CNX-NIFTY
Open—26109.55—High—26179.20---Low---26052.20--Close---26068.15 on 21.11.2025
Support:
25856.70/25740.80/25718.20/25669.35/25548.70/25448.35/25318.45/24255.30/25153.65/25079.80/25008.20/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:26097.85/26104.20/26246.65/26277.35/26318/26405/26492/26590/26842/26995/27095/27212/27293/27375/27510/27824.
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 loss of 124 points. Please note that as expected it corrected today but the overall setup still looks o.k., therefore it has to be seen in the next few days how today’s down move pans-out. Furthermore it is important to mention here that it still has earlier unfilled gaps (gap points on downside are 25715.80,25365.15, 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 looks still looks o.k., but today it slipped into short corrective mode as it closed below few correction threshold points and also closed below the inverse head & shoulder pattern neckline the points are 26154.50---26127.27----26104.20, so all together these developments are not good, therefore bounce back above these points can only help it to resume the up-move again else it may drift down further. However moving down further it has other key support points at 26058.46---26027.59---25954.45---25879---25855.14----25823----25796.09----25371 (figures may change) and if it holds these points on the closing basis then the chances of up-move may be alive, break & sustained close below the range of 26058.46---26027.59 will deepen the correction, break and sustained close below the range of 25954.45---25879---25855.14----25823----25796.09 may trigger fresh fall and will push it into deep correction mode, but please note that as long as it holds 25371 on the closing basis then the hope of retesting its all-time high of 26277.35 will still be alive, else it may drift down further.
Moving up the key resistance points could be at 26104.20----26127.27----26154.50---26277.35—26328 (some figures may change daily or at some point of time) it may correct at any of these points and then may resume the up-move again or may halt the up-move for a while. Please note that if it moves above the range of 26104.20----26127.27----26154.50 and sustain on the closing basis then it will get out of corrective mode and may resume the up move again. It is in the strong long-term uptrend.
INVERSE
HEAD & SHOULDER PATTERN VISIBLE:- Today it fell & closed below its
neckline of 26104.20(close below it the next day of the breakout is generally a
pattern failure sign) but if it moves above it again in a shortest possible
time and sustain on the closing basis then the maximum upside target could be
in the range of 26800-26900 but the up-move can halt or retreat earlier also. Similarly
sustained close below 26104.20 &
then below 25718.20 will be a sign of pattern failure.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important
technical indicators are positive now MACD,EV, PS & ADX are in the buy mode,
so it can rally up at times.
2. It is above all
its long terms moving average on the daily chart and the top average is placed
at 25102(figure will change daily) for the day.
3. It is above all its short-term moving averages on the
daily, weekly & monthly chart.
4. It is above all
its medium-term moving averages on the daily, weekly & monthly chart.
NEGATIVE POINTS:-
1. Few important
indicators such ST & VM is in the sell mode and it is in the overbought
zone and RSI 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 25823 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: - Almost all-important technical indicators are positive MACD, EV, ST, ADX& PS is in the buy mode but RSI is with negative divergence and VM is in the sell mode, and it is in the overbought zone, therefore it may witness corrective down move at times and it may extend also.
MONTHLY CHART: -Few indicators are in buy mode such as PS & ADX, but key indicator such as MACD, VM & ST is in the sell mode, it is in the overbought zone and with 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
buy on decline market till it holds25823,
on the closing basis.
But short
trade can also be tried on the reasonable or sharp rise
near critical resistance points or range or on the price breakdown with strict
stop losses, for
intraday corrective gains. Please note that today it slipped into the
correction mode but it is not alarming now; therefore be alert & cautious
in the long trade at this point of time.
STRENGTH:-
1. It is above its major long-term
rising trend line which is placed at 25107 for the month of November-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 its major long-term
rising trend drawn from the bottom of 7511
made on 24.3.2020, which is placed
at 25225(figure will change
and inch up every day) for the day.
5. It is above all its short-term moving averages now on the daily
chart and the important average range for day is between 25998----25952----25917--25879—25844--25823
(figure will change every
day), sustained
close above this range can help it to extend the up-move further.
6. It is above its few correction
threshold point of 26127.27----26104.20---26058.46---26027.59---25954.45---25855.14----25796.09 (figure may change), sustained close above it can extend the
up-move.
7. It is above its most critical point of 25371 and if it sustains above, it on the closing basis
then it may retest its all-time high of 26277.35 or may go beyond it also.
8. It is above its major long term downtrend
line which is placed at 25335(figure will
change daily)
for the day, sustained close above it may extend the up-move.
9. It has higher top & bottom
on the on the bar & line chart.
10. Its short term rising trend
line is placed at 25638(figure will change daily), break below it on the closing
basis may accelerate the fall.
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 below its neckline of 26104.20 and if it sustains below it then it can slide down further.
3. It slipped into corrective mode today as it closed below few of it correction threshold points of 26154.50---26127.27----26104.20 (figures may change), sustained close below these points can drag it down further.
4. The other
downtrend line is placed at 26094(figure will change daily), which is a weak sign.
5. The price
action was negative today.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 25950---25900 if it holds
this range for some time then with a stop loss of 25800 or can
buy if it holds 26068 for some time then with a short stop loss of
26000 for a
possible intraday gain, else avoid. Please note that it slipped into correction
mode today therefore long trade could be risky affair, but can be tried at
critical support points or range for intraday gain.
2. Short trade can be tried on the rise near or within the range of 26165---26195
with a stop loss of 26260 or can sell if it moves below 26050
and maintain for some time with a stop loss 26160. 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
