CNX-BANK NIFTY
Open—56310.10---High—56321.15--Low—56064.55---Close—56150.70 on 30.7.2025.
Support:56098.70/55957.75/55695/55475.45//55149.30/54576.60/54467.35/54442.30/54176.45/53888.30/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40.
Resistance: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 with an up gap and thereafter had both side moves during the day and in the process it filled the gap of the day and finally, ended the day with a loss of 71.30 points. But it is important to mention here that it still has earlier unfilled gaps (gap points are 56233.55,54054.80, 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, and it is not a good sign for a steady market.
The technical setup is weak , it is into short & medium correction mode for its recent rise, it is decisively below its rising trend-line, it has made lower top & bottom on the line & bar chart, below all its short term moving average on the daily & few below weekly chart also & below few medium term moving averages on the daily chart , furthermore all the important technical indicators are negative, therefore all together it is giving a very weak indication and further fall is very much on the horizon in coming times. But it is still above few key critical points or range of 56114.56--- 56098.70--- (figures may change) and if it sustains above this range on the closing basis then the up-move can extend, else it may resume the down move again. Moving down further its most critical support points or range could be 55843.25---55629.14----55285.91-----54467.35(some figures may change), which is yet again a very strong and important bounce back points or range and if it holds this range then the chances of resuming the up move will still be faintly alive. But break & sustained close below the range of 55629.14----55285.91 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.
Moving up the broad resistance points could be at 56188.15—56204.85----56638----56650.10----56682----56799---56908.08----57043.33---57049.50----57189.04---57251-----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 or may pause the rally for a while. Please note that if it moves above
the range of 56188.15—56204.85 then it will raise hope for an up move further, if it moves above
the range of 56638----56650.10---56799 then it will get strong foothold and may continue the up
journey, if it moves above the range of 56908.08----57043.33---57049.50----57189.04
and sustain on the closing basis then it will completely get out of corrective
mode and may extend the up-move further and if it moves above 57251 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 in a strong long term uptrend, but into deep
correction mode for its recent rise.
TECHNICAL INDICATORS
PLACEMENT ON THE DAILY CHART;-
It has made lower top &
bottom on the line & bar chart both,
it is below all its short term moving averages on the daily & below few on the weekly chart and above
rest on the weekly & monthly chart, it is below few medium term moving
average on the daily chart, but above rest of the averages on the daily, weekly
& monthly chart and finally it is above all the long term moving averages
on the daily, weekly & monthly chart, which is more or less a positive sign
for the continuation of the up-move. But all the important technical indicators are negative now and majority
of them are in the sell mode such as MACD, EV, VM, ST, PS, ADX and RSI with huge
negative divergence, so further fall looks inevitable, but the only positive
factor is that it is in the oversold zone, so it can have relief rally at times
but that may not last long, therefore there is a high probability of a
correction anytime soon and it is already into deep correction mode, so in totality as of now it is giving mixed signal therefore at times it may swing both ways
but with a tilt towards downside as of now. 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, so it is suggested to be extremely alert
and cautious in your long trade commitments at this juncture. 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, PS, ADX & EV are in the buy mode, but RSI is with huge negative divergence 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 and it is in the overbought zone, which is a deep concern, therefore chances are that it can sharply go down in coming months.
IT IS SELL ON THE RISE
MARKET NOW;-
It is into deep
correction mode now therefore it is sell on the rise market now till it closes
above 57050 and sustain on the closing basis. But long trade can
also be tried on the decline near critical support points or range with strict
stop losses, for intraday gains.
STRENGTH: -
1. It is way
above its most crucial bottom of 55149.30& 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
all its long-term moving averages and the top average is placed at 53944(figure
will change every day). Close below this point will be a warning signal.
3 It is
above its correction threshold points for earlier rise 55629.14 & 55285.91 (figure may change) sustained close above these points could be a
strong hope for moving up further.
4 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.
5. It is above its long
term rising trend-line which is placed at 54556 &50016 for the month of
July—2025.
6. The price action was positive today.
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. Almost
all the important indicators are negative now and majority are in sell mode
such as MACD, EV, ST, PS, ADX, VM and RSI is with negative divergence, so, it can
correct at times and it is into deep correction mode now.
3. The
on-going up-move is a relief rally only till it closes above 57251.
4. It is into short, medium & deep correction mode for its recent rise as it closed below all its threshold point of 57189.04---57043.33---56908.08-----56650.10 (figure may change), sustained close below these points may drag it down further.
5. It is
below all its short-term moving averages now on the daily chart and the
important average range for day is between 56799---56682--56638---56609---56542---56503(figure will change every day), sustained close below this range may continue with the down-move.
6. It has made lower top
& bottom on the line & bar chart.
TRADING CALL: --
1. Long trade
can be tried on decline if it holds 56098.70 for some time but
not below it with a stop loss of 55950 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 56350—56400 with
a stop loss of 56500 or can sell if it moves below 56080 and
maintain for some time with a stop loss of 56250. 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.
