A TECHNICAL UPDATE ON CNX-NIFTY-28.1.2025

 

CNX-NIFTY

Open—22940.15—High—23007.45---Low---22786.90--Close---22829.15 on 27.1.2025.

Support:22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:22976.85/23047.25/23110.80/23263.15/23338.70/23350/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23816.15/23873.35/23893.70/23938.85/24073.90/24094.20/24099.70/24141.80/24354.55/24472.80/24498.20/24537.60/24694.35/24753.15/24792.3024854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

It opened with a down gap and thereafter had both side moves during the day and finally ended the day with a loss of 263.05 points. Please note that the gap it created today is still there and if it makes an effort to fill the gap in the next 4—5 trading sessions, which is technically possible then it can come up to 23050, but if it does not fill the gap in the stipulated time then chances of filling the gap will recede for the time being, but it will fill the gap some day. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak and most importantly its long term uptrend is jeopardized as it is way below its long term moving averages, therefore further fall is very much on the cards in coming times. But it is still holding its important support range of 22794.70----22768.40--- and if it manages to hold this range on the closing basis then there may be a ray of hope that it can consolidate and can have an up-move for a while, but looking at the overall picture as of now  in all probability it is likely to break this range for sure in coming days and head down further and then the next strong support point would be at long term rising trend line which is placed at 22590 for the day(this figure will inch up-every day), break & sustained close below it may witness an accelerated fall and then the next strong support range would be at 22281—22165---21821---21710 and it could bounce back from this range, but break and sustained close below this range can drag it down to 21150 or lower, which may please be noted. The technical setup is very fragile therefore further fall looks inevitable in coming times. The short- & medium-term trend is down and the long-term uptrend is severely threatened. The bias is hugely negative as of now.

Similarly moving up the key resistance points would be at 22938---23110.80---23127----23263.15---23276---23350----23527---23611---23637.65---23644.80---23768----23893.70----23986-----24105----24113----24224---24365(figures will change daily). Please note that, if it moves above 22938 and sustain on the closing basis then it may have a very feeble up-move, if it moves above 23127 & 23276 and sustain on the closing basis then it may get some strength to move up further, if it moves above 23527 &23611 and sustain on the closing basis then it may get good strength for extending the up-move, if it moves above 23637.65---23644.80 and sustain on the closing basis then it will keep the hope alive for an up-move in the year 2025,if it move above 23893.70  and sustain on the closing basis then it will get a good foothold to build the up-move and then the up move is likely to extend further and if it moves above the range of 24113----24224---24365 and sustain on the closing basis then the long term uptrend threat will dissipate and it may somewhat ensure that up-move can extend further for sure. But it may get good strength for the continuation of the up-move and may get into strong up-momentum track only if it moves above 24481.42---24625.43---24753.15---24857.75 & 25078.30 (figure may change) and sustain on the closing basis.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-It is decisively below its neckline which is placed at 23893.70 and if it sustain below it on the closing basis then the maximum downside target could be in the range of 21850---21510. Please note that this pattern will be negated if it moves above 24857.75 & 25078.35. This is a very powerful pattern and rarely fails. It is therefore suggested that do not remain short if it closes above the neckline of 23893.70 and sustain, similarly do not remain long if it closes below 23893.70.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is making lower top & bottom on the line & bar chart, it is below all its short term moving average on the daily & weekly chart and majorly below average on the monthly chart also, it is below all its medium term moving average on the daily chart and below few on the weekly chart and most importantly it is below all of its long term moving average on the daily chart which is a severe threat to the long term uptrend and it is highly concerning and has jeopardized the long term uptrend. Furthermore, few important technical indicators are negative on the daily chart and in the sell mode but the comforting thing is that it is in the oversold zone and with slight positive divergence, therefore it may have relief rally at times but it is not likely to sustain because the overall chart setup is very weak therefore further fall looks inevitable in coming days if does not move-up sharply above some of its critical points in a shortest possible time. It is also important to mention here that the price action has been inconsistent / weak for some time.  So, it is suggested to keep an eye on price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative, sell mode is on in the maximum indicators, there is huge negative divergence but it is in the oversold zone and may stage a recovery of a mild nature but that may not last. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and the down move is on. So, keep a watch on the price action for further directional indication.

