CNX-NIFTY
Open—24466.70—High—24572.45---Low---24404.70---Close---24426.85 on 29.8.2025
Support:24354.55/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:24462.40/24473/24494.45/24498.20/24502.15/24537.60/24589.15/24598.60/24694.35/24733.40/24753.15/24792.30/24854.80/24857.75/24882.30/24882.30/24918.65/25001.95/25079.20/25116.25/25136.20/25153.65/25222.40/25234.05/25246.25/24255.30/25285.55/25333.65/25371/25517.05/25548.70/25551.35/25669.35/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a negative note and thereafter
had both side moves during the day and finally, ended the day with a loss of 74.05 points. It is important to mention here that it that
it still has earlier unfilled gaps (gap points on downside are
24164, 22923, 22468 & 22254 on the upside 25340.45) 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, this is
not a good sign for a steady market.
The technical setup has weakened quite a
lot, it is already into short, medium & deep correction mode for its recent & earlier
rise, it is below all its short term moving averages on the daily &weekly
chart, it is below its medium term moving average on the daily chart, below few
long term moving average also, making lower top & bottom on the line &
bar chart, all important technical indicators are negative on the daily &
weekly chart, it is decisively below its first crucial & key points or
range of 24753.15----24742.88----24696
and today it has moved and
closed below its second critical range
of 24494----24474----24463(neckline & trend line
for the day)(some figure will change daily) and most importantly today it has broken
its major long term rising trend-line which is drawn from the bottom of 7511.10 made on
24.3.2020 and is placed at
24463(this
figure will change & inch up every day) & for
the day, so all together it is showing extreme weakness, and if it fails to bounce
back above 24463 and finally above 24696 & 24753.15 and sustain on the closing basis in a
shortest possible time, then the further fall from here looks inevitable.
Moving
down further it’s next immediate and important support point
could be at 24370 & 24337 it could be a possible bounce back
points ,but break & sustained close below
these points may witness an accelerated down-move.
Moving down further it will find its most
important & critical support in the range of 23952----23893.70----23869.65—23807.30(some figure
may change) , it is a very strong bounce back
support 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 23952 will put the
long term uptrend in potential danger, break & sustained close below the
range of 23893.70----23869.65—23807.30 may trigger fresh fall and may also 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 an up-move in the
year 2025 it has to stay above these points on the closing basis, else fall may continue. The long term uptrend is still
intact but it is already into short, medium & deep correction mode now for
its recent & earlier rise.
Moving up the key resistance points could
be at 24463----24501----24696-----24742.88-----24753.15----24766----24811-----25153.65---25239.36—25260.22----25371----25387.01----25405----25448.47---25496.48—25517---25552----25670----25761----25778---25863---25996----26277.35(some figures may change daily) It can
correct at any of these points and then may resume the up-move again or rally
may fizzle as of now it seems that the up-rally may have ended for a while. Please note that if it moves
above 24463(neckline & major rising trend-line)
and sustain then there will be a ray of hope that it can move up further, if it
moves above 24696 and sustain on the closing
basis then it may raise good hope of moving up further, if it moves above the
range of 24742.88
--24753.15- and sustain on the closing basis then
it is very much likely to extend the up-move, if it moves above the range of 24766----24811 it will gain reasonable strength for extending the up move further,
if it moves above 25153.65 it may gain some speed in the up-move, if it moves above the range
of 25239.36—25260.22----25371----25405----25496.48 and sustain on the closing basis then it will get out of all corrective
mode and may resume the up-move again, here please note that sustained close
above 25371 will raise good hope for extending the up-move further for sure and
there would be a distinct possibility that it could retest its all-time high of
26277.35 or may go beyond it also. It is in the long term uptrend as of now.
FOR SEPTEMBER-2025:- IT HAS TO SUSTAIN ABOVE 24426.85 & 24337.50 ON THE CLOSING BASIS TO KEEP THE HOPE ALIVE FOR A
POSSIBLE UP-MOVE IN THE MONTH, ELSE IT MAY DRIFT DOWN FURTHER.
HEAD & SHOULDER
PATTERN: - THE PATTERN IS
ON AND IT IS BELOW ITS NECKLINE WHICH IS PLACED AT 24463 AND IF IT SUSTAINS BELOW IT ON THE CLOSING BASIS THEN THE
MAXIMUM DOWNSIDE TARGET COULD BE 23256
BUT IT MAY SLIP DOWN FURTHER ALSO OR MAY BOUNCE BACK EARLIER ALSO, THEREFORE
PLEASE KEEPS A WATCH ON THE PRICE ACTION.
IMPORTANT NOTE: - PLEASE NOTE TO KEEP THE HOPE ALIVE FOR AN
UP-MOVE IT HAS TO MOVE ABOVE 24463
& 24696 AND SUSTAIN ON THE
CLOSING BASIS, BUT TO GET BACK INTO UP-MOMENTUM TRACK IT HAS TO MOVE ABOVE 24753.15 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 in some indicators, so relief rally could be there at times.
2. Volatility
method still in buy mode.
NEGATIVE POINTS:-
1. It is below all its
short term moving averages on the daily & weekly chart.
2. It is below all medium
term moving averages on the daily chart.
3. All the important
technical indicators such as MACD, EV, ADX, ST
& PS is in the sell mode and RSI is showing negative divergence on
the daily & weekly chart, so it can drag it down further.
4. It is below few
long term moving averages and first average is placed at 24474(figure will
change daily).
In view of the
above there
is a possibility that it can swing both ways at time but with a strong tilt
towards downside till it moves above its important & key points or range as
mentioned above. Please
note that earlier vertical rise, unfilled gaps, negative divergence and in the
overbought zone on weekly & monthly chart is still a concern, therefore fall
cannot be ruled out in the 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 important technical indicators are negative MACD, EV,
PS & ADX are in the sell mode and
RSI is with huge negative divergence, therefore further fall looks inevitable 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 also.
MONTHLY CHART:-Few indicators are in buy mode such as PS & ADX, but key
indicator such as MACD,EV & ST is in the sell mode, it is in the overbought
zone and with huge negative divergence in RSI. Therefore, all together
indicators are painting a mixed picture now with strong tilt towards down-side
as of now; therefore further fall in the coming months cannot be ruled out.
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 24753.15 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 2nd major long
term rising trend line which is placed at 22944
for the month of September-2025, it
could be an important & 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 second
make or break bottom of 23893.70 sustained close above it will keep the hope alive of resuming the
up-move again.
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
term correction mode for its recent rise as well as for earlier rise also as it
is closed below all its correction threshold points of 25496.48---25448.47---25387.01---25260.22----25239.36---24961.04
& 24742.88 (figure may
change), sustained close
below these points may drag it down further.
3. It is way 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.
4. It is below its most crucial 1st
bottom of 24753.15, if it sustains below it on the closing basis then it will drift down
further.
5. It is below all of its short-term
moving averages now on the daily chart and the important average range for day
is between 24811----24766----24754----24731---24714--24702(figure will change every day), sustained close below this range can drag
it down further.
6. It is making lower top &
bottom on the line & bar chart.
7. It is below its major long
term rising trend-line, which is placed at 24696 for the month of September-2025. It is an extremely weak
sign.
8. The price action was negative today.
TRADING CALL: --
1. Safe
traders should avoid long trade till it closes above 24753.15. But
aggressive can try long trade on decline near or within the range of 24370---24338
if it holds this range for some time, with a stop loss of 24280 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 24530---24560
with a stop loss of 24620 or can sell if it moves below 24400
and maintain for some time with a stop loss of 24480. 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
