CNX-NIFTY
Open—25277.55—High—25310.35---Low---25060.55--Close---25145.50 on 14.10.2025
Support: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: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 on a positive note and thereafter had both side
moves during the day and finally, ended the day with a loss of 81.85 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 good for the continuation of
the up-move, but it is still below its short- & long-term downtrend line
and today it slipped into correction mode for its very recent rise. However, it
is above many of its critical support points of 25067---25039----24880---24875----24791---24753.15----24742.88---24725----24652----24628----24620.55---24611.10
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 the range of 25063---25028 may break the
up-momentum for a while and can pull it down, break & sustained close below
24880---24875--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 24725----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 24628----24620.55---24611.10
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 24090----23893.70----23869.65— b23807.30(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 24090 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 25155.39---25371----25389---25405----25431----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 25155.39 and
sustain on the closing basis then it will get out of recent corrective mode and
up-move can extend and 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, but slipped into corrective mode 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, 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 24725(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 24875(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 25130----25098----25067----25045—25041--25039
(figure will change every day), sustained close above this range can help
it to extend the up-move further.
8. 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 (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 25431(figure will change daily) for the day.
5. It is below its very recent correction
threshold point of 25155.39(figure may change), sustained close below it can drag it down.
6. The price action was mixed today.
TRADING CALL: --
1. Long trade can be tried on decline
near or within the range of 25083---25050 if it holds this point for
some time with a stop loss of 24980 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 25300---25350 with
a stop loss of 25410 or can
sell if it moves below25040 and maintain for some time with a stop loss of 25160. 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
