CNX-NIFTY
Open—24185.40—High—24242.60---Low---24072---Close---24167.25 on 22.4.2025.
Support:24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/ 23869.65/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: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 positive note and thereafter
it had both side moves during the day and finally ended the day, with a gain of
41.70 points. The gap it created on 21.4.2025 & 15.4.2025 is
still there and if it makes an effort to fill the respective days gap in the
next 3—4 & 1 days trading sessions respectively, which
is technically possible then it can come down to 23872 & 22923 but
if it fails to fill the gap within the stipulated time then the chances of
filling the gap will recede for the time being, but one day it will fill the
gap for sure. Please note that it is often exhibiting volatility, this is not a
good sign for a steady market.
The technical setup has improved quite a
lot and looks good for the continuation of the up-move. But the vertical rise
of around 2500(intraday) points in the last nine days with unfilled
gaps, in deep overbought zone and with negative divergence makes it highly
vulnerable for a correction any time soon and you are well aware that vertical
rise may have vertical fall too at times, furthermore market seems to be in
hurry for going up without any fundamental shift or change so, crash like
situation may also develop in coming times, therefore be extremely alert and
vigilant in the long trade. But please note that moving down if it manages to
hold the range of 23893.70----23869.65 then the up-move is likely to
extend further for sure. But break & sustained close below the range of 23893.70----23869.65
will be a warning sign and may drag it down and then the next support
points could be at 23652.85(figure may change) , which is a correction
threshold point, break & sustained close below it will push it into
correction mode 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.
It is a strong bounce back, But break & sustained close below these points
may dampen the hope of a continued up-move and finally it may find last critical
support in the range 23519.35---23341.10---23255( some figure will change
daily), break & sustained close below this range may end the up-move
for a while and may witness accelerated fall.
Moving up the key resistance points could
be at 24180----24235---24545---24753.15---24858----25207---25371-(some
figures may change daily). It can correct at any of these points then may
resume the up- move or rally may fizzle out also, but if it moves above 24180 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, if it moves above 24235 and sustain on the closing basis then it
could climb up to 24753.15 & 24858 or beyond and if it sustains
above 24753.15 on the closing basis then it may get into strong
up-momentum track and if it moves above 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 has higher top & bottom on the line
& bar chart both, it is above all its short term moving average on the
daily, weekly and monthly chart, it is above all its medium term moving average
on the daily & almost above all on the weekly chart, and most importantly
it is almost above all its long term moving average except one out of nine on
the on the daily chart, which is slightly comforting. Almost all the important indicators
are positive now and in the buy mode, but it has negative divergence, vertical
rise, unfilled gaps and in the overbought zone, therefore it may correct at times. But overall it
is giving positive signal for continuation of the up-move as of now but with
caution. So, it is suggested please keep an eye on the critical resistance
& support points and price action for the further directional indication.
TECHNICAL
INDICATORS PLACEMENT ON THE WEEKLY & MONTHLY CHART:-
On the weekly chart important indicators
such as MACD& PS is in the buy mode, RSI with positive divergence, but ADX
in the sell mode and in the overbought zone also, so it can correct at times.
On the monthly chart it is in overbought/ oversold 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 AS OF NOW;-
It is
into deep correction mode for its earlier rise, but it is above its pullback
threshold points, therefore it is buy on decline market now till it holds the
range of 23894---23870 on the closing basis, but short trade can
also be tried after reasonable rise or near critical resistance points with
strict stop loss, for intraday corrective gains.
STRENGTH:-
1. It is well above its critical
or make or break range of 22702---22800, which is a positive sign.
2. It is making higher top &
bottom on the line & bar chart.
3. It is above its short, medium
& long pullback threshold point for its earlier fall 22245---22479 & 22814 (figure may change), sustained close above it may
help it to extend the up-move.
4. It is above all its short-term
moving averages now on the daily chart and the important average range for day
is between 23494----23492----23317----23297---23285---23270(figure will change every day), sustained close below this range may
accelerate the down move.
5. Most of the technical
indicators are positive and in the buy mode.
6. It is above its major long
term rising trend line which is placed at 23302
for the month of April-2025, it is a
very good sign.
7. It is above its recent
correction threshold point of 23652.85(figure
may change), sustained close above it will exhibit the strength in it.
8. 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.
9. It has moved above eight out of
nine of its long-term moving averages and the whole range is 24180---23255 (figure will change every day) for the day. Please note that if it moves above 24180 and sustain on the closing basis then it
will extend the up-move for sure.
10. It is above its most critical
or second make or break bottom of 23893.70, sustained close above it will enhance the chances of extending the
up-move.
11. 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. Technical indicator is showing negative divergence and in the
overbought zone, so, it may correct at times.
3. It is still way below its
first make or break bottom of 24753.15,
if it moves above it and sustain on the closing basis then it may get back on
the strong up-momentum track.
TRADING CALL: --
1. Long
trade for safe trader can be tried on decline near 23894----23872 but
not below it with a stop loss of 23800, but aggressive traders
can also try long trade on decline near or within the range of 24124--24081 with
a stop loss of 24050 for a possible intraday gain, else avoid.
2. Short trade can be tried on the rise near or within the range of 24300---24340
with a stop loss of 24400 or can sell near 24242 if
it does not cross it even in intraday in first one and half hour of trade then near it with a stop loss
of 24320. 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
