A BRIEF UPDATE ON CNX-NIFTY FOR-1.9.2025

 

CNX-NIFTY

Open—24466.70—High—24572.45---Low---24404.70---Close---24426.85 on 29.8.2025

OVERALL VIEW:-

Technically it is on a weak footing now, as it is below all its short term moving average on the daily & weekly chart and below few on the monthly chart too, below all the medium term moving average on the daily chart & below few on the weekly chart also. It has threatened the long term uptrend as it is below few of its long term moving average, it making lower top & bottom on the line & bar chart, all the important technical indicators are negative on the daily & weekly chart and most importantly it is below the neckline of 24462.40 for the Head & Shoulder pattern , it has violated its major long term rising trend line which is drawn from the bottom of 7511.10 made on 24.3.2025 and is placed at 24696 for the month of September-2025 and finally it is below its key bottom of 24753.15, therefore all together it is giving a very weak indication and if it does not bounce back above these points 24462.40---24696---24753.15 in a shortest possible time and sustain on the closing basis then further fall looks inevitable in coming times with-in-between short relief rallies. 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.

IMPORTANT NOTE:- THE CRITICAL POINTS FOR THE MONTH OF SEPTEMBER-2025 ARE 24426.85 & 24337.50, SUSTAINED CLOSE BELOW THESE POINTS COULD BE A WEAK INDICATION AND CAN DRAG IT DOWN,BUT BE ALWAYS ALERT NEAR THE CRITICAL & IMPORTANT SUPPORT POINTS BECAUSE IT MAY BOUNCE BACK ALSO.

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. This is for educational purpose.

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