CNX-NIFTY
Open—25268.95—High—25565.30---Low---25259.90---Close---25549 on 26.6.2025.
Support:25445.70/25371/25333.65/25285.55/25234.05/25136.20/25116.25/25079.20/25892.60/24857.75/24854.80/24792.30/24753.15/24694.35/24589.15/24537.60/24498.20/24494.45/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: 25871.35/26277.35/26328/26995/27095/27212/27293/27381.
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 304.25 points. But
it is also important to mention here that it that it still has earlier
unfilled gaps (gap points are 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,
which is not a good sign for a steady market.
The technical setup looks extremely good
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. But it is important to mention here that it has crossed it most crucial
resistance point of 25371 decisively today and if it sustains above it
on the closing basis, then in all likelihood it could retest its all-time high
of 26277.35 or may go beyond it. But even if it moves below it but
manages to hold the points or range of 25368.97-----25307.52-----25180.73----25159.86(
figures may change) then there is a hope that it could still resume
the up move , but break & sustained close below the range of 25368.97--25159.86
will push it into short & medium correction mode for its recent rise, which
will be an alert sign for going down, moving down further it will find support
in the range of 25015---24966—24933(figures
will change daily) it is a good bounce back range, but break &
sustained close below the range may trigger fresh fall and finally it will find
support at its make or break bottom at 24753.15, it could be the strong
bounce back support point, but break & sustained close below it may derail it from the up- momentum track and it
may witness an accelerated fall.
Moving down it will find support at 24663.39----24494----24462----24207(some
figure may change), it can bounce back from any of these points, but
break & sustained close below 24663.39 will push it into deep
correction mode and will be a trigger for going down , break & sustained
close below the range of 24494----24462
will be a potential trigger for
going down further and will push it into deep correction mode for its earlier
rise, and finally break & sustained close below 24207 will threaten the long term uptrend and
may drag it down further, moving down
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 witness an accelerated
fall. It is in the long term uptrend as of now, but it slipped into short term
correction mode today.
Moving up the key resistance points could
be at 25711---25761----25810---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. It is into strong long term uptrend.
TECHNICAL INDICATORS PLACEMENT ON THE
DAILY CHART;-
It is making higher top & bottom on the
line & bar chart; it is above all its short, medium & long term moving
averages on the daily, weekly & monthly chart, which is a positive sign for
moving up further. Furthermore almost all the important technical indicators have
turned positive now on the daily chart and majorly in the buy mode such as MACD,
EV, ST, PS & ADX but RSI is with negative divergence and it is in the
overbought zone. So there is a high probability of a correction anytime soon,
but in totality as
of now it is giving positive signal for the extension of the up-move. But
please note that earlier vertical rise, unfilled gaps, negative divergence and in
the overbought zone on weekly & monthly chart is still a concern, so it may
correct at times, therefore fall cannot
be ruled out in coming days, so it is suggested to be extremely alert and
cautious in your long trade commitments at this juncture. 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 are in the buy mode, but it is in the deep overbought
zone and RSI has negative divergence, 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 & PS 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 months.
IT
IS BUY ON DECLINE MARKET NOW;-
It is out
of corrective mode therefore it is buy on decline market till it holds its key point
of 25371 on the closing basis. But short trade can also be tried on the rise near the critical resistance
points or range with strict stop loss, for intraday corrective gains.
STRENGTH:-
1. It is above its major long
term rising trend line which is placed at 23782
for the month of June-2025, it is a
very good sign.
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 help to
extend the up-move.
4. It is above all of its correction
threshold points of 25368.97---25307.52----25180.73----25159.86--- 24663.39(figure may change), if it
sustains above it, it is a positive sign for moving up.
5 It is way above its top
long-term moving averages which is placed at 24207 (figure will change every day) for the day, close below this point
would be a weak sign.
6. It is above all its short-term
moving averages now on the daily chart and the important average range for day
is between 25107---25096----25015----25004---24966---24933(figure will change every day), sustained close above this range may help
it to extend the up-move.
7. It is making higher top &
bottom on the line & bar chart.
8. The price action was positive today.
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. RSI is with negative divergence and it is in the overbought zone, so,
it can correct at times.
TRADING CALL: --
1. Long
trade can be tried on decline near or within the range of 25450---25371 with
a stop loss of 25280 or can buy if it moves above 25566 and
maintain for some time with a stop loss of 25460, for a possible intraday gain, else avoid.
for a possible intraday gain, else avoid.
2. Short trade can be tried on the rise near or within the range of 25750---25820
with a stop loss of 25890. 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
