CNX-BANK NIFTY
Open—54038.25---High—54160.95--Low—53578---Close—53661 on 2.9.2025.
Support: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:53888.30/54176.45/54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55547.35/55695/55957.75/56098.70/56161.40/56204.85/56594.25/56623.60/57049.50/57276.55/57312.75/57363.70/57375.80/57566/57628.40/57683/57755/58000/58224/58316/58479/58950.
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 341.45 points. The gap it created on 28.8.2025 is still there and if it makes an effort to fill the gap in the next 1-2 trading sessions, which is technically possible then it could come up to 54396.10, but if it fails to fill the gap in the stipulated time then chances of filling the gap will recede for the time being, but please note that it will fill the gap one day for sure. It is also important to mention here that it still has earlier unfilled gaps (gap points are 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 extremely weak, it is into short, medium and deep correction mode for its recent rise and into medium & deep correction mode for its earlier rise also, it is below all its short term moving average on the daily & weekly chart and below few on the monthly chart also, below all its medium term moving averages on the daily chart and below few on the weekly chart also and most importantly below few long term moving averages also, it is making lower top & bottom on the line & bar chart, decisively below its major long term rising trend-line which is drawn from the bottom of 16116.25 made on 24.3.2020 and also threatened its long term uptrend as it is below its most critical point or range of 54467.35---54466---54312.12(some figures may change daily), and all the important technical indicators are negative now on the daily chart, therefore all together it is giving terribly weak indication, and please note that if it does not bounce back above the said range and sustain on the closing basis in a shortest possible time then further fall looks inevitable in the coming times and will also dampen the chances of an up-move in the year-2025. Furthermore it has partly closed shade below its important range for the month of September-2025, which is placed at 53658.15---53655.65---53606.45 if it breaks & sustained below 53606.45 on the closing basis then it may trigger fresh fall.
Moving down further its next critical & strong support point will be at 53483.05 and if it does not hold this point on the closing basis then it may witness an accelerated fall and then the final support range could be 52926---52621 (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 54186.48---54312.12---54466----54467.35---54533.89---55047-----55285.91----55536----55629.14-----56038.48---56098.70-------56650.10-----56819-----56908.08----57043.33---57049.50----57213-----57376----57566---57629(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 but it seems that the up rally has halted for now. Please note that if it
moves above the range of 54186.48---54312.12----54466----54467.35 and sustain on the closing basis
then it will raise good hope for an extension of up-move in the year-2025, else it will start to drift
down again, if it moves above 54533.89
and sustain on the closing basis then the chances of up-move extension may
enhance, if it moves above 55047---55536 and
sustain on the closing basis then it may gain reasonable strength for
extending the up move, if
it moves above the range of 56038.48---56098.70 and
sustain then it will get good foothold and raise
good hope for extending the up-move, if it moves above 56650.10 and sustain then it will get out of
deep corrective mode for its recent rise, if it moves above 56819
and sustain on the closing basis then it may get back into
up- momentum track and may retest its all-time high of 57628.40
or may go beyond it also. It is
already into deep correction mode for its recent & earlier gains and long
term uptrend is also threatened.
IMPORTANT NOTE: - TO KEEP THE HOPE ALIVE FOR AN
UP-MOVE IN THE MONTH OF SEPTEMDER—2025 IT HAS TO
SUSTAIN ABOVE 53658.15---53655.65 & 53606.45 IN THE MONTH AND FOR A CONTINUED
UP-MOVE IN THE YEAR-2025 IT HAS TO MOVE ABOVE 54467.35 AND SUSTAIN ON THE CLOSING BASIS, ELSE IT MAY KEEP DRIFTING
DOWN.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
POSITIVE
POINTS:-
1. It is
in the oversold zone, so it may rally at times.
2.
Volatility method has triggered fresh buy signal on 1.9.2025, so be watchful.
NEGATIVE
POINTS:-
1. below all
short terms moving average on the daily & weekly chart and below few on the
monthly chart.
2. below all
medium terms moving average on the daily & below few on the weekly chart.
3. Below few
long terms moving averages and the top average it at 54466 for the day—very
weak sign.
4. All the
important technical indicators are negative and MACD, EV, PS & ADX are in
the sell mode and RSI is showing negative divergence, so it may correct at
times and continued down move may be with-in-between short relief rally is a
strong possibility.
In view of the above there is a strong possibility that the down move
can extend with-in-between relief rally till it moves above the important &
key points on the closing basis as mentioned above. Furthermore please 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: - All the important indicators are negative MACD, EV, PS, ADX & ST are in the sell mode and RSI is showing negative divergence, therefore further fall looks quite likely in coming weeks .But the only silver lining is that it is in the oversold zone, so it may have short up-moves at times.
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. Therefore, all together indicators are painting a mixed picture now with tilt towards down-side as of now.
IT IS SELL ON THE RISE MARKET
NOW;-
It is into deep correction mode for its earlier & recent rise and
below its recent key points, therefore it is a sell on the rise market now till
it closes above 54467.35(figure
may change) and sustain. But long trade can also be tried on
the reasonable or sharp decline near critical support points or range with
strict stop losses, for intraday gains.
STRENGTH: -
1. It is above
its most crucial 2nd bottom of 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.
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 into short, medium & deep correction mode for its recent rise as it is below its threshold point and also below its medium & deep correction threshold points 57189.04---57043.33---56908.08-----56650.10--- 55629.14 & 55285.91 (figure may change), sustained close below these points can drag it down much lower.
3. It is below its correction
threshold point of 55861(figure may change)
for its very recent rise.
4. It is below
all its short-term moving averages now on the daily chart and the important
average range for day is between 55047---54966--54777---54720---54453---54294(figure will change every day), sustained close below this range may drag it down further.
5. It is
making lower top & bottom on the line & bar chart.
6. It is
below its recent pullback threshold point of 54533.89(figure
may change), if it sustain below it chances of up move will be slim.
7. It has
broken its 1st major first major long term rising trend line which is
placed at 55724 for the month of September-2025,
it is a very weak sign.
8. It is decisively
below its most crucial 1st bottom of 55149.30, if it sustains below it on the closing basis
then it will drift down further.
9 It is
below 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.
10. The price action was mixed today.
TRADING CALL: --
1. Long trade can be tried on decline
near or within the range of 53606---53500
if it holds this range for some time then, with a stop loss of 53350 for a possible intraday gain, else avoid. Please note that long trade in
a corrective market could be a risky affair, but can be tried near critical
support points for intraday gains.
2. Short
trade can be tried on the rise near or within the range of 53960—54050 with
a stop loss of 54150 or can sell if it moves below 53600 and
maintain for some time then with a stop loss of 53820. 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.
