CNX-NIFTY
Open—24613.80—High—24767.55---Low---24535.55---Close---24666.90 on 14.5.2025.
Support:24589.15/24537.60/24498.20/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:24694.35/24753.15/24792.30/24854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a positive note and thereafter
had both side moves during the day and finally, ended the day with a gain of 88.55 points. Please note that the
gap it created on 12.5.2025 is still there and if it makes an effort to
fill the gap in the next 2—3 days, which is technically possible the it
can come down to 24164, but if it fails to fill the gap in the
stipulated time then the chances of filling the gap will recede for a while,
but it will certainly fill the gap one day for sure. It is important to mention
here that it has other recent unfilled gaps (gap points are 22923,
22468 & 22254) also on the downside, which is still a huge concern, 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 is still good for
the continuation of the up-move. But it is below its make or break bottom of 24753.15
again and into correction mode for its very recent rise as it is below its
threshold point of 24728.82(figure may change) both are weak sign and if
it sustains below it then further fall looks certain in coming times. Moving
down the immediate broad support points could be at 24577----24455---24412.20---24334.25---24311.90—24171---24143(figures
may change), it may bounce back from any of these points, but break &
sustained close below 24334.25---24311.90 may dampen the chance of an
up-move in the month of May-2025 and finally break & sustained close
below 24171---24143 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 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.
The overall trend is up as of now but it is in short correction mode.
Moving up the key resistance points could
be at 24728.82----24753.15----24934---25207---25287----25371---25465---25996(some
figures may change daily). It can correct at any of these points and then
may resume the up- move again or rally may fizzle out also, but if it moves
above 24728.82 and sustain on the closing basis then it will get out of
corrective mode, if it moves above 24753.15 and sustain on the closing
basis then it may get back on the strong up-momentum track and likely to
continue the up-move for sure and finally 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 crossed its previous top on the line
& bar chart; it is above all its short, medium and long term moving average
on the daily, weekly & on the monthly chart, which is a positive sign for
moving up. Furthermore most of the important indicators are positive now and in
the buy mode such as MACD/PS/ ADX&ST, but RSI showing negative divergence
and EV in sell mode. So, in totality it is giving mixed
signal now for moving up. But earlier vertical rise, unfilled gaps, negative
divergence and overbought zone is still a concern, so it may correct at times
and it is into correction mode, 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, RSI has positive divergence, 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 till it holds 24457.65
and finally the range of 24334.25---24311.90 on the closing
basis. But
short trade can also be tried on the rise and near the critical resistance
points or range with strict stop loss, for intraday corrective gains. But safe trades should only try long
trade once it closes above 24753.15
and sustain on the closing basis.
STRENGTH:-
1. Most of the technical
indicators are positive, and MACD, ADX, PS & ST in buy mode.
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 first
make or break bottom of 23893.70, sustained close above it will keep the
chances of moving up alive.
5. It is way above its major long
term rising trend line on the daily chart which is placed at 23385(figure will change every day) for the day.
6. It is above its very short,
short &deep correction threshold points of 24497.02---24412.20 & 23917.61(figure
may change).
7 It is way above its top
long-term moving averages which is placed at 24174 (figure will change every day) for the day, close below this point
would be a weak sign.
8. It is above all its short-term moving averages now
on the daily chart and the important average range for day is between 24490----24438----24431----24382---24228---24171(figure will change every day), sustained close above this range may help
it to extend the 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. Few technical indicators are negative such as EV in sell mode,
negative divergence in RSI and in the overbought zone so, it may correct at
times and it is already into correction mode.
3. It is into short correction
mode as it closed below its threshold points of 24728.82(figure
may change).
4. It is fell below its most
critical second make or break bottom of 24753.15, sustained close below it will enhance the chances of a good down
move.
5. The price action was negative today.
TRADING CALL: --
1. Long
trade can be tried on decline near 24578 but not below it with a
stop loss of 24500 for a possible intraday gain, else avoid.
2. Short trade can be tried on the rise near or within the range of 24850---24900
with a stop loss of 25000 or can sell if it moves below 24570
and maintain for some time with a stop loss of 24670. 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
