CNX-BANK NIFTY
Open—60039.70---High—60065.40--Low—59760.65---Close—59990.85 on 7.1.2026.
Support:59806.60/59545.70/59478.15/59440.10/58925.70/58799.90/59712.70/58688.55/59649.50/58577.50/58469.90/58050/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance:60114.30/60203.75/60231/60354/60473.20/60496/60650/60702/60736/60955/60980/61041/61342/.
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 127.55 points. It is also important to mention here that it still has earlier unfilled gaps (gap points are 56922.70, 55616.45,51361, 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 strong and showing good strength for the continuation of the up-move, but today it slipped into short correction mode and made lower top & bottom on the line chart and below short term rising trend line, all these things together is slightly concerning and can drag it down further. However moving down if it manages to holds its critical & key points of 59873.94----59804------59674.80----59663.39-----59581.85-------59373----59347.89----58971.61----58925.70---58814.71----58799.90----58793.14-----58712.70----58649.50---58636.24---57420---57157.85(figures may change) on the closing basis then the chances of the up-move will be alive. Please note that it is into correction mode, break & sustained close below the range of 59873.94----59804 will weaken it further, break & sustained close below the range of 59674.80----59581.85 will lose steam for the up-move and may trigger fall , break & sustained close below the range of 59373----59347.89 will weaken it further and also dampen the chances of up-move, break & sustained close below the range of 58971.61----58925.70---58814.71----58799.90----58793.14-----58712.70----58649.50---58636.24 will trigger fresh fall and push it into deep correction mode and can drag it down further and finally break & sustained close below 57420 & 57157.85 (figure may change) may witness an accelerated fall and if it sustains below these points then the long term uptrend will also be threatened and correction could be more painful time-wise and price-wise both, which may please be noted.
Moving up the target or resistance points could be at 60015.42----60030.33------60036.21---60114.30----60145----60203.75---60231---60354—60473.20---60496---60650---60736---60955 (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 or may halt the up-move for a
while. Please note that if it moves above the range of 60015.42----60030.33------60036.21
it will get out of
corrective mode and may resume the up-move and finally if it moves above 60114.30----60145 and sustain on the closing basis then
it may get back into good up-momentum track again. It is in the strong long-term
uptrend but slipped into short correction mode today.
IMPORTANT NOTE: - THE IMPORTANT POINTS FOR THE YEAR--2026 ARE 59581.85---59674.80---60114.30
AND TO KEEP THE HOPE ALIVE FOR A CONTINUED UP-MOVE IT HAS TO SUSTAIN ABOVE
59581.85---59674.80 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE
60114.30 AND SUSTAIN ON THE CLOSING
BASIS THROUGH-OUT THE YEAR , ELSE IT MAY START TO DRIFT DOWN.
TECHNICAL INDICATORS
AND MOVING AVERAGE PLACEMENT;-
POSITIVE
POINTS:-
1. Few important
indicator such as EV, MACD, PS & ADX is in the buy mode, so it may rally at
times and it may last also.
2. it is above all
its short term moving averages on the daily, weekly & monthly chart.
3. it is above all its medium term moving
averages on the daily, weekly& monthly chart.
4. It is
above all its long terms moving average on the daily chart and the top average
is placed at 57420(figure will change daily) for the day.
NEGATIVE
POINTS:-
1. Few important indicators such as ST & VM is in the sell mode
and RSI with negative divergence and it is in the overbought zone, so down move
may happen at times.
In view of the above observation there is a mixed possibility and it can swing
both ways but with a slight upward-bias as of now. Furthermore please also note that earlier vertical rise,
unfilled gaps, negative divergence and in the overbought zone on weekly &
monthly chart is still a concern, therefore fall also cannot be ruled out in
coming weeks & months. 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: - Almost all the important indicators are positive MACD, EV, PS & ADX are in the buy mode, so the up-move may extend, but RSI is showing negative divergence, and VM & ST is in the sell mode and it is in the overbought zone, therefore fall also looks quite likely in coming weeks. So it is giving mixed sign with slight tilt towards the upside as of now.
MONTHLY CHART:-Few indicators are in the buy mode such as MACD,PS & ADX but it is in the overbought zone and with negative divergence in RSI and VM is in the sell mode, therefore, all together indicators are painting a mixed picture now with a slight tilt towards up-side as of now.
IT IS BUY ON DECLINE
MARKET NOW;-
It is completely out of correction mode, therefore it is buy on decline market now till it holds its critical point of 59674.80 & 59581.85 on the closing basis. But short trade can also be tried on sharp rise near critical resistance points or range with strict stop losses, for intraday corrective gains.
STRENGTH: -
1. It is above
its most crucial 1st & 2nd bottom of 58712.70 & 57157.85, if it sustains above, it on the closing basis
then the chances of the up-move will be alive, else it may correct sharply.
2. It is above few of its
correction threshold points of 59873.94-----59663.39------59347.89------58971.61-----58814.71
(figure may change),
sustained close above these points may keep the hope alive for moving up further.
3. It is above its major long-term rising trend line which is
placed at 58035 for
the month of January-2026, it is a good sign.
4. Its major long term rising trend line drawn from the bottom of 16116
made in 2020 is placed at 58100
(figure may change daily) for the day.
5. It is above
all of its short-term moving averages now on the daily chart and the important
average range for day is between 59804---59722--59589---59533---59490—59373--(figure will change every day), sustained close above this range can help it to extend the up-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 slipped into short correction mode today as it closed below few of
its threshold point of 60036.21---60030.33------60015.42 sustained
close below this point can drag it down further.
3. It has
made lower top & bottom on the line chart today.
4. It is
below its short term rising trend line which is placed at 60145(figure will change every day) for the
day, which is a weak sign.
5. The price action was negative today.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
59838---59760 if it hold this range
for some time then, with a stop loss of 59570 for 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 60220---60300 with
a stop loss of 60400. 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.
