A IMPORTANT UPDATE ON CNX-NIFTY-17.2.2025

 

CNX-NIFTY

Open—23096.45—High—23133.70---Low---22774.85--Close---22929.25 on 14.2.2025.

Support:22794.70/22786.90/22775.70/22768.40/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:22976.85/23047.25/23110.80/23263.15/23338.70/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23816.15/23873.35/23893.70/23938.85/24073.90/24094.20/24099.70/24141.80/24354.55/24472.80/24498.20/24537.60/24694.35/24753.15/24792.3024854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

It is oscillating near its most critical range of 22794.70---22783.35---22775.70---22768.40--- 23700 for quite some time in fact it bounced back from this range 3 times in the last 16 days and the recent bounce back was on 12.2025 & 14.2.2025 , therefore it is a very strong support range or one may say make or break range. Please note that if it holds this range then it may make attempts to resume the up-move again, but looking at weekly & monthly chart as of now it seems that in all likelihood it is going to break this range in coming times, and if it breaks & sustain below this range on the closing basis then it may witness an accelerated fall and then it will find broad strong support in the following range (for in between support points please see the above table) as mentioned below.

1.22281---22165—break & sustained close below these points can drag it down to 21137.20 or lower.

2. 21821.05---21777.65---21710.20----21530.

3. 21281.45----21137.20---21021.88.

Please note that break & sustained close below 21021.88 will push it into bear market territory and if it sustains below it for a longer period then it may seek much lower levels.    

Similarly moving up it will encounter strong resistance at the following broad points or range as mentioned below and for in between resistance points please see the above table.

1.23637.65---23644.80--- to keep the hope alive for a continued up-move in the year 2025 it has move above this range and sustain on the closing basis.

2.23893.70—it will gain good foothold for further up-move, if it moves above it and sustain on the closing basis.

3.24753.15----if it moves above it and sustain on the closing basis then it may resume the big up-move.

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. Furthermore it is for educational purpose only.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com