CNX-NIFTY
Open—25863.80—High—25953.75---Low---25711.20--Close---25722.10 on 31.10.2025
Support:25669.35/25551.35/25548.70/25517.05/25371/25333.65/25285.55/24255.30/25246.25/25234.05/25222.40/25153.65/25136.20/25116.25/25079.80/25001.95/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24733.40/24694.35/24598.60/24589.15/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24354.55/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: 25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW ON THE DAILY CHART: --
It opened on a flat to negative note and thereafter had both side moves during the day and finally, ended the day with a loss of 155.75 points. It is important to mention here that it still has earlier unfilled gaps (gap points on downside are 25365.15, 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, this is not a good sign for a steady market.
The technical setup is still looks o.k. , but it is into short & medium correction mode for its recent rise , however it is still above its important & key point of 25722.10---25687.26---25526(figure may change) & 25371 and above other lots of critical points of 25098---25040—24909----24753.15----24742.88------24652----24605.95(some figure may change), so it looks good for the continuation of the up-move provided moving down it holds the key points. Please note that break & sustained close below 25687.26 will push it into deep correction mode for its recent, break & sustained close below 25526 will weaken it further and may derail the up-momentum, break & sustained close below 25371 may dampen the chances of hitting new high, break & sustained close below the range of 25098---25040 will be an extreme alert sign for going down further , break & sustained close below 24909 will threaten the long term uptrend break & sustained close below the range of 24753.15----24742.88 may trigger fresh fall , break & sustained close below the range of 24652-----24605.95 may accelerate the fall.
Moving down further its support point could be at 24494---24462.40(H&S pattern neckline)(some figure may change) ----24432.70, it may bounce back from any of these points, but break & sustained close below the range of 24462.40---24432.70 may deepen the down move further.
Moving down further it’s next immediate and important support point could be at 24370 & 24337.50 it could be a strong 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 24215---23893.70----23869.65— b23807.30(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 24215 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 correction mode now for its recent & earlier rise.
Moving up the key resistance points could be at 25746.31-----25845.61----25996----26104.20----26277.35(some figures may change daily or at some point of time) It can correct at any of these points and then may resume the up-move again or rally may halt for a while. Please note that if it moves above 25746.31 & 25845.61 then it will get out of correction mode and may pick up-momentum again, it may still retest its all-time high of 26277.35 or may go beyond it also provided it holds 25371 on the closing basis. It is in the long-term uptrend as of now, but in short term correction mode.
NOTE: - ALTHOUGH IT IS IN THE GOOD UP-MOMENTUM NOW BUT IT SEEMS THAT THE OVERALL MARKET BREADTH IS NOT GOOD AND IT IS BEING MANAGED, THEREFORE IT IS SUGGESTED TO BE EXTREMELY ALERT AND CAUTIOUS IN THE MARKET AND REMAIN STOCK SPECIFIC BECAUSE IT CAN CORRECT SHARPLY OR CRASH LIKE SITUATION MAY DEVELOP IN COMING TIMES.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important technical indicators are positive now and MACD & ADX are in the buy mode, so it can rally up at times.
2. It is above all its long terms moving average on the daily chart and the top average is placed at 24909(figure will change daily) for the day.
4. It is above its medium-term moving averages on the daily, weekly & monthly chart.
NEGATIVE POINTS:-
1. It Few important indicators such as EV, ST, PS & VM are in the sell mode and it is in the overbought zone and RSI with negative divergence, so down move may happen at times and it can extend also.
2. It is below few of its short-term moving averages on the daily chart.
In view of the above there is a possibility that it can swing both ways at time but with a tilt towards upside as long as it holds 25371on the closing basis. But 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-important technical indicators are positive MACD, EV, ADX,ST& PS is in the buy mode but RSI is with negative divergence and VM is in the sell mode, and it is in the overbought zone, therefore it may witness corrective down move at times and it may extend also.
MONTHLY CHART: -Few indicators are in buy mode such as PS & ADX, but key indicator such as MACD, VM & ST is in the sell mode, it is in the overbought zone and with 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 BUY ON DECLINE MARKET NOW;-
It is into correction mode for its recent rise but since it is above its key point of 25371, therefore as long as it stays above it on the closing basis it will be buy on decline market. But short trade can also be tried after reasonable or sharp rise near critical resistance point or range with strict stop losses, for intraday corrective gains.
STRENGTH:-
1. It is above its 1st & 2nd major long-term rising trend line which is placed at 25102& 23433 for the month of November-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 first & second make or break bottom of 24753.15 & 23893.70 sustained close above it will keep the hope alive of resuming the up-move again.
4. It is above its major long-term rising trend drawn from the bottom of 7511 made on 24.3.2020, which is placed at 25040figure will change and inch up every day) for the day.
5. It is above its recent major pullback threshold points of 24652(figure may change).
6. It is above half of its all its short-term moving averages now on the daily chart and the important average range for day is between 25881----25867----25785--25713—25593--25526 (figure will change every day), sustained close above this range can help it to extend the up-move further.
7. It is above its very recent correction threshold point of 25687.26 (figure may change), sustained close above it can extend the up-move.
8. It is above its most critical point of 25371 and if it sustains above, it on the closing basis then it may retest its all-time high of 26277.35 or may go beyond it also.
9. It is above its major long term downtrend line which is placed at 25398(figure will change daily) for the day, sustained close above it may 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. It has slipped into short & medium correction mode for its recent rise as it is below its threshold point of 25845.61 & 25746.31 (figure may change), sustained close below it can drag it down further.
3. The price action was negative today.
4. It has broken bottoms on the line chart.
TRADING CALL: --
1. Long trade can be tried if it holds 25711 for some time with a stop loss of 25650 for a possible intraday gain, else avoid.
2. Short trade can be tried on the rise near or within the range of 25850---25900with a stop loss of 25960 or can sell if it moves below25710 and maintain for some time with a stop loss of 25810. 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
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