CNX-NIFTY
Open—24786.30—High—24845.10---Low---24502.15---Close---24542.50 on 3.6.2025.
Support: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:24589.15/24694.35/24753.15/24792.30/24854.80/24857.75/25078.30/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
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 loss of 174.10 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 has weakened a
bit, it is having see-saw movement every other day is a matter of deep concern
and possibly can drag it down sharply in coming times. It is already into short
correction mode for its recent rise, it is making lower top & bottom on the
line chart and below all short term moving average now, so all together these
are weak developments, therefore further fall looks inevitable in coming times
provided it remains below 24753.15 levels on the closing basis. Moving
down it will find support at 24494----24462----24320.32----24214---24195---24172(some
figure may change), it can bounce back from any of these points, but
break & sustained close below 24494 & 24462 will be a trigger
point for going down further, break & sustained close below 24320.32 will push it into deep
correction mode for its recent rise and finally break & sustained close
below the range of 24214---24195---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---24816.91----24837.65---24933.64---25079.20---25116.25---25207---25287----25371---25465---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, but if it moves above 24753.15
and sustain on the closing basis then it will get back into strong up-momentum
track, if it moves above the range of 24816.91---- 24837.65---24933.64,
it will get out of corrective mode, if
it moves above 25079.20---25116.25 and sustain on the closing basis the
it will gain strength to move up further and finally if it moves above the
range of 25207---25287----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 is making lower top & bottom on the
line chart; it is below all its short
term moving averages on the daily chart but above all on the weekly &
monthly chart, it is above all its medium & long term moving averages on
the daily, weekly & monthly chart which is a positive sign for moving up
further. But almost all the important technical indicators are negative now and
in the sell mode such as MACD/EV/ST/PS and negative divergence in RSI, but
slight comforting thing is that ADX in buy mode and it is in the oversold zone,
so it may have a short relief rally. But in totality it is giving mixed signal now
but with slight negative bias, so it can swing either way, which it has been
doing quite often. Furthermore earlier vertical rise, unfilled gaps, negative
divergence and overbought zone is still a concern, so it may correct at times, therefore
further fall cannot be ruled out in coming days, 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 are 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 & 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 SELL ON RISE MARKET NOW;-
It is
into corrective mode now and below its key point , therefore it is sell on the
rise or sell on the price breakdown market now till it moves above 24753.15 and sustain on the closing
basis. But long trade can also be tried near critical support
points or range with strict stop loss, for intraday pullback 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 second
make or break bottom of 23893.70 sustained close above it will help to extend the up-move.
4. It is above its deep correction
threshold points of 24320.32(figure may change), if it
sustains above it, it is a positive sign.
5 It is way above its top
long-term moving averages which is placed at 24195 (figure will change every day) for the day, close below this point would
be a weak sign.
6. It is in oversold zone and ADX
in the buy mode , so it may a relief rally.
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. All the important technical indicators are negative on the daily chart
such as MACD/EV/ST/PS/in the sell mode and negative divergence in RSI , it may deeply
correct at times in coming days and it is already into correction mode.
3. It slipped into very short
correction mode as it closed below few of its correction threshold point of 24933.64--24837.65---24816.91 (figure may change), sustained close below these points is a weak sign and can drag it
down.
4. It is below its most critical
first make or break bottom of 24753.15 sustained close below it can drag it down.
5. It is below all of its
short-term moving averages now on the daily chart and the important average
range for day is between 24770---24765----24745----24728---24714---24630(figure will change every day), sustained close below this range may
accelerate the down move.
6. The price action was mixed today.
TRADING CALL: --
1. Long
trade can be tried on decline if it holds the range of 24494---24442 for
some time, then with a stop loss of 24360 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 24720---24750
with a stop loss of 24820 or can sell if it moves below 24440 and
maintain for some time with a stop loss of 24550. 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
