CNX-BANK NIFTY
Open—54308.05---High—54308.05--Low—53719.55---Close—54114.55
on 5.9.2025.
Support: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: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 and thereafter had both side moves during the day and finally, ended the day with a gain of 39.10 points. It is 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 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, therefore long term uptrend is under threat, it is decisively below its major long term rising trend-line which is drawn from the bottom of 16116.25 made on 24.3.2020 , also below its critical range of supports points and all the important technical indicators are negative now on the daily chart, so all together it is giving terribly weak indication , therefore further fall looks certain in coming times if it fails to move above its most critical point or range of 54312.12---54467.35---54497 (some figures may change daily), , and sustain on the closing basis in a shortest possible time, sustained close below this range will also dampen the chances of an up-move in the year-2025. However, it has made higher top & bottom on the line chart, furthermore if it manages to hold the range of 53658.15---53655.65---53606.45 in the month of September-2025, on the closing basis then the chances of resuming the up-move will be alive, but break & sustained close below this range 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 52980---52673 (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 54174.06---54241----54312.12---54467.35---54497----54521.48---54840-----55285.91----55559----55629.14-----56038.48---56098.70-------56650.10-----56816-----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 54174.06---54241---54312.12----54467.35----54497 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 54521.48 and sustain on the closing basis then the
chances of up-move extension may enhance, if it moves above 54840---55559 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 56816
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
& 54497 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 54497 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 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 & 54497(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.
3. It is
making higher top & bottom 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 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--- 55861----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 54241(figure
may change) for its very recent rise.
4. It is almost
below all(except for one) its short-term moving averages now on the daily chart
and the important average range for day is between 54840---54738--54523---54289---54214---54042(figure will change every day), sustained close below this range can drag it
down further.
5. It is
below its recent pullback threshold point of 54174.06
&54521.48(figure may change), if it sustain below it chances of
up move will be slim.
6. 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.
7. 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.
8 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.
9. The price action was negative today.
TRADING CALL: --
1. Long trade can be tried on decline
near or within the range of 53967---53850
if it holds this range for some time then, with a stop loss of 53600 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 54450—54550 with
a stop loss of 54720. 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.
