AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—16.1.2026

 

CNX-BANK NIFTY

Open—59330.35---High—59796.65--Low—59324.20---Close—59580.15 on 14.1.2026. 

Support:59545.70/59478.15/59440.10/58925.70/58799.90/58712.70/58688.55/59649.50/58577.50/58469.90/58050/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:59581.85/59674.80/59806.60/60114.30/60203.75/60231/60354/60473.20/60496/60650/60702/60736/60955/60980/61041/61342/.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally, ended the day flat with a meager gain of 1.35 points. It is also important to mention here that it still has earlier unfilled gaps (gap points are 56922.70, 55616.45,51361, 51244 & 50496), 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 and it is not a good sign for a steady market.

The technical setup slightly weak, it is into correction mode, still has lower top & bottom on the line & bar chart, below short term rising trend line, below few short term and few medium term moving average on the daily chart and almost all the technical indicators are weak on the daily chart, therefore all together these developments are very concerning and can drag it down further. However moving down if it manages to holds its critical & key points of 59447---59347.89----59235.45----58971.61----58925.70---58814.71----58799.90----58793.14-----58712.70----58649.50---58636.24---57584---57157.85(figures may change) on the closing basis then it can bounce back but that up-move may not be lasting. Please note that it is already into correction mode, break & sustained close below  59447 may trigger fall again, break & sustained close below 59235.45(PTP) may dampen the chances of  a continued up-move, break & sustained close below the range 58971.61----58925.70---58814.71----58799.90----58793.14-----58712.70----58649.50---58636.24 will trigger fresh  fall  and push it into deep correction mode and can drag it down further and finally break & sustained close below 57584 & 57157.85 (figure may change) may witness an accelerated fall and will threaten the long term uptrend  and then correction could be more painful time-wise and price-wise both, which may please be noted.

Moving up the target or resistance points could be at 59581.85-------59663.39-----59674.80-------59757------59873.94----60015.42----60030.33------60036.21---60114.30-----60203.75---60221----60231---60354—60473.20---60496---60650---60736---60955 (some figures may change) (for complete resistance points see the table on the upside) 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  59581.85-----59674.80 and sustain on the closing basis then it will raise good hope for an extended up-move, if it moves above 59757 and sustain on the closing basis then it may gain good strength to move up further, if it moves above the range of 59873.94----60015.42----60030.33------60036.21 then it will get out of corrective mode and may resume the up-move and finally if it moves above 60114.30- and sustain on the closing basis then it may get back into good up-momentum track again. It is in the strong long-term uptrend but into correction mode now.

IMPORTANT NOTE: - THE IMPORTANT POINTS FOR THE YEAR--2026 ARE 59581.85---59674.80---60114.30 AND TO KEEP THE HOPE ALIVE FOR A CONTINUED UP-MOVE IT HAS TO SUSTAIN ABOVE 59581.85---59674.80 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 60114.30  AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT THE YEAR , ELSE IT MAY START TO DRIFT DOWN.

TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT;-

POSITIVE POINTS:-

1. It is in neutral/ oversold zone and ST  & ADX is in the buy mode so it may rally at times but that may not last.

2. It is above few of its short term moving averages on the daily chart and above all on the weekly & monthly chart.

3. it is above almost all its medium term moving averages on the daily, and above all on the weekly& monthly chart.

4. It is above all its long terms moving average on the daily chart and the top average is placed at 57584(figure will change daily) for the day.

NEGATIVE POINTS:-

1. Almost all the important indicators such as EV, MACD, PS & VM is in the sell mode and RSI with negative divergence, so down move may happen at times and it may extend also.

2. It is below more than half of its short term moving average on the daily chart.

3. It is below one of its medium term moving average on the daily chart.

In view of the above observation there is a mixed possibility and it can swing both ways but with a slight downward-bias as of now. Furthermore please also note that earlier vertical rise, unfilled gaps, negative divergence and in the overbought zone on weekly & monthly chart is still a concern, therefore fall also cannot be ruled out in coming weeks & months. 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 the important indicators are positive MACD, ST, PS, ADX & EV are in the buy mode, so the up-move may extend,   but RSI is showing negative divergence, and VM is in the sell mode and it is in the overbought zone, therefore fall also looks quite likely in coming weeks. So it is giving mixed sign with slight tilt towards the downside as of now.

MONTHLY CHART:-Few indicators are in the buy mode such as MACD,PS & ADX but it is in the overbought zone and with negative divergence in RSI and  VM is in the sell mode, therefore, all together indicators are painting a mixed picture now with a slight tilt towards up-side as of now.

IT IS SELL ON THE RISE  MARKET  NOW;-

It is into deep correction mode and broken all the key points , therefore now it will be sell on the rise market now till it moves above the range of 59581.85 ---59674.80  and sustain on the closing basis.  But long trade can also be tried on sharp decline and near critical support points or range with strict stop losses, for intraday gains.

STRENGTH: -

1. It is above its most crucial 1^st & 2nd bottom of 58712.70 & 57157.85, if it sustains above, it on the closing basis then the chances of the up-move will be alive, else it may correct sharply.

2. It is above few of its correction threshold points of 59347.89 ----58971.61-----58814.71 (figure may change), sustained close above these points may keep the hope alive for moving up further.

3. It is above its major long-term rising trend line which is placed at 58035 for the month of January-2026, it is a good sign.

4. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 58282 (figure may change daily) for the day.

5. It is above only two of its short-term moving averages now on the daily chart and the important average range for day is between 59757---59656--59593---59583---59499---59447(figure will change every day), sustained close above this range can help it to move further, else it may drift down.

6. 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.

2. It is into correction mode as it is below few of its correction threshold point of 60036.21---60030.33------60015.42-----59873.94-----59663.39sustained close below these points can drag it down further.

3. It still has lower top & bottom on the line chart.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 59462---59340 if it hold this range for some time then, with a stop loss of 59140 for 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 59950---60050 with a stop loss of 60150 or can sell if it moves below 59250 and maintain for some time then with a stop loss of 59470.  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

Email—suranank@gmail.com

Mobile—8240951127/9831313654.