CNX-NIFTY
Open—24733.95—High—24737.50---Low---24462.40---Close---24609.70 on 22.5.2025.
Support: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: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 negative note and the open
was almost the high for the day and thereafter it steadily moved down and
traded in the lower trajectory with both side swings during the day and finally ended the day with a loss of 203.75 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 weakened a bit.
It is into short correction mode for its recent rise as it is below its
threshold point of 24837.65, furthermore today it fell below again its make
or break bottom of 24753.15, and if it sustains below it on the closing
basis then the strong up-momentum will derail and down move may extend further.
Moving down from here it will find support at 24589.15----24526-----24468----24457.65---24334.25---24311.90—24214---24180---24172(some
figure may change), it can bounce back from any of these points,
but break & sustained close below the range of 24526-----24468----24457.65
may trigger fresh fall and thereafter close below each point will weaken it
and finally break & sustained close below the range of 24180---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---24837.65----24858----25116.25---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 for a while also, but if
it moves above 24753.15 and sustain on the closing basis then it will
get back into the strong up-momentum track and it will extend the up-move
further for sure, if it moves above 24838.65 and sustain on the closing
basis the it will get out of corrective mode 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 has lower top & bottom top on the
line & bar chart today; it also fell below few of its short term moving
averages on the daily chart but still above on the weekly & monthly chart,
is above all its medium and long term moving averages on the daily, weekly and
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. So, in totality it is giving mixed signal now
with slight downward bias. Furthermore 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 now, so further fall cannot be ruled
out in coming days, therefore 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 SELL ON THE RISE MARKET NOW;-
It is sell
on the rise market or sell on the price breakdown market now till it closes
above 24753.15 and sustain on the
closing basis.. But long trade can also be tried on decline near critical support
points or range with strict stop loss, for intraday gains.
STRENGTH:-
1. Few technical indicators are
positive and in the buy mode such as ADX & 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 way above its major long
term rising trend line on the daily chart which is placed at 23460(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 24180 (figure will change every day) for the day, close below this point
would be a weak sign.
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 MACD/EV & ST 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 below its most critical first
make or break bottom of 24753.15, sustained close below it can accelerate the down move.
4. It is
below its short correction threshold point of 24837.65, sustained
close below it may deepen the down move.
5. It is below almost all its
short-term moving averages now on the daily chart and the important average
range for day is between 24786----24793----24732----24645---24523---24468(figure will change every day), sustained close below this range may extend
the down move.
6. The price action was negative today.
TRADING CALL: --
1. Long
trade can be tried on decline near or within the range of 24523---24457 if
it maintains for some time, then with a stop loss of 24370 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 24753---24815
with a stop loss of 24870 or can sell if it moves below 24578
and maintain for some time with a stop loss of 24650. 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
