CNX-NIFTY
Open—25149.50—High—25151.10---Low---25001.95---Close---25082.30 on 14.7.2025.
Support25079.20/25892.60/24857.75/24854.80/24792.30/24753.15/24694.35/24589.15/24537.60/24498.20/24494.45/24472.80/24354.55/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:25116.25/25136.20/25222.40/25234.05/25285.55/25333.65/25371/25517.05/25551.35/25669.35/25871.35/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a flat note and thereafter had both side moves in a short range during the day and finally, ended the day with a loss of 67.55 points. The gap it created on 11.7.2025 is still there and if it makes an effort to fill this gap in the next 3-4 trading sessions, which is technically possible then it can come up to 25340.45, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for now but it will fill the gap one day for sure. It is also important to mention here that it that it still has earlier unfilled gaps (gap points 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 has weakened quite a lot, it is already into short & medium correction mode for its recent rise, it fell below all its short term moving averages on the daily chart and below some weekly chart and below few medium term averages also after a long time and making lower top & bottom on the line & bar chart and most importantly it is way below its critical point of 25371 and to top it all almost all the important technical indicators are negative, therefore all together it is giving very weak indication and if it does not move above its all the averages, above its critical point of 25371 and reverse the process by making higher top & bottom in the next 2-3 trading sessions, then further fall looks inevitable in coming days. Please note that it will gain good strength for the continuation of the up-move only once it moves above the range of 25518---25552 and sustain on the closing basis. Since it has broken all its recent key support points, therefore now it will find crucial support at its make or break bottom at 24753.15(for in between support points refer to the support table on the upside), it could be the strong bounce back support point, but break & sustained close below it may derail it from the up- momentum track and it may witness an accelerated fall.
Moving down further it will find support at 24742.88----24494----24462----24236(some figure may change), it can bounce back from any of these points, but break & sustained close below 24742.88 will push it into deep correction mode and will be a trigger point for going down , break & sustained close below the range of 24494----24462 will be a potential trigger point for going down further and finally break & sustained close below 24236 will threaten the long term uptrend and may drag it down further, moving down it will find its most important & critical support in the range of 23893.70----23869.65—23807.30 , it is a very strong bounce back support range and if it holds this range then the chances of resuming the up-move will be good, but break & sustained close below this range may trigger fresh fall and may 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 it may witness an accelerated fall. It is in the long term uptrend , but into short & medium term correction mode now.
Moving up the key resistance points could be at 25239.36—25254----25260.22----25273---25352----25371----25387.01----25448.47---25496.48—25517---25552----25670----25761----25778---25863---25996----26277.35. 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 the range of 25239.36----25371----25496.48 and sustain on the closing basis then it will get out of corrective mode and may resume the up-move again, but sustained close above 25371 will raise the hope of extending the up-move, it will gain strong strength for the continuation of the up-move if it moves above the range of 25517---25552 and sustain on the closing basis and finally if it moves above 25670and sustain on the closing basis then it will get back into the strong up-momentum track again. It is in the long term uptrend, but in short term correction mode now.
TECHNICAL INDICATORS PLACEMENT ON THE
DAILY CHART;-
It is making lower top & bottom on the line & bar chart, furthermore it is below all its short term moving averages on the daily and few below the weekly chart but almost above all on the weekly & monthly chart, it is above almost all (except for one) its medium & above all long term moving averages on the daily, weekly & monthly chart which is a positive sign for the continuation of the up-move. But almost all the important technical indicators are negative now on the daily chart and majority are in the sell mode such as MACD,EV, ST, PS VM, ADX & RSI with negative divergence and the only silver lining is that it is in the oversold zone, so it may have a relief rally at time but there is a high probability of it going down soon and it is already into the correction mode, so in totality as of now it is giving mixed signal therefore at times it may swing both ways but with strong tilt towards downside as of now. 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 cannot be ruled out in coming days, so it is suggested to be extremely alert and cautious in your long trade commitments at this juncture. 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:-
On the weekly chart important indicators such as MACD/ ADX/ PS &EV are in the buy mode, but it is in the deep overbought zone and RSI has negative divergence, so it can correct at times, but overall looks good for extension of the up-move. On the monthly chart it is in overbought zone and with huge negative divergence and MACD is in the sell mode. Therefore, all together indicators on the weekly chart seems positive but on the monthly chart it is not yet out of woods and further fall may be on the horizon in coming months.
IT
IS SELL ON THE RISE MARKET NOW;-
It
slipped into correction mode again therefore for aggressive traders it is sell
on the rise market now till it closes above 25371 and for safe traders till it closes above 25552 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 24128
& 22481 for the month of July-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 first & second make or break bottom of 24753.15 & 23893.70 sustained close above it will help to extend the up-move.
4. It is only above its deep correction
threshold points of 24742.88(figure may change), if it
sustains above it, it is a positive sign for moving up.
5 It is way above its top
long-term moving averages which is placed at 24236 (figure will change every day) for the day, close below this point
would be a weak sign.
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. RSI is with negative divergence and VM, MACD, EV, ADX & ST is in the
sell mode, so, it can correct at times and it is already into correction mode
now.
3. It is making lower top &
bottom on the line & bar chart, which is a very weak sign.
4. 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 (figure may change), sustained close below these points may
drag it down further.
5. It fell 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.
6. It is below all its short-term
moving averages now on the daily chart and the important average range for day
is between 25391---25352----25333----25312---25273---25254(figure will change every day), sustained close below this range may drag
it down lower.
7. The price action was negative today.
TRADING CALL: --
1. Safe
traders should avoid long trade till it closes above 25371 and sustain.
But aggressive traders can try long trade on decline near or within the range
of 25005---24962, but not below it with a stop loss of 24900, 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 25160---25200
with a stop loss of 25260 or can sell if it remains below 25129
with a stop loss of 25180. 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
