CNX-NIFTY
Open—25167.65—High—25330.75---Low---25156.85--Close---25285.35 on 10.10.2025
Support:24255.30/25246.25/25234.05/25222.40/25153.65/25136.20/25116.25/25079.80/25001.95/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24733.40/24694.35/24598.60/24589.15/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24354.55/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: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 negative note and thereafter
had both side moves during the day and finally, ended the day with a gain of 103.55 points. It is important to mention here that it still has
earlier unfilled gaps (gap points on downside are 24164, 22923,
22468 & 22254 ) 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 looking strong, but
it is still below its short & long term downtrend line, however it is above
many of its critical support points of 25155.39---25057---25007----24880---24824----24791---24753.15 ----24742.88---24706----24652----24620.55---24611.10---24601, therefore moving down as long as it holds certain key points,
chances of continuation of the up move looks quite good. Please note that break
& sustained close below 25155.39 will push it into correction mode
for its recent rise, break & sustained close below the range of 25057---25007
may break the up-momentum for a while and can pull it down, break &
sustained close below 24880---24850--24791 will be an extreme alert sign
for going down further , break & sustained close below the range of 24753.15 ----24742.88
may
trigger fresh fall, break & sustained close below
the range of 24706----24652
will threaten the long term uptrend again and may
dampen the possibility of a continued up-move and break & sustained close
below the range of 24620.55---24611.10---24601 may accelerate the fall.
Moving down further its support point could
be at 24494---24462.40(H&S
pattern neckline)(some figure may change) ----24432.70, it may bounce back from any of these points,
but break & sustained close below the range of 24462.40---24432.70 may
deepen the down move further.
Moving
down further it’s next immediate and important support point
could be at 24370 & 24337.50 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 24076----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 24076 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 correction mode now for its recent & earlier
rise.
Moving up the key resistance points could
be at 25371----25391---25405----25437----25448.47---25496.48—25517---25552----25670----25761----25778---25863---25996----26277.35(some figures may change daily or at some point of time) 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 25371 and sustain on
the closing basis then it is likely that it could retest its all-time high of 26277.35 or may go
beyond it also, else it will start to drift down, so be watchful. It is in the
long term uptrend as of now.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Almost all the
important technical indicators are positive now and MACD, EV, ST, ADX & PS
are in the buy mode, so it may have up rallies at times.
2. It is above all
its long terms moving average on the daily chart and the top average is placed
at 24706(figure will change daily) for the day.
3. It is above its
short term moving averages on the daily, weekly & monthly chart.
4. It is above its
medium term moving averages on the daily, weekly & monthly chart.
NEGATIVE POINTS:-
1. It is in the overbought zone and RSI is with negative
divergence, so down move may happen 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 long as it holds 24753.15 on the closing basis. 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: - Few important technical indicators are negative MACD, EV, ST, ADX
& VM is in the sell mode and RSI is with huge negative divergence, and it
is in the overbought zone, but PS is in the buy mode, therefore it may witness
relief rally at times.
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 since it is
above its key point of 24753.15, therefore as long as it stays above it on the closing basis it will
be buy on decline market. But short trade can also be tried after reasonable or sharp rise near critical resistance
point or range with strict stop losses, for intraday corrective gains.
STRENGTH:-
1. It is above its 1st & 2nd major long term rising trend line
which is placed at 24880& 23176 for the month of October-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 it short term pullback threshold point of 24791(figure
may change), if
it sustains above it on the closing basis then the up-move can extend.
5. It is above its major long term
rising trend drawn from the bottom of 7511
made on 24.3.2020, which is placed
at 24850(figure will change and inch
up every day) for
the day.
6. It is above its recent major
pullback threshold points of 24652(figure may
change).
7. It is above all its short-term
moving averages now on the daily chart and the important average range for day
is between 25057----25048----25021----245007--24933 (figure will change every day), sustained close above this range can help
it to extend the up-move further.
8. The price action was positive today.
9. It is above its very recent
correction threshold point of 25155.39(figure may
change),
sustained close above it can help it to extend the up-move.
10. It has made higher top &
bottom on the line 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 well as for earlier rise also as it
is closed below all its correction threshold points of 25496.48----25448.47----25387.01&25202.37 (figure may
change), sustained close
below these points may drag it down further.
3. It is below its most critical point of 25371 and if it sustains below it on the closing basis for a longer
period then the on-going up-move may end for a while and it may start to drift
down and may witness sharp fall.
4. It
is below its major long term downtrend line which is placed at 25437(figure will change daily) for the day.
5. It
is below its short term downtrend line which is placed at 25400(figure will change daily) for the day.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 25240---25180 if it
holds this point for some time with a stop loss of 25100
for a possible
intraday gain, else avoid.
2. Short trade can be
tried on the rise near or within the range of 25420---25440 with a stop
loss of 25510. 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
