A TECHNICAL UPDATE ON CNX-NIFTY-10.6.2025

 

CNX-NIFTY

Open—25160.10—High—25160.10---Low---25077.15---Close---25103.20 on 9.6.2025.

Support:25079.20/25892.60/24857.75/24854.80/24792.30/24753.15/24694.35/24589.15/24537.60/24498.20/24494.45/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance:25116.25/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

It opened with an up-gap and open was also the high for the day and thereafter had both side moves in a small range during the day and finally ended, the day with a gain of 100.15 points. The gap it created today is still there and if it makes an effort to fill the gap in the next 4-5 trading session, which is technically possible then it can come down to 25029.50, 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 one day it will fill the gap for sure. It is important to mention here that it has recent unfilled gaps (gap points are 24164, 22923, 22468 & 22254) also on the downside, which is still a huge concern, although stipulated time for filling the gap is over, but it will fill the gap one day for sure. So, be cautious. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

The overall technical setup has improved and looks good for the continuation of the up move, but it is having see-saw movement every other day is a matter of deep concern and possibly can drag it down sharply in coming times. Please note that if it manages to hold the range of 24995.44---24895----24871.15---24850.41---24753.15(some figures may change) on the closing basis the up-move is likely to extend, but break & sustained close below 24995.44---24895----24871.15---24850.41 will push it into short correction mode for its recent rise and break & sustained close below 24753.15 will dampen the chances of continuation of the up-move and may derail the up-momentum and start to drift down further. Moving down it will find support at 24750.90---24715---24669.70---24494----24462----24353.82----24214---24202---24172(some figure may change), it can bounce back from any of these points, but break & sustained close below the range of  24750.90---24715---24669.70 will be an extreme alert sign for going down, break & sustained close below  24494 & 24462 will be a potential trigger point for going down further, break & sustained close below  24353.82 will push it into deep correction mode for its recent rise and finally break & sustained close below the range of 24214---24205---24172 may drag it down further, moving down further it will find its most important & critical support in the range of  23893.70----23869.65—23807.30 , it is a very strong bounce back support range and if it holds this range then the chances of resuming the up-move will be good, but break & sustained close below this range may trigger fresh fall and may end the hope of a continued up-move and then comes its most critical  support point of 23644.80 & 23637.65, please note that to keep the hope alive for a good up-move in the year 2025 it has to stay above these points on the closing basis, else it may accelerate the fall. It is in the long term uptrend, but in short term correction mode as of now.

Moving up the key resistance points could be at 25116.25---25207---25287----25371---25465---25996----26277.35. It can correct at any of these points and then may resume the up- move again or rally may fizzle out for a while also, but if it moves above 25116.25 and sustain on the closing basis the it will gain strength to move up further and finally if it moves above the range of 25207---25287----25371 and sustain on the closing basis then it could retest its ultimate top of 26277.35 or may go beyond it also.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is crossed its previous top on the line chart; it is above all its short, medium & long term moving averages on the daily, weekly & monthly chart, which is a positive sign for moving up further.  Furthermore most of the important technical indicators have turned positive now and in the buy mode such as EV/PS/ST &ADX, but it has negative divergence in RSI and in the overbought zone and MACD is still in the sell mode. Therefore in totality it is giving mixed signal now but with slight positive bias. But earlier vertical rise, unfilled gaps, negative divergence and overbought zone is still a concern, so it may correct at times, 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. 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 important indicators such as MACD/ ADX/ PS &EV are in the buy mode, but it is in the deep overbought zone, so it can correct at times, but looks good for the up-move. On the monthly chart it is in overbought zone and with huge negative divergence and with MACD & PS in the sell mode. Therefore, all together indicators on the weekly chart seems positive but on the monthly chart it is not yet out of woods and further fall may be  on the horizon in coming   months.

IT IS BUY ON DECLINE  MARKET  NOW;-

It is buy on decline market now till it holds 24753.15 on the closing basis. But short trade can also be attempted near critical resistance points or range with strict stop loss, for intraday corrective gains.

STRENGTH:-

1. It is above its major long term rising trend line which is placed at 23782 for the month of June-2025, it is a very good sign.

2. It is above its most critical points of 23637.65 & 23644.80, please note that it must stay above these points to keep up the up momentum going in the year 2025, else it will start to drift down.

3. It is above its most critical first & second make or break bottom of 24753.15 & 23893.70 sustained close above it will help to extend the up-move.

4. It is above its all correction threshold points of 24995.44—24871.15----24850.41---24353.82(figure may change), if it sustains above it, it is a positive sign.

5 It is way above its top long-term moving averages which is placed at 24205 (figure will change every day) for the day, close below this point would be a weak sign.

6. It is above all of its short-term moving averages now on the daily chart and the important average range for day is between 24829---24819----24811----24806---24789---24715(figure will change every day), sustained close above this range may help it to extend the up-move.

7. 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. Few important technical indicators are negative on the daily chart such as negative divergence in RSI, MACD in sell mode and it is in overbought zone, so, it may deeply correct at times in coming days.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 25077---25030  if  it holds this range for some time with a stop loss of 24970  or can buy if it moves above 25117  and maintain for some time with a stop loss of 25060   for a possible intraday gain, else avoid.

2. Short trade can be tried on the rise near or within the range of 25180---25200 with a stop loss of 25270 or can sell if it moves below 25077 and maintain for some time then with a stop loss of 25165. 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

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com