CNX-NIFTY
Open—25971.05---High—26187.95---Low---25969--Close---26129.60 on 31.12.2025
Support:26104.20/26097.85/25057.60/25891/25842.95/25740.80/25726.80/25718.20/25693.25/25669.35/25548.70/25448.50/25318.45/24255.30/25153.65/25079.80/25008.20/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:26202.60/26236.40/26246.65/26277.35/26310.45/26325.80/26335/26357/26365/26404/26448/26497/26549/26590/26650/26678/26694/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a positive note and thereafter had both side moves during the day and finally, ended the day with a gain of 190.75 points. It is also 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 has improved again, but it is still into correction mode for its recent rise, but general parameters have improved so it may extend the up-move but volatility is a deep concern for a steady market. But if it manages to hold the key support points of 26115.97---26104.20----26088.07---26077----26042---26014.92----25987-----25915.61-----25891—--25856.54---25842.95---- 25842.53 on the closing basis then the chances of continuation of the up move will be alive, else it will resume the down move again. Break & sustained close below the range of 26104.20----25987 may trigger fall again, break& sustained close below the range of 25891—---25856.54---25842.95---- 25842.53 will dampen the chances of up-move for a while and will push it into deep correction mode and will drag it down further. Moving down further it will find its next critical support points at 25740.80---25726.30---25718.40---25693.25---25669.35---25520-----254----25318.45 (figures may change), it may bounce back from any of these points, but break & sustained close below the range of 254-----25318.45 may make the correction more painful time-wise & price-wise both and will threaten the long term uptrend as well.
Moving up the key resistance points could be at 26187.74----26199.29---26202.95----26211.85----26246.65----26277.35—26310.45---26325.80---26328—26405---26492 (some figures may change daily or at some point of time) it may correct at any of these points and then may resume the up-move again or may halt the up-move for a while. Please note that if it moves above the range of 26187.74----26199.29---26202.95----26211.85 and sustain on the closing basis then, it will get out of corrective mode and may retest its all-time high of 26325.80 or may go beyond it also. It is in the strong long-term uptrend, but now into correction mode for its recent rise.
INVERSE HEAD & SHOULDER PATTERN
VISIBLE:- If it is above its neckline of 26104.20
and sustains above it on the closing
basis then the maximum upside target could be in the range of 26800-26900 but
the up-move can halt or retreat earlier also. Similarly sustained close below
26104.20 & then below 25718.20 will be a sign of pattern failure and then
it will drift down further.
IMPORTANT
NOTE: - THE IMPORTANT POINTS FOR THE YEAR--2026
ARE 26129.60---26325.80 AND TO KEEP THE UP MOMENTUM GOING IN THE YEAR IT HAS TO
SUSTAIN ABOVE THESE POINTS ON THE CLOSING BASIS, ELSE IT MAY START TO DRIFT
DOWN.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important
indicators such as PS,EV & ADX is in the buy mode, so it may rally up at
times but that may not sustain at this point of time.
2. It is above all
its long terms moving average on the daily chart and the top average is placed
at 25452(figure will change daily) for the day.
3. It is above all its short term moving averages on the daily,
weekly& monthly chart.
4. It is above all
its medium-term moving averages on the daily, weekly & monthly chart.
NEGATIVE POINTS:-
1. Few important
indicators such as MACD, ST &VM are in the sell mode and RSI with negative
divergence, so down move may happen at times and it can extend also.
In view of the above observation there is a mixed
possibility and it can swing both ways but with a slight upward--bias as of
now. Furthermore
please also note that earlier vertical rise, unfilled gaps, negative divergence
and in the overbought zone on weekly & monthly chart is still a concern,
therefore fall also cannot be ruled out in coming weeks & months. 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: - Few important technical indicators are positive MACD, EV, ADX& PS is in the buy mode, ST & VM is in the sell mode and RSI is with negative divergence and it is in the overbought zone, therefore it may witness corrective down move at times.
MONTHLY CHART: -Few indicators are in buy mode such as ST,PS & ADX, but key indicator such as MACD & VM are 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 slight tilt towards down-side as of now; therefore, further fall in the coming months cannot be ruled out, so be watchful.
IT
IS BUY ON DECLINE MARKET NOW;-
It is
still into correction mode for its recent rise but it is above its critical
point of 26104.20 & 25987,
therefore as long as it stays above these points on the closing basis; it will
be buy on decline market. But short trade can also be tried on sharp rise
near critical resistance points or range with strict stop losses, for intraday corrective gains.
STRENGTH:-
1. It is above its major long-term
rising trend line which is placed at 25591 for the month of January-2026; 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 25318.45 & 24587.70 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 20.3.2020, which is placed
at 25509(figure will change
and inch up every day) for the day.
5. It is into correction mode but
still above few of its correction threshold points of ---25115.97---26088.07---26014.92---25915.61----25856.54 (figure may change), sustained close above these points can
keep the hope alive for up-move.
6. It still has higher top & bottom
on the line & bar chart.
7. The price
action was positive today.
8. It is above its 2nd downtrend line, which is placed at 26088(figure will change daily) for the day, it is a positive sign.
9. It is above its inverse head & shoulder neckline of 26104.20 and if it sustains above it on the closing basis then it can hit the
range of 26800—26900.
10. It is above all its short-term
moving averages now on the daily chart and the important average range for day
is 26042---26025----26014--26002—26001--25987 (figure will change every day), sustained close above this range can help
it to extend the up-move.
11. It is above its short term
rising trend line which is placed at 26077 (figure
will change daily)
for the day, sustained close above this line can help it to extend up-move
further.
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 still into correction mode
as it is below few of its correction threshold points of 26211.85
---26187.74 (figure may change), sustained close below these
points can pull it down.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 26104----26060 if it
holds this range for some time then with a stop loss of 25980 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 26240---26290
with a stop loss of 26340. 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
