CNX-NIFTY
Open—25948.20—High—26023.25---Low---25906.35--Close---26013.45 on 17.11.2025
Support:25871.35/25722.10/25718.20//25696.85/25669.35/25448.35/25371/25333.65/25318.45/25285.55/24255.30/25246.25/25234.05/25222.40/25153.65/25136.20/25116.25/25079.80/25001.95/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24733.40/24694.35/24598.60/24589.15/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24354.55/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: 26104.20/26277.35/26328/26995/27095/27212/27293/27381.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened with an up-gap and thereafter had
both side moves during the day and in the process it filled the gap of the day
and finally, ended the day with a gain of 103.40 points. 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 good for the
continuation of the up-move. Please note that its immediate key support points
are 25957.32---25888.51----25857.64---25845.61---25746.31—25705----25687.23---25371(figures may change) and if it holds these points on the closing
basis then the up-move is likely to extend, but break and sustained close below
the range of 25957.32---25888.51----25857.64
will push it into short correction mode for its
recent rise, break and sustained close below the range of 25845.61---25746.31—25705----25687.23 may trigger fresh fall, but please
note that as long as it holds 25371 on the closing basis then it is likely to retest its all-time high
of 26277.35 or may go beyond it,
else it may start to drift down.
Moving up the key resistance points could
be at 26104.20----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. It is in the long-term uptrend as
of now.
INVERSE HEAD & SHOULDER PATTERN
VISIBLE:- This pattern will come into play if it moves above the
neckline of 26104.20 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. TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important
technical indicators are positive now EV,PS,ST& 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 25040(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 as MACD & VM are in the sell mode and it is in the
overbought zone and RSI with negative divergence, so down move may happen at
times and it can extend also.
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 25371on 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, 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 holds25371,
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.
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 25152(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 25808----25799----25798--25788—25731--25705
(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 25957.32---25888.51----25857.64---25845.61---25746.31—25687.23 (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 25360(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 chart, but on higher top on the line chart.
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.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 25950---25910 if it
hold this range for some time with a stop loss of 25850 or can
buy if it holds 26011 for some time then with a stop loss of 25970 for a possible intraday gain,
else avoid.
2. Short trade can be tried on the rise near or within the range of 26104---26131with
a stop loss of 26180 or can sell if it moves below 25900 and
maintain for some time with a stop loss 25960. 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