IT IS SELL ON RISE MARKET NOW;-

It is into deep correction mode for its earlier & recent rise, therefore it is sell on the rise market now till it closes at least above 23427 and sustain, but still long trade can also be tried on decline near the critical support points with strict stop losses for intraday gains.

STRENGTH: -

1. NIL

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are negative indicates oversold condition, sell mode is on and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. 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.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25098.32-----25064.27-----24625.43-----24521.63--- 24481.42-----24047.39----23659.18 (figures may change). The other important correction threshold point is 21848.52 (figure may change) and if it sustain below these points correction will deepen.

4. All the seven important technical indicators are negative, maximum indicators on the sell mode now, negative divergence is there but in oversold zone, so it may give a relief rally any time and then may resume down move again.

5 It is below all its short-term moving averages now on the daily chart and the important average range for day is between 23959----23846----23410----23366---23250----23166---23156---23111(figure will change every day), sustained close below this range can witness an accelerated down move.

6 It is below its very short, short, medium & long pullback threshold point of 22938---23127----23276----23611 (figure may change), sustained close below this point will help it to extend down move.

7. It is making lower top & bottom on the line & bar chart.

8. It is below its most critical points of 23644.80 & 23637.65; please note that it must stay above these points to keep up the up momentum going in the year 2025.

9. It is below all its long-term moving averages therefore severely threatened the uptrend.

10. The price action was negative today.

TRADING CALL: --

1. Long trade can be tried if it holds the range of 22795----22775 for some time with a stop loss of 22700 or can buy on decline near 22600 with a short stop loss of 22550 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 22970----23000 with a stop loss of 23070 or sell if it moves below 22760 and maintain for some time with a stop loss of 22850. 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

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—28.1.2025

 

CNX-BANK NIFTY

Open—47881.65---High—48319.20---Low—47844.15---Close—48064.65 on 27.1.2025. 

Support:47898.35/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:48074.05/48161.75/48203.45/48292.25/48636.45/49057.40/49459/49654.65/49688.80//49787.10/49904.40/49974.75/50194.30/50369.40/50382.10/50438.30/50841.90/50860.20/50947.70/51000.90/51133.20/51138.90/51693.50/51749.45/51749.45/52354.85/52493.95/52577.50/52760.20/52782.75/52794.95/53357.70/53531.30/53792.85/53888.30/54247.70/54467.35/54593/54604/54772/54815/54924/55097/55209/55444/55646/55740/55827/56135/56255.

OVERALL, VIEW: --

It opened with a down gap and thereafter had both side moves during the day and in the process it filled the gap also and finally ended the day with a loss of 303.15 points. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall technical setup is very weak & fragile and most importantly its long term uptrend is jeopardized as it is way below its long term moving averages, therefore further fall is very much on the cards in coming times. Please note that it did break its fresh fall trigger point of 48075 & 48027 today, but bounced back from its most critical support range of 47898.35 & 47756 and managed to close within the fresh fall trigger points, so, as long as it holds 47898.35 & 47756 on the closing basis there may be a ray of hope that it can consolidate and can have an up-move for a while , but looking at the overall picture as of now  in all probability it is likely to break these points for sure in coming days and head down further. Please note that break & sustained close below 47756 can drag it down to the range of 46437---46077 and sustained close below this range can drag it down to 44500 levels or lower. The short- & medium-term trend is down and the long-term uptrend is severely threatened and in jeopardy now. The bias is hugely negative as of now.

