averages on the daily, weekly & monthly chart which is a positive
sign for moving up further. But it is below few short terms moving average on
the daily chart after a long time, furthermore few important technical indicators are negative now and in the sell
mode now such as MACD, ST, VM, RSI is with huge negative divergence, it is in
overbought zone and above all price action is weak so this is a huge concern. But
few indicators are positive also such as PS,EV & ADX, therefore in totality it is giving mixed signal now and likely to swing either way with a slight
downward bias as of now . Furthermore earlier vertical rise, unfilled gaps,
negative divergence and overbought zone is still a concern, so it may correct
at times and gotten into corrective mode today, therefore further fall cannot
be ruled out in coming days, so it is suggested to be extremely alert and
cautious in your long trade commitments. 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 major
important indicators are positive such as MACD,ST, PS, ADX & EV are in the
buy mode, RSI in tandem now but earlier negative divergence still
exist and it is in the overbought zone, which is a concern, so it can correct
at times. On the monthly chart few indicators are in buy mode such as
MACD,ST,PS & ADX, but it is in the overbought zone and with huge negative
divergence in RSI. Therefore,
all together indicators on the weekly & monthly chart more or less seems positive for the
up-move , but on the monthly chart huge negative divergence is a deep concern,
therefore chances are that it can sharply drag it down in coming months.
IT IS BUY ON DECLINE MARKET
NOW;-
It is buy on decline market now till it holds the range of 55963---55711.
But short trade can also
be tried on the rise and near the critical resistance points or range or
breakdown of price action 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 52449 (figure
will change every day). Close below this point will be a warning signal.
4 It is
above its few correction threshold point of 55186.86
& 54843.63 (figure may change) sustained close above these points could be a
strong hope for moving up further.
5. It is
making higher top & bottom on the line & bar chart.
6 It is way 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 (except for few) its short-term moving averages now on the daily chart
and the important average range for day is between 56277--56133--56129---55963---55740--55711(figure will change every day), sustained close above this range may help it to extend the up-move.
8. It is above its long term rising trend-line
which is placed at 53824 &49332 for the month of June—2025.
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. Few indicators
are still weak such as RSI with huge negative divergence, it is in the
overbought zone, VM, MACD & ST in sell mode so, it can correct at times and
it is in corrective mode now.
3 It slipped
into deep correction mode for its recent rise as it is below its threshold
points of 56465.90---56207.82 (figure may change) sustained close below these points may witness an
accelerated fall.
4. The price action was negative today.
TRADING CALL: --
1. Long trade can be tried on decline near or within the range of 55970---- 55875 but not below it with a stop loss of 55670, for a possible intraday gain, else avoid. Please note that long trade in
a corrective mode could be a risky affair.
2. Short
trade can be tried on the rise near or within the range of 56450—56550 with
a stop loss of 56680. 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.
