CNX-NIFTY
Open—24607.25—High—24673.65---Low---24596.90---Close---24631.30 on 14.8.2025
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 flat to negative note and
thereafter had both side moves during the day and finally, ended the day flat with
a small gain of 11.95 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 still 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 half of its short term moving
average on the daily & below more than half on the 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 24404 (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 24309(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 24404 & 24309 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----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. PLEASE NOTE THAT THE ON-GOING
UP-MOVE SEEMS TO BE JUST A RELIEF RALLY ONLY AND MAY NOT LAST LONG AND CAN FIZZLE OUT ABRUPTLY TILL IT CLOSES ABOVE
24753.15 & 24768.35 AND SUSTAIN.
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 24404(figure will
change daily)
NEGATIVE POINTS:-
1. below half of its
short term moving average on the daily & below almost all on the 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: - Almost all the
indicators are negative and MACD,EV,PS & 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 24309
& 22712 for the month of August-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 positive 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 half of its
short-term moving averages now on the daily chart and the important average
range for day is between 24758----24741----24655----24621---24579---24569(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 24612-- 24599 if it holds this range for some time, but not
below it with a stop loss of 24550 or can buy on sharp decline near
or within the range of 24404---24350 with a stop loss of 24290 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. 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