Similarly moving up the key resistance points would be at 48271---48748---49271----49408----49654.65---49959---50266---50491---50611---50816----50841.90---50860.20----50888---51160---51200----51560(some figure will change daily). Please note that, if it moves above 48271 and sustain on the closing basis then it may have a very feeble up-move, if it moves above 48748 and sustain on the closing basis then it may get some strength to move up further, if it moves above 49271 & 49407.23  and sustain on the closing basis then it may get good strength to move up further, if it moves above 49654.65 and sustain on the closing basis then it will gain a good foothold and chances of extending the up-move will enhance, if it moves above 50841.90 & 50860.20 and sustain on the closing basis then it will keep the hope alive for the up move to continue in the year 2025 and if it moves above 51160---51200----51560 and sustain on the closing basis then the long term uptrend threat will dissipate and then it is likely to extend the up-move for sure. But please note that it may get good strength for the continuation of the up-move if it moves above 52679.47 & 52920.42 (figure may change daily) and sustain on the closing basis and finally to get back into the strong up-momentum track again it has to move above 53142.71----53331.55----53370.43----53500.30(figure may change) and sustain on the closing basis. Please note that if it moves above 53142.71 and sustain on the closing basis then it could retest its all-time high of 54467.35 or may go beyond it also.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is making lower top & bottom on the line chart again, which is a weak sign ,  it is below all its short term moving average on the daily, weekly &  below almost all averages on monthly chart also, it is below all its medium term moving average on the daily chart & majorly below averages on the weekly chart too and most importantly it is below  all its long term moving average on the daily chart, which is a severe threat to the long term uptrend and it is highly  concerning and jeopardized the long term uptrend. Furthermore, majorly important technical indicators are negative on the daily chart but one indicator in buy mode, furthermore it is in the oversold zone and with a very slight positive divergence, therefore it may have relief rally at times but it is not likely to sustain because the overall chart setup is very weak therefore further fall looks inevitable in coming days if does not move-up sharply above some of its critical points in a shortest possible time. It is also important to mention here that the price action has been inconsistent / weak for some time.  So, it is suggested to keep an eye on price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART: -

On the weekly chart almost all the indicators are negative now, it is in the sell signal in maximum indicators, and negative divergence is there but in the oversold zone. On the monthly chart it is in overbought zone and with huge negative divergence and maximum indicators are in the sell mode. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and down move is on. So keep a watch on the price action for further directional indication.

IT IS SELL ON RISE MARKET NOW;-

It is into deep correction mode for its earlier & recent rise, therefore it is sell on the rise market now till it closes at least above 49655 and sustain, but still long trade can also be tried on decline near the critical support points with strict stop losses for intraday gains.

STRENGTH: -

1. Two out of seven technical indicators are positive on the daily chart with buy signal & positive divergence and in oversold zone.

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. Please note that indicators, on the weekly chart it is in the sell mode in maximum indicators, in overbought zone and with huge negative divergence & on the monthly chart, indicating overbought condition and with huge negative divergence and triggered sell mode also.

3. It is below few of its corrective threshold points of 53500.30-----53370.43---53331.55----52920.42---52487.43---52098.30------51549.93-----50725.73----49201.72--- (figure may change) and if it sustains below these points then it may extend the down move. The other important key correction threshold points are 45416.49 (figure may change)  

4 It is below all its short-term moving averages now on the daily chart and the important average range for day is between 50797---50490---49387---49347-----48897---48725---48697---48585(figure will change every day), sustained close below this range can witness an accelerated down move.

5. Five out of seven technical indicators are negative on the daily chart with sell signal.

6. The long-term uptrend is in jeopardy as it is below all its long-term moving averages.

7. Its below its most critical points of 50860.20 & 50841.90; please note that it must stay above these points to keep up the up momentum going in the year 2025, else it will drift down sharply.

8. It is below its very short, short, medium & long pullback threshold point of 48271—48748---49271---49408(figure may change), sustained close below this point will help it to extend down move.

9. It has broken its crucial bottom of 49654.65.

10. It is making lower top & bottom on the line chart again.

11. The price action was negative today.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 47850---47760 if it holds this range for some time but not below it with a stop loss of 47650 or if it moves above 48075 and maintain for some time then with a stop loss of 47830 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky bet but can be tried at critical support point with strict stop loss for intraday gain.

2. Short trade can be tried on the rise near or within the range of 48450—48500 with a stop loss of 48650 or can sell if it moves below 48000 and maintain for some time then with a stop loss of 48200.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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.  

 

                        

 

CNX-NIFTY PROBABLE RANGE FOR -28.1.2025

 

CNX-NIFTY

CLOSED ON-27.1.2025: -22829.15

The possible range for the day is between 22885--22774, if it moves above 22885 and sustain then the upside target for the day could be 22940--22995---23050, if it moves above 23050 and sustain then it can sharply move up further. Similarly break below 22774 can pull it down to 22719---22664---22609 it can bounce back from any of these points but sustained break below 22609 may accelerate the fall further.

