CNX-BANK NIFTY
Open—55387.10---High—55511.10--Low—55040.45---Close—55121.50 on 24.9.2025.
Support:54905.60/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance: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 negative note and thereafter had both side moves during the day and finally, ended the day with a loss of 388.25 points. It is important to mention here that it still has earlier unfilled gaps (gap points are 54350.65,51361, 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 still looks o.k. for the continuation of the up-move, but it is still into corrective mode for its earlier rise, today it slipped into corrective mode for its very recent rise as it closed below its threshold point of 55298.70 and most importantly it is still below its major long term rising trend-line which is drawn from the bottom of 16116.25 made on 24.3.2020 and placed at 56115(figure will change and inch-up every day) for the day, it is also well below its short term rising trend-line which is placed at 56101 for 25.9.2025, furthermore it has made lower top & bottom on the line chart today, therefore all together it is giving weak signal and if it does not bounce back above certain key points as mentioned above in a shortest possible time then fall may continue. Moving down further its most critical support points are at 54730---54521.48---54467.35---54312.12 (some figures may change daily), and if it sustain above these points on the closing basis then the chances of resuming the up-move is there, but break & sustained close below 54730 will threaten the long term uptrend, break & sustained close below 54521.48 will dim the chances of extending the up move, break & sustained close below 54467.35 may trigger fresh fall and will also dampen the chances of a continued up-move in the year—2025, break & sustained close below 54312.12 can drag it down further to 53483 levels but on the way it will find support at 54174.06---53658.15---53655.65---53606.45(some figure may change) for the month of September-2025 and if it holds this range or points then the chances of resuming the up-move will be alive. Please note that 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 53173---52876 (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 55228---55298.70---55659----55835.25---56024---56038.48----56075-----56098.70-----56650.10----56669-------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. Please note that if it moves above 55228---55298.70 and sustain on the closing basis
then it will get out of recent corrective mode and will be above short pullback
threshold point then the up-move can extend, if it moves above 55659 &
55835.25 then
it will get good strength to move-up further, if it moves above the range of 56024---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 and if it moves above 56816
and sustain on the closing basis then it may get back into strong
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 earlier gains, but long term uptrend
is intact.
TECHNICAL INDICATORS
AND MOVING AVERAGE PLACEMENT;-
POSITIVE
POINTS:-
1. Almost
all the important indicator are positive and EV, MACD, PS, ADX & VM is in
the buy mode, RSI is with positive divergence, so up-move can extend.
2. it is
above half of its short term moving averages on the daily, mostly above on the weekly
& all on the monthly chart.
3. It is
above all its long terms moving averages and the top average it at 54730(figure
will change every day) for the day.
NEGATIVE
POINTS:-
1. It is in the
overbought zone in few indicators on the daily chart and ST is in the sell
mode, so it may correct at times.
2. It is
below most of its medium term moving averages on the daily chart.
In view of the above there is a possibility that the up-move can extend
with-in-between corrective move till it holds its important & key points or
range of 54730---54521.48---54467.35 on
the closing basis as mentioned above. But 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 & VM 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 neutral 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 BUY ON DECLINE
MARKET NOW;-
It is still into deep correction mode for its earlier & recent rise
but it moved above its recent key point of 54730---54521.48---54467.35 (figure may change) ,
therefore as long as it holds these point on the closing basis it will be buy
on decline market. But short trade can also be tried on
the reasonable or sharp rise near critical resistance points or range with
strict stop losses, for intraday
corrective 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.
4. It is
above its short pullback threshold point of 54174.06(figure may change), sustained close above it may keep the hope alive for
further up-move.
5. It is
above its recent pullback threshold point of 54521.48(figure
may change), if it sustain above it then up-move can extend.
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 half of its short-term moving averages now on the daily chart and the
important average range for day is between 55322---55212--55164---55030---54961---54622(figure will change
every day), sustained close above this
range can keep the hope alive for resuming the up-move.
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 (figure may change), sustained close below these points can drag it down much lower.
3. It is
below its major first major long term rising trend line which is placed at 55800 for the month of September-2025,
it is a very weak sign.
4. It is
below its major first major long term rising trend line which is placed at 56115 for the day, it is a very weak sign.
5. The price action was negative today.
6. It is below its recent
correction threshold point of 55298.70 (figure may change), sustained close below it could drag it down.
7. It is below it short term pullback
threshold point of 55228(figure may
change), if it closes above it then it will give some hope for extending the
up-move.
8. It is below
its most crucial 1st bottom of 55149.30, if it sustains below it on the closing basis
then it will slide down further.
TRADING CALL: --
1. Long trade can be tried on decline
near or within the range of 55040—55003
if it holds this range for some time then, with a stop loss of 54900
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 55500—55600 if
it holds this range for some time, then with a stop loss of 55700 or
can sell if it moves below 55000 and maintain for some time then with a
stop loss of 55200. 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.
