A TECHNICAL UPDATE ON CNX-NIFTY-11.7.2025

 

CNX-NIFTY

Open—25511.65—High—25524.05---Low---25340.45---Close---25355.25 on 10.7.2025.

Support:25333.65/25285.55/25234.05/25222.40/25136.20/25116.25/25079.20/25892.60/24857.75/24854.80/24792.30/24753.15/24694.35/24589.15/24537.60/24498.20/24494.45/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance:25371/25517.05/25551.35/25669.35/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

It opened on a positive note and thereafter had both side moves in a short range during the day and finally, ended the day flat with a loss of 120.85 points. But it is also important to mention here that it that it still has earlier unfilled gaps (gap points are 24164, 22923, 22468 & 22254) also on the downside/upside, 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, which is not a good sign for a steady market.

It is already into short correction mode for its recent rise and making lower top & bottom on the line chart and fell below few short term moving averages after a long time and most importantly fell below its most critical point of 25371, which indicates weakness and if it remains below it then it may not retest its all-time high of 26277.35, therefore please note that if it does not move above it and reverse the process by making higher top & bottom in the next 3-4 trading sessions, then it may slide down sharply. Please note that it will gain good strength for the continuation of the up-move only once it moves above the range of 25518---25552 and sustain on the closing basis. However moving down it will find support in the range of 25331.65---25284----25260.22----25243---25239.36 ( figures may change) it is a strong bounce back range and it is likely to bounce back, but break & sustained close below this range will push it into medium term correction mode for its recent rise and may trigger fresh fall and then it will find crucial support at its make or break bottom at 24753.15, it could be the strong bounce back support point, but break & sustained close below it  may derail it from the up- momentum track and it may witness an accelerated fall.

Moving down it will find support at 24742.88----24494----24462----24219(some figure may change), it can bounce back from any of these points, but break & sustained close below 24742.88 will push it into deep correction mode and will be a trigger point for going down , break & sustained close below the range of  24494----24462 will be a potential trigger point  for going down further and finally break & sustained close below  24219  will threaten the long term uptrend and may drag it down further, moving down  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 witness an accelerated fall. It is in the long term uptrend as of now, but it slipped into short term correction mode today.

Moving up the key resistance points could be at 25371----25387.01----25448.47---25496.48—25517---25552----25670----25761----25778---25863---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. Please note that if it moves above the range of 25371----25387.01----25448.47---25496.48 and sustain on the closing basis then it will get out of corrective mode and may resume the up-move again, but it will gain strength for the continuation of the up-move if it moves above the range of 25517---25552 and sustain on the closing basis and finally if it moves above 25670and sustain on the closing basis then it will get back into the strong up-momentum track again. It is in the long term uptrend, but in short term correction mode now.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is making lower top & bottom on the line chart, furthermore it fell below majority of its  short term moving averages today after a long time, however it is still above few short term averages  on the daily chart & above all on the weekly & monthly chart, it is above all its medium &  long term moving averages on the daily, weekly & monthly chart which is a positive sign for the continuation of the up-move. But almost all the important technical indicators are negative now on the daily chart and majority are in the sell mode such as MACD,EV, ST, VM &  RSI with negative divergence and it is in the overbought zone and only PS & ADX is in the buy mode. So there is a high probability of a correction anytime soon and it is into correction mode. So, in totality as of now it is giving mixed signal therefore it can swing both ways at times with a tilt towards downside. 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 important indicators such as MACD/ ADX/ PS/ST &EV are in the buy mode, but it is in the deep overbought zone and RSI has negative divergence, so it can correct at times, but overall looks good for extension of 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 SELL ON THE RISE  MARKET  NOW;-

It slipped into correction mode again therefore for aggressive traders it is sell on the rise market now till it closes above 25371 and for safe traders till it closes above 25552 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 above its major long term rising trend line which is placed at 24128 & 22481 for the month of July-2025, these are the very strong support point.

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 almost (except for one) all of its correction threshold points of 25260.22----25239.36--- 24742.88(figure may change), if it sustains above it, it is a positive sign for moving up.

5 It is way above its top long-term moving averages which is placed at 24219 (figure will change every day) for the day, close below this point would be a weak sign.

6. It is above few of its short-term moving averages now on the daily chart and the important average range for day is between 25484---25458----25410----25380---25284---25243(figure will change every day), sustained close above this range may help it to extend the up-move.

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. RSI is with negative divergence and VM, MACD, EV & ST is in the sell mode and it is in the overbought zone, so, it can correct at times and it is into correction mode now.

3. It is making lower top & bottom on the line chart, which is a very weak sign.

4. It slipped into short correction mode for its recent rise as it closed below its threshold point of 25496.48---25448.47---25387.01 (figure may change), sustained close below these points may drag it down further.

5. It fell below its most critical point of 25371 and if it sustains below it on the closing basis then it will dampen the chances of retesting its all-time high of 26277.35.

6. The price action was negative today.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 25331----25250 if it holds this range for some time but not below it with a stop loss of 25190, 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 25450---25500 with a stop loss of 25570 or can sell if it moves below 25330 and maintain for some time with a stop loss of 25400. 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