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

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -28.1.2025

 

CNX- BANK NIFTY

CLOSED ON 27.1.2025: -48064.65

The possible range for the day is between 48182-----47945 if it moves above 48182 and sustains then the upside target for the day could be 48301---48420---48539 if it moves above 48539 and sustain then it can sharply move up further. Similarly break below 47945 can pull it down to 47826---47707----47588 for the day, it can bounce back from any of these points but break below 47588 may accelerate the fall.

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

         

   

 

A TECHNICAL UPDATE ON S & P-500 –27.1.2025

 

S & P-500

Open—6121.43--High—6128.04—Low—6088.74—Close—6101.24 on 24.1.2025.

Support:6099.97/6090.27/6044.62/6034.89/6017.31/5984.87/5903.26/5876.84/5853.01/5829.53/5804.48/5774.56/5762.41/5696.51/5674.

Resistance:6128.04/6188.48/6224.28/6301.07/6626.48.

It hit a new all-time high of 6128.04 today ,therefore technically it is on a very strong footing and in the new zone, therefore further rise is very much likely in the coming days, but it is critically poised too and the critical points now are 6099.97---6090.27---6044.62---6034.89---6017.31---5903.26---5889.97( some figures may change). Please note that if it sustain above 6099.97 & 6090.27 on the closing basis then it can keep on making new highs in the coming days and the possible upside target could be 6188----6224---6301 , else it may give a slight weak indication. But if it breaks & sustain below the range of 6044.62----6017.31 on the closing basis then it will trigger correction and will start to slide down further and finally if it breaks & sustain below 5903.026 on the closing basis then it will make the chances of a sustained up-move dim in the year 2025 and finally if it breaks & sustain below 5889.97 on the closing basis then it will get into deep correction mode and it may witness an accelerated fall. It is important to mention here that although the chart setup is very good but it had a vertical rise from 5774.56 to 6128.04 in just 8 days and most importantly it is showing negative divergence on the daily & weekly chart and in the overbought zone on the daily, weekly & monthly chart, therefore it seems that it highly vulnerable for a correction at this juncture, and it may correct provided it falls below the range of 6099.97---6017.31 and sustain on the closing basis. The short, medium & long term trend is up as of now.

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic review, which may please be noted.

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.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON NASDAQ COMPOSITE –27.1.2025

 

NASDAQ COMPOSITE

Open—20087.11--High—20118.61—Low—19897.13—Close—19954.30 on 20.12.2024.

Support:19930.05/19825.63/19814.95/19641.34/19403.90/19310.79/19168.38/19117.59/18831.91/18670.81/18598.87/18083.98/17770.62/17496.44/17033.96/16668.57.

Resistance:20007.11/20070.08/20118.61/20204.58/20578/20729/21053.

Technically it is on a very strong footing but critically poised and the critical points now are 19930.05---19825.63---19814.95. Please note that if it sustain above 19930.05 on the closing basis then it can retest its all-time high of 20204.58 or may go beyond it also and if it sustain above it on the closing basis then the possible upside target could be 20578---20729---21053 or more, but if it breaks & sustain below 19825.63 & 19814.95 on the closing basis then it will trigger correction again will slide down. It is important to mention here that although the chart setup is very good but it had a vertical rise from 18831.91 to 20118.61 in just 9 days and most importantly it is showing negative divergence on the weekly chart and in overbought zone on the daily, weekly & monthly chart, therefore it seems highly vulnerable for correction at this juncture, so, it may correct provided it fall below the range of 19930.05---19814.95 and sustain on the closing basis. The short, medium & long term trend is up as of now.

Please note that if it gets into correction and moves down sharply then the  most critical support points would be at 19403.90---19310.79 & 19144.58, if it breaks & sustain below 19403.90 & 19310.79 on the closing basis then it will make the chances of a sustained up-move dim in the year 2025 and finally if it breaks & sustain below 19144.58 on the closing basis then it will get into deep correction mode and may seek much lower levels.  

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic review, which may please be noted.

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.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON DOW JONES INDUSTRIAL AVERAGE –27.1.2025

 

DOW JONES INDUSTRIAL AVERAGE

Open—44533.75--High—44545.52—Low—44332.22—Close—44424.25 on 20.12.2024.

