CNX-NIFTY
Open—24586.20—High—24664.55---Low---24535.25---Close---24619.35 on 13.8.2025
Support:24598.60/24589.15/24537.60/24502.1524498.20/24494.45/24473/24462.40/24354.55/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:24694.35/24733.40/24753.15/24792.30/24854.80/24857.75/24882.30/24892.60/24918.65/25001.95/25079.20/25116.25/25136.20/25222.40/25234.05/25246.25/24255.30/25285.55/25333.65/25371/25517.05/25548.70/25551.35/25669.35/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
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 131.95 points. It is important to mention here that it that it still has earlier unfilled gaps (gap points on downside are 24164, 22923, 22468 & 22254 on the upside 25019--25340.45) also on the downside/upside, 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, this is not a good sign for a steady market.
The technical setup is weak, it is into short, medium and deep correction mode for its recent rise, it is below its short term rising trend-line, it is below almost all its short term moving average on the daily & weekly chart, below almost all medium term moving averages on the daily chart , furthermore few important technical indicators are also weak, therefore it is giving a weak indication now, so further fall cannot be ruled out in coming times. But the good thing is that now it is above few of its important points of 24598.60---24494----24462, it is above its first long term moving averages which is placed at 24397 (figure will change every day) for the day and most importantly it is above its major rising trend-line which is drawn from the bottom of 7511.10 made on 24.3.2020 and is placed at 24307(this figure will change & inch up every day) for the day, these are the positive sign for the continuation of the up-move , but break & sustained close below 24598.60 may trigger fall again, break & sustained close below the range of 24494----24462 will weaken it further and finally break & sustained close below 24397 & 24307 on the closing basis may trigger fresh fall and it may witness an accelerated down-move.
Moving down further it will find its most important & critical support in the range of 23919----23893.70----23869.65—23807.30(some figure may change) , it is a very strong bounce back support range and if it holds this range then the chances of resuming the up-move will still be faintly alive, but break & sustained close below this range may trigger fresh fall and the long term uptrend will be in potential danger and may also 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 fall may continue. The long term uptrend is still intact but it is already into short, medium & deep correction mode now for its recent rise.
Moving up the key resistance points could be at 24652----24742.88 ----24753.15----24768.35----24782-----25239.36—25260.22----25371----25387.01----25405----25448.47---25496.48—25517---25552----25670----25761----25778---25863---25996----26277.35(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. Please note that if it moves above 24652(pullback threshold point) and sustain on the closing basis then it could possibly move-up further, if it moves above the range of 24742.88 ----24753.15----24768.35---24782 and sustain on the closing basis then it will gain a good foothold and raise good hope for extending the up-move for sure, if it moves above the range of 25239.36—25260.22----25371----25405----25496.48 and sustain on the closing basis then it will get out of all corrective mode and may resume the up-move again, here please note that sustained close above 25371 will raise good hope for extending the up-move further and there would be a distinct possibility that it could retest its all-time high of 26277.35 or may go beyond it also. It is in the long term uptrend, but into short, medium and deep correction mode now for its recent rise.
IMPORTANT NOTE: - THE
KEY POINTS FOR THE MONTH OF AUGUST-2025 ARE 24598.60---24753.15 &24768.35 IT HAS TO MOVE& REMAINABOVE THESE POINTS FOR
AN UP-MOVE TO CONTINUE, ELSE IT WILL DRIFT DOWN.
TECHNICAL INDICATORS PLACEMENT ON THE
DAILY CHART;-
POSITIVE POINTS:-
1. on few
technical indicators it is in the oversold zone and RSI is showing positive
divergence and PS,EV & ST is in buy mode, so it may give strong relief
rally at times.
2. Volatility
method showing a buy signal.
3. above all its
long term moving averages and first average is placed at 24397(figure will
change daily)
NEGATIVE POINTS:-
1. below almost all
short term moving average on the daily & weekly chart.
2. below almost all medium
term moving average on the daily chart.
3. Few important
technical indicators are negative such as MACD and ADX is in the sell mode.
In view of the
above there
is a probability that the down move may continue with in between relief rally
at times.
Furthermore please note that earlier vertical rise, unfilled gaps, negative
divergence and in the overbought zone on weekly & monthly chart is still a
concern, therefore further fall looks inevitable in coming days. 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:-
WEEKLY CHART: - All the indicators have turned negative and MACD,EV,PS ,ST,ADX are in the sell mode and RSI is with huge negative divergence, therefore further fall looks inevitable in coming weeks .But the only silver lining in the dark cloud is that it is in the oversold zone, so it may have short up-moves at times.
MONTHLY CHART:-Few indicators are in buy mode such as ST, PS & ADX, but key
indicator such as MACD is in the sell mode, it is in the overbought zone and
with huge negative divergence in RSI. Therefore, all together indicators are
painting a mixed picture now with strong tilt towards down-side as of now;
therefore further fall in the coming months cannot be ruled out.
IT
IS SELL ON THE RISE MARKET NOW;-
It is into
correction mode now therefore it is sell on the rise market now till it closes
above 24769 and sustain on the
closing basis. But long trade can also be tried on the
decline near critical support points or range with strict stop losses, for intraday gains.
STRENGTH:-
1. It is above its major long
term rising trend line which is placed at 24330
& 22734 for the month of July-2025,
these are the very strong support point.
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 keep the hope alive of resuming the up-move again.
4. The price action was mixed today.
5. It has made higher top & bottom on the line & bar chart.
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. It is into short & medium
term correction mode for its recent rise as it closed below its threshold point
of 25496.48---25448.47---25387.01---25260.22----25239.36---24742.88 (figure may change), sustained close below these points may
drag it down further.
3. It is way below its most critical point
of 25371 and if it sustains below it on the closing
basis then it will dampen the chances of retesting its all-time high of 26277.35.
4. It is below almost all(except
for two) its short-term moving averages now on the daily chart and the important
average range for day is between 24782----24752----24670----24620---24593---24562(figure will change every day), sustained close below this range may drag
it down further.
5. It is below its most critical
first make or break bottom of 24753.15 sustained
close below it may derail it from the up-momentum track.
6. It is below its recent
pullback threshold point of 24652(figure may change), if it sustain below it chances
of up move may dampen.
TRADING CALL: --
1. Safe
traders should avoid long trade till it closes above 24769 and sustain.
But aggressive traders can try long trade on decline near or within the range
of 24599---24535 if it holds this range for some time, but not below it with
a stop loss of 24460 for a possible intraday gain, else avoid. Please note that long trade in a corrective market could be a risky
affair, but can be tried near critical support points for intraday gains.
2. Short trade can be tried on the rise near or within the range of 24750---24770
with a stop loss of 24820 or can sell if it moves below 24460
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
