CNX-NIFTY
Open—24832.50—High—24864.25---Low---24737.05---Close---24752.45 on 28.5.2025.
Support: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:24753.15/24792.30/24854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a flat to positive note and
thereafter had both side moves during the day and finally ended, the day with a
loss of 73.75 points. It is important to mention here
that it has recent unfilled gaps (gap points are 24164, 22923, 22468
& 22254) also on the downside, which is still a huge concern, although
stipulated time for filling the gap is over, 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.
The overall technical setup has weakened a
bit but can still bounce back for the continuation of the up-move, but it’s see-saw
movement every other day is a matter of deep concern and possibly can drag it
down sharply in coming times. It is into short correction mode as it is below its
few threshold points and also fell below few short term moving averages on the
daily chart, furthermore today it closed shade below its most critical or make
or break bottom of 24753.15, so all together it is giving weak signal
and if it sustains below it on the closing basis then it may derail the
up-momentum and slide down fast. Moving down
it will find support at 24647----24595------24589.15----24526----24457.65---24334.25---24320.32----24311.90—24214---24186---24172(some
figure may change), it can bounce back from any of these points, but
break & sustained close below the range of 24647----24595------24589.15
may trigger fresh fall, break & sustained close below 24320.32
will push it into deep correction mode for its recent rise and finally break
& sustained close below the range of 24186---24172 may drag it down
further. Moving down further 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 accelerate the
fall. It is in the long term uptrend, but in short term correction mode as of
now.
Moving up the key resistance points could
be at 24753.15----24816.91----24837.65---24933.64---25062.95---25116.25---25207---25287----25371---25465---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, but if it moves above 24753.15
and sustain on the closing basis then it may get back into fast up-momentum
track again, if it moves above the range of 24816.91----24837.65---24933.64,
it will get out of correction mode, if it moves above 25062.95---25116.25 and
sustain on the closing basis the it will gain strength to move up further and
finally if it moves above the range of 25207---25287----25371 and
sustain on the closing basis then it could retest its ultimate top of 26277.35 or may go beyond it also.
TECHNICAL INDICATORS PLACEMENT ON THE
DAILY CHART;-
It crossed its previous top on the line chart; it
is above half of its short term moving averages
on the daily chart and 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 moving up further. But certain important technical indicators are
negative and in the sell mode such as MACD/EV/ST, negative divergence in RSI
and in the overbought zone, but few indicators are positive also and in buy
mode such as PS & ADX. Therefore, in totality it is giving mixed signal now, so it can swing either way.
Furthermore earlier vertical rise, unfilled gaps, negative divergence and
overbought zone is still a concern, so it may correct at times, 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. 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 &EV is in the buy mode, but it is in the deep overbought zone, so it
can correct at times, but looks good for the up-move. On the monthly chart it
is in overbought zone and with huge negative divergence and with MACD 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 weeks
or months.
IT
IS BUY ON DECLINE MARKET NOW;-
It is
buying on decline market now as long as it holds 24647---24595 on the closing basis.. But short trade can also be tried on the
rise near critical resistance points or range with strict stop loss, for intraday corrective gains.
STRENGTH:-
1. Few technical indicators are
positive and in the buy mode such as ADX, ST
& PS.
2. It is above its major long
term rising trend line which is placed at 23502
for the month of May-2025, it is a
very good sign.
3. 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.
4. It is above its most critical second
make or break bottom of 23893.70 sustained close above it will keep the
hope alive for resuming the up-move.
5. It is above some of its
correction threshold points of & 24320.32(figure
may change), if it sustains above it, it is a positive sign.
6 It is way above its top long-term
moving averages which is placed at 24186 (figure
will change every day) for the day, close below this point would be a weak
sign.
7. It is below half of its
short-term moving averages now on the daily chart and the important average
range for day is between 24857----24825----24777----24752---24647---24595(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. Few technical indicators are negative on the daily chart such as MACD/EV
sell mode, negative divergence in RSI and in the overbought zone so, it may
correct at times in coming days.
3. It slipped into very short
correction mode as it closed below few of its correction threshold point of 24933.64--24837.65---24816.90 (figure may change), sustained close below these points is a weak sign and can drag it
down.
4. It is below its most critical
First make or break bottom of 24753.15 sustained close below it will drag it down sharply.
5. The price action was mixed today.
TRADING CALL: --
1. Long
trade can be tried on decline near or within the range of 24650---24600 but
not below it , then with a stop loss of 24550 or if it moves
above 24753.15 and maintain for some time then with a stop loss of 24700
for a possible
intraday gain, else avoid. Please note
that long trade in a corrective mode could be a risky affair.
2. Short trade can be tried on the rise near or within the range of 24880---24930
with a stop loss of 24980 or can sell if it moves below 24700 if
it maintain for some time with a stop loss of 24780It 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