Support:44265.02/43927.85/43373.98/43325.09/43114.79/42938.87/42628.32/42544.22/42146.33/41864.47/41831.74/41647.30/41376/41195.64/40584.47/40297.33/39994.24/39905/39868/39809/38908/38499.27.

Resistance:44431.78/44486.70/44565.26/45073.03/45386/45519/45649/45946.55/46035/46300.

Technically it is on a strong footing but critically poised and the critical points now are 44431.78---44265.02---43927.85. Please note that if it moves above 44431.78 and sustain on the closing basis then it can retest its all-time high of 45073.03 or may go beyond it also and if it sustain above it on the closing basis then the upside target could be 45386—45519---45649---45946.55 or more, similarly if it break & sustain below 44265.02 on the closing basis then it will trigger correction again and break & sustained close below 43927.85 may accelerate the down move. It is important to mention here that although the chart setup is very good but it had a vertical rise from 41864.37 to 44565.26 in just 8 days and most importantly it is showing huge negative divergence on the weekly & monthly chart, therefore it seems highly vulnerable for correction at this juncture provided it does not move above 44431.78 and sustain on the closing basis. The short, medium & long trend is up as of now.

Please note that if it gets into correction and moves down sharply then the  most critical support points would be at 42938.87----42660.09----42544.22 & 41647.30, if it breaks & sustain below 42938.87 on the closing basis then down move  may extend, if it breaks & sustain below 42660.09 & 42544.22 on the closing basis then it will make the chances of a sustained up-move dim in the year 2025 and finally if it breaks & sustain below 41647.30 then it will get into deep correction and if it sustain below it for a longer period of time then the correction could be more painful price-wise & time-wise both and may seek much lower levels.  

NOTE: - It is a technical assessment of the indices as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic review, which may please be noted.

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.

                          Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON CNX-NIFTY-27.1.2025

 

CNX-NIFTY

Open—23183.90—High—23347.30---Low---23050--Close---23092.20 on 24.1.2025.

Support:23047.25/22976.85/22794.70/22775.70/22525.65/22303.80/21875.25/21860.25/21821.05/21777.65/21710.20/21530.20/21281.45/21137.20/20976.80.

Resistance:23110.80/23263.15/23338.70/23350/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23816.15/23873.35/23893.70/23938.85/24073.90/24094.20/24099.70/24141.80/24354.55/24472.80/24498.20/24537.60/24694.35/24753.15/24792.3024854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.

OVERALL VIEW ON THE DAILY CHART: --

 It opened on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 113.15 points. Technically it is on a very fragile footing and highly vulnerable for further breakdown, break & sustained below 22976.85 & 22910 will trigger fresh fall and break & sustained close below 22794.70 & 22768.40 may accelerate the fall, else it may have a relief rally which may not sustain, it seems so at this point of time. Please note that it is often exhibiting volatility, which is not a good sign for a steady market.

It is already into the deep corrective mode and the overall chart setup is very weak. Furthermore the long term uptrend is in jeopardy and most importantly as it is below its last crucial bottom of 23263.15 for a reasonable period of time and if it sustain below it for a longer period of time then it will find the next strong support in the range of 22794.70----22768.40 and it is needless to mention here that break & sustained close below this range can drag it down to much lower levels and the next strong support range could be between 22281----21821---21710, which may please be noted. The short- & medium-term trend is down and the long-term uptrend is severely threatened. The bias is hugely negative as of now.

Similarly moving up the key resistance points would be at 23110.80---23263.15---23272---23350---23421----23538---23637.65---23644.80---23647----23756----23893.70----23985-----24111----24119----24235---24375(figures will change daily). Please note that if it moves above 23263.15 & 23272 and sustain on the closing basis then it can have a feeble up-move, if it moves above 23421 and sustain on the closing basis then the up-move can extend further, if it moves above 23538 and sustain on the closing basis then it may raise further hope of moving up further, if it moves above 23637.65---23644.80 and sustain on the closing basis then it will keep the hope alive for an up-move in the year 2025, if it moves above 23756 then it will raise good hope for an extended up-move, if it move above 23893.70  and sustain on the closing basis then it will get a good foothold to build the up-move and then the up move is likely to extend further and if it moves above the range of 24119----24235---24375 and sustain on the closing basis then the long term uptrend threat will dissipate and it may somewhat ensure that up-move can extend further for sure. But it may get good strength for the continuation of the up-move and may get into strong up-momentum track only if it moves above 24481.42---24625.43---24753.15---24857.75 & 25078.30 (figure may change) and sustain on the closing basis.

