CNX-NIFTY
Open—24991—High—25035.70---Low---24915.05--Close---24973.10 on 10.9.2025
Support:24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24733.40/24694.35/24598.60/24589.15/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24354.55/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:25001.95/25079.20/25116.25/25136.20/25153.65/25222.40/25234.05/25246.25/24255.30/25285.55/25333.65/25371/25517.05/25548.70/25551.35/25669.35/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened with an up-gap and thereafter had
both side moves during the day and finally, ended the day with a gain of 104.50 points. Please note that it has
been rising for the last 6 days in a row and with each rising day
vulnerability of correction is increasing , therefore it may correct any moment
soon, so be watchful. Furthermore the gap it created today is still there and
if it makes an effort to fill the gap in the next 4-5 trading sessions,
which is technically possible then it could come down to 24891.80, but
if it fails to fill the gap in the stipulated time then chances of filling the
gap will recede for the time being, but please note that it will fill the gap
one day for sure. 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 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 has improved quite a
bit, but it is still into different corrective mode for recent and earlier
rise, therefore fear of going down is still there. But the positive the
positive thing is that it is making higher and it is well above its crucial
points or range of 24961.04---24959---24886.78----24821-----24753.15 ----24742.88----24696(major rising trend-line for the
month of Sept-2025)---24652----24524----24531((major
long term rising trend-line for the day, it will change daily)---- 24494---24462.40(H&S
pattern neckline)----24432.70---24426.85(some figure may change) and as long as it holds this range on the
closing basis chances of up-move will be alive. But
please note that break & sustained close below the range of 24959---24886.78----24821 will be an alert sign for
going down, break & sustained close below24753.15 ----24742.88
may
trigger fresh fall, break & sustained close below
the range of 24696----24652 may deepen the fall, break & sustained
close below 24524&24531(figure will change daily) will threaten the
long term uptrend, break & sustained close below 24462.40 may witness
a sharp fall and break & sustained close below 24432.70---24426.85 will
weaken it further and can drag it down lower.
Moving
down further it’s next immediate and important support point
could be at 24370 & 24337 it could be a strong bounce back points ,but break & sustained close below these points
may witness an accelerated down-move.
Moving down further it will find its most
important & critical support in the range of 23993----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 23993 will put the long term uptrend in potential danger, break &
sustained close below the range of 23893.70----23869.65—23807.30 may trigger fresh fall 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 an 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 & earlier rise.
Moving up the key resistance points could
be at 25153.65---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 halt for a while. Please note that if it moves above 25153.65 it may gain
some speed for the up-move, 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 for sure and
there would be a distinct possibility that it could retest its all-time high of
26277.35 or may go beyond it also. Please note that if it fails to move above 25371 or sustain above it then the
rally may fizzle out also. It is in the long term uptrend as of now.
IMPORTANT NOTE: - IT IS DECIESIVELY ABOVE ITS MOST CRITICAL
POINT OF 24753.15 AND AS LONG AS IT HOLDS THIS POINT ON THE
CLOSING BASIS THE POSSIBILILTY OF RESUMING THE STRONG UP-MOVE WILL BE GOOD. PLEASE
NOTE THAT BREAK & SUSTAINED CLOSE BELOW THIS CAN TRIGGER FRESH FALL AND CAN
DARG IT DOWN.
HEAD & SHOULDER
PATTERN: - THIS PATTERN IS
VISIBLE ON THE CHART AND ITS NECKLINE IS PLACED AT 24462.40. PLEASE NOTE THAT BREAK & SUSTAINED CLOSE BELOW IT CAN
DRAG IT DOWN AND THEN THE MAXIMUM DOWNSIDE TARGET COULD BE 23256 BUT IT MAY SLIP DOWN FURTHER ALSO OR MAY BOUNCE BACK EARLIER
ALSO, THEREFORE PLEASE KEEPS A WATCH ON THE PRICE ACTION THEN.
FOR
SEPTEMBER-2025:- IT
HAS TO SUSTAIN ABOVE 24432.70---24426.85---24370 & 24337.50 ON
THE CLOSING BASIS TO KEEP THE HOPE ALIVE FOR A CONTINUED UP-MOVE IN THE MONTH,
ELSE IT MAY DRIFT DOWN FURTHER.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. All the
important technical indicators are positive now, MACD,EV,PS,ST & ADX is in
the buy mode, RSI is in tandem, so rally
could be there at times or up-move can extend.
2. It is above all
its long term moving averages on the daily, weekly & monthly chart and the
top average is placed at 24524(figure will change daily).
3. VM is still in
the buy mode.
4. It is above all
of its short term moving averages on the daily, weekly & monthly chart.
5. It
is above almost all of its medium term moving averages on the daily, weekly
& monthly chart.
NEGATIVE POINTS:-
1. It is in the
oversold zone , so it may correct at times.
In view of the
above there
is a possibility that it can swing both ways at time but with a tilt towards upside
as it is above its critical point of 24753.15. But please note that earlier vertical
rise, unfilled gaps, negative divergence and in the overbought zone on weekly
& monthly chart is still a concern, therefore fall cannot be ruled out in
the 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 important technical indicators are negative MACD, EV,
PS & ADX are in the sell mode and
RSI is with huge negative divergence, therefore further fall looks inevitable in
coming week’s .But the only silver lining is that it is in the oversold zone,
so it may have short up-moves at times also.
MONTHLY CHART:-Few indicators are in buy mode such as PS & ADX, but key
indicator such as MACD,EV & ST 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 BUY ON DECLINE MARKET NOW;-
It is still
into deep correction mode for its earlier & recent rise but it moved above its
recent key point of 24753.15, therefore as long as it holds this point on the closing basis it
will be buy on decline market. But short trade can also be tried on the reasonable or sharp rise near critical resistance
points or range with strict stop losses, for intraday corrective gains.
STRENGTH:-
1. It is above its 2nd major long term rising trend line
which is placed at 22944 for the
month of September-2025, it could be
an important & 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 first
& second make or break bottom of 24753.15& 23893.70 sustained close above it will keep the hope
alive of resuming the up-move again.
4. It is above all its short-term moving averages now on the
daily chart and the important average range for day is between 24784----24771----24764----24761---24693(figure will change every day), sustained close above this range can help
it to move up further.
5. It has made higher top &
bottom on the line chart.
6. It is above its 1st
major long term rising trend-line, which is placed at 24696 for the month of September-2025. It is good sign for
extension of the up-move.
7. It is above its recent major
pullback threshold points of 24652(figure may
change).
8. It is above its major long term
rising trend drawn from the bottom of 7511
made on 24.3.2020, which is placed
at 245(figure will change and inch
up every day).
9. It is above its very recent
correction threshold point of 24961.04 &24886.78; it is a positive sign and can
help it to extend the up-move.
10. The price action was positive today.
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 well as for earlier rise also as it
is closed below all its correction threshold points of 25496.48---25448.47---25387.01---25260.22 &
25239.36 (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.
TRADING CALL: --
1. Long trade
can be tried if it holds the range of 24961----24920 for some time, with
a stop loss of 24860 or can buy on sharp decline near or within the
range of 24753---24700 with a stop loss of 24640, 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 25090---25130
with a stop loss of 25190. 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
