CNX-BANK NIFTY
Open—54256---High—55382.25--Low—53768.45---Close—53820.35 on 28.8.2025.
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 with a down gap and
thereafter had both side moves during the day and finally, ended the day with a
huge loss of
630.10 points for the 2nd day in a row. The gap it
created today is still there and if it makes an effort to fill the gap in the
next 4-5 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 54054.80, 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 & below few on the monthly chart also, below all its medium term moving averages on the
daily chart, most importantly below few long term moving averages also, it is
making lower top & bottom again 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 it has threatened its long term uptrend as it is below
its most critical point or range of 54467.35---54439---54312.12(some
figures may change daily), and all
the important technical indicators are negative now on the daily chart, therefore
all together it has given terribly weak indication, and please note that if it does not bounce back
above this range and sustain on the
closing basis in a shortest possible time then further fall looks inevitable in
the coming days and it will dampen the chances of an up-move in the year-2025.
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 52896---52589
(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 the down-slide would continue may be with-in-between short relief
rallies.
Moving up the broad resistance points could be at 54312.12---54439----54467.35---54679.40---55285.91---55383----55629.14----55897.15-----55961.95------56038.48---56098.70-------56650.10-----56856.41-----56908.08----57043.33---57049.50----57189.04---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 54312.12----54439----54467.35 and sustain on the closing basis
then it will raise hope for an extended up-move in the year-2025, else it will drift down further, if it moves above 54679.40 and sustain on the closing basis then the
chances of extending the up-move will enhance, if it moves above 55383 and sustain on the closing basis then it
may gain reasonable strength for extending the up move, if it moves above moves above the range of 55897.15-----55961.95 and sustain then the up-move is most likely to
extend further , 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 56856.41
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 today.
IMPORTANT NOTE: - TO KEEP THE HOPE ALIVE 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 still in buy mode.
NEGATIVE
POINTS:-
1. below all
short terms moving average on the daily & weekly chart.
2. below all
medium terms moving average on the daily chart.
3. below few
long terms moving averages and the top average it at 54439 for the day—very
weak sign.
4. All the
important technical indicators are negative and MACD, EV, ST, PS & ADX are
in the sell mode, so it may correct at times and continued down move 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: - Almost all the indicators are negative MACD, EV, PS
& 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 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 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 50370 for the month of August-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 55383---55367--55214---55199---55015---55000(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 54679.40(figure
may change), if it sustain below it chances of up move will be slim.
7. It has
broken its major first major long term rising trend line which is placed at 54812 for the
month of August-2025, sustained close below it can drag it down further.
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 negative today.
TRADING CALL: --
1. Long trade can be tried on decline
near 53483 if it holds this point
for some time, with a stop loss of 53280
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 54350—54450 with
a stop loss of 54550 or can sell if it moves below 53750 and
maintain for some time then with a stop loss of 53990. 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.