HEAD & SHOULDER PATTERN VISIBLE ON THE DAILY CHART:-It is decisively below its neckline which is placed at 23893.70 and if it sustain below it on the closing basis then the maximum downside target could be in the range of 21850---21510. Please note that this pattern will be negated if it moves above 24857.75 & 25078.35. This is a very powerful pattern and rarely fails. It is therefore suggested that do not remain short if it closes above the neckline of 23893.70 and sustain, similarly do not remain long if it closes below 23893.70.

TECHNICAL INDICATORS PLACEMENT ON THE DAILY CHART;-

It is making lower top & bottom on the line & bar chart, it is below all its short term moving average on the daily & weekly chart and majorly below average on the monthly chart also, it is below all its medium term moving average on the daily chart and below few on the weekly chart and most importantly it is below all of its long term moving average on the daily chart which is a severe threat to the long term uptrend and it is highly concerning and has jeopardized the long term uptrend. Furthermore, few important technical indicators are negative on the daily chart and in the sell mode but the comforting thing is that it is in the oversold zone and with slight positive divergence and one indicator in buy mode also, therefore it may have relief rally at times but it is not likely to sustain because the overall chart setup is very weak therefore further fall looks inevitable in coming days if does not move-up sharply above some of its critical points in a shortest possible time. It is also important to mention here that the price action has been inconsistent / weak for some time.  So, it is suggested to keep an eye on price action for further directional indication.

TECHNICAL INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-

On the weekly chart almost all indicators are negative, sell mode is on in the maximum indicators, there is huge negative divergence but it is in the oversold zone and may stage a recovery of a mild nature but that may not last. On the monthly chart it is in overbought zone and with huge negative divergence. Therefore, all together indicators on the weekly & monthly chart as of now indicates that it is not yet out of woods and further fall is very much on the horizon in coming weeks and months and the down move is on. So, keep a watch on the price action for further directional indication.

IT IS SELL ON RISE MARKET NOW;-

It is into deep correction mode for its earlier & recent rise, therefore it is sell on the rise market now till it closes at least above 23427 and sustain, but still long trade can also be tried on decline near the critical support points with strict stop losses for intraday gains.

STRENGTH: -

1. The price action was mixed today.

WEAKNESS: -.

1. Please note that almost all indicators on the weekly chart are negative indicates oversold condition, sell mode is on and negative divergence and finally on the monthly chart it indicates overbought condition and negative divergence.    

2. 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.

3. It is into correction deep mode now as it closed below some of the correction threshold points of 26043.29----25917.64---25714.81----25098.32-----25064.27-----24625.43-----24521.63--- 24481.42-----24047.39----23659.18 (figures may change). The other important correction threshold point is 21848.52 (figure may change) and if it sustain below these points correction will deepen.

4. All the seven important technical indicators are negative, maximum indicators on the sell mode now, negative divergence is there but in oversold zone, so it may give a relief rally any time and then may resume down move again.

5. It is below its deep correction threshold point of 24481.42 for its recent rise.

6 It is below  all its short-term moving averages now on the daily chart and the important average range for day is between 23977----23863----23451----23423---23309----23240---23182---23175(figure will change every day), sustained close below this range can witness an accelerated down move.

7. It is below its short & long pullback threshold point of 23272 & 23756(figure may change).

8. It is making lower top & bottom on the line & bar chart.

9. It is below its most critical points of 23644.80 & 23637.65; please note that it must stay above these points to keep up the up momentum going in the year 2025.

10. It is below all its long-term moving averages therefore severely threatened the uptrend.

TRADING CALL: --

1. Long trade can be tried on decline near 23025 with a stop loss of 22960 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 23260----23300 with a stop loss of 23370 or sell if it moves below 22960 and maintain for some time with a stop loss of 23060. 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