CNX-NIFTY
Open—24803.25—High—24863.10---Low---24733.10---Close---24793.25 on 19.6.2025.
Support:24792.30/24753.15/24694.35/24589.15/24537.60/24498.20/24494.45/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:24854.80/24857.75/25892.60/25079.20/25116.25/25234.05/25285.55/25333.65/25445.70/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a flat to negative note and
thereafter had both side moves in a range during the day and finally, ended the
day with a gain/loss of 18.80 points. It is also
important to mention here that it that it still has earlier 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 long ago, 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 technical setup is weak, it’s see-saw
movement every other day is a matter of deep concern and possibly can drag it
down sharply in coming times. It is below all its key lines such as, rising
upper channel, rising trend line, down trend line, below all short term moving
averages also and into short & medium correction mode for its recent rise.
But it is still above its make or break bottom of 24753.15, which is a
positive sign. Therefore please note that if it manages to hold it on
the closing basis then the up-move is likely to extend, but break &
sustained close below 24753.15 may derail it from the up- momentum track
and it may have an accelerated down slide.
Moving down it will find support at 24750.70----24669.70---24649.86----24533----24494----24462----24401.20----24207(some
figure may change), it can bounce back from any of these points,
please note that if it hold the range of 24669.70---24649.86 on the closing basis then the hope of an up
rally will be alive, but break & sustained close below the range will be an extreme alert sign &
trigger point for going down, break & sustained close below 24494 & 24462 will be a potential trigger for going down further, break & sustained
close below 24401.20
will push it into deep correction mode for its recent rise and finally break
& sustained close below 24207 will threaten the long term uptrend and
may drag it down further, moving down
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 witness an accelerated
fall. It is in the long term uptrend as of now, but it slipped into short term
correction mode today.
Moving up the key resistance points could
be at 24809----24851----24865-----24898.05---24918.75---24941-----24944----25043.04---25116.25----25203----25207---25222----25281----25287----25371---25425----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 the range of 24809-----25043.04 and sustain
on the closing basis then it will get out of corrective mode and may resume the
up-move again, if it moves above 25116.25 and sustain on the closing
basis then it can extend the up-move, if it moves above the range of 25207---25222---25287
it will gain further strength to extend the up-move 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, else it may drift down again.
TECHNICAL INDICATORS PLACEMENT ON THE
DAILY CHART;-
It has made lower top on the line chart,
but to make lower bottom, so watch out; 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 average 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 on the daily chart and
majorly in the sell mode such as MACD, EV, PS, ADX and RSI is with huge
negative divergence and in the overbought zone, so negative indicators are a
huge concern. Only ST is in the buy mode, so it may help it to give a relief
rally. Therefore please note that in totality it is giving mixed signal and likely to swing either way
with a downward bias as of now. 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, 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 because it is sell on the rise
market now. 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 BUY ON DECLINE MARKET NOW;-
It is
still into corrective mode but above its key bottom of 24753.15 and as long as it holds this level on the closing basis it
is buy on decline market. But short trade can also be
tried on the rise near the critical resistance points or range with strict stop
loss, for intraday corrective
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 first
& second make or break bottom of 24753.15 & 23893.70 sustained close above it will help to
extend the up-move.
4. It is above its deep correction
threshold points of 24401.42(figure may change), if it
sustains above it, it is a positive sign for moving up.
5 It is way above its top
long-term moving averages which is placed at 24207 (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. All the important technical indicators are negative on the daily chart,
which is weak sign.
3 It is into short & medium correction
mode for its recent rise as it is below its threshold point of 25043.04---24918.75----24898.05 (figure may change) sustained close below these points may drag it down further.
4. It is below all its short-term
moving averages now on the daily chart and the important average range for day
is between 24937---24883----24865----24859---24851--24809(figure will change every day), sustained close below this range may drag
it down further.
5. It has made lower top, but yet
to make lower bottom on the line chart, so watch out.
6. The price action was negative today.
TRADING CALL: --
1. Long
trade can be tried on decline near 24753 if it holds this point for some
time with a stop loss of 24700 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 24890---24930
with a stop loss of 24980 or can sell if it moves below 24710
and maintain for some time with a stop loss of 24780. 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
