AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—28.1.2026

 

CNX-BANK NIFTY

Open—58366.05---High—59436.80--Low—58121.60---Close—59205.45 on 27.1.2026. 

Support:58925.70/58799.90/58712.70/58688.55/58649.50/58577.50/58469.90/58050/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:59440.10/59478.15/59545.70/59581.85/59674.80/59806.60/60114.30/60203.75/60231/60354/60473.20/60496/60650/60702/60736/60955/60980/61041/61342/.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally, ended the day with a huge gain of 732.35 points. It retraced the entire down move of the last trading session, which is positive sign. But 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 is weak, it is still into correction mode, below all the short term moving averages on the daily chart and below few on the weekly chart, below few medium term moving average on the daily chart and almost all the important technical indicators are weak on the daily chart, therefore all together these developments are concerning and can drag it down further. But the good thing is that it bounced back above few critical points and made higher top on the line chart, but yet to make higher bottom, so watch out. However moving down if it manages to holds its critical & key points of 58971.61----58925.70---58814.71----58799.90-----58712.70----58688.11(PTP) ----- 58649.50----57793---57157.85(figures may change) on the closing basis then there will be reasonable chances that it could resume the up-move again. It is already into  correction mode , break & sustained close below 58712.70----58688.11(PTP)  may dampen the chances of up-move and finally break & sustained close below 57793 & 57157.85 (figure may change) may witness an accelerated fall and it will threaten the long term uptrend and then the correction could be more painful time-wise and price-wise both and the possible support points could be at 56910.45---56744.27 and please note that break & sustained close below 56744.27 can drag it down to 55821 levels or below, which may please be noted.

Moving up the target or resistance points could be at 59347.89----59368----59516-----59581.85-------59663.39-----59674.80------59873.94-----59974.16----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 the range of 59368----59516 and sustain on the closing basis then it may raise hope for extending the up-move further, if it moves above the range of 59581.85-----59674.80 and sustain on the closing basis then it may firm up further for extending the up-move, if it moves above the range of 59873.94-----60015.42----60030.33------60036.21 and sustain on the closing basis then it will be out of corrective mode and may resume the up-move again and if it moves above 60114.30  and sustain on the closing basis then it may get back into good up-momentum track again and may retest its all-time high of 60473.20 or may go beyond it also.  It is in the strong long-term uptrend but still into correction mode despite today’s sharp up-move.

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 above more than half of its short term moving averages on the weekly & above all on the monthly chart.

2. it is above majority of its medium term moving averages on the daily, above all on the weekly& monthly chart.

3. It is above all its long terms moving average on the daily chart and the top average is placed at 57793(figure will change daily) for the day.

4. the technical indicator ST & VM is in the buy mode, and it is the neutral/oversold zone, so it may rally at times but that may not last, so watch out.

NEGATIVE POINTS:-

1. Almost all the important indicators such as EV, MACD, PS & ADX 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 all its short term moving average on the daily & below few on the weekly chart.

3. It is below few 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 as of now with 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 negative such as MACD, ST, PS, EV & ADX are in the sell mode and RSI is showing negative divergence, it is in the overbought zone, and only VM is in the buy mode, therefore in totality further fall also looks quite likely in coming weeks. But it may swing both ways with a downward bias 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 BUY ON DECLINE MARKET NOW;-

It is still into correction mode but bounced back above key points, therefore now it will be buy on decline  market now till it sustain above 58712.70----58688.11(PTP  on the closing basis.  But short trade  can also be tried on sharp rise and near critical resistance points or range, for intraday corrective 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 its major long-term rising trend line which is placed at 58035 for the month of January-2026, it is a good sign.

3. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 58525 (figure may change daily) for the day.

4. It made higher top on the line chart today but yet to make higher bottom, so watch out.

5. It is into correction mode but above few of its correction threshold points of 58971.61-----58814.71 (figure may change), sustained close above these points can keep the hope alive for an extended up-move.

 

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 deep correction mode as it is below all its correction threshold points of 60036.21---60030.33------60015.42-----59663.39----59347.89 (figure may change), sustained close below this range can drag it down further.

3. It is below all its short-term moving averages now on the daily chart and the important average range for day is between 59516---59430--59368---59358---59261---59221(figure will change every day), sustained close below this range can drag it down further.

4. It is below 1^st & 2^nd rising trend line which are placed at 59282 &59530(figure will change every day).

5. The price action was mixed today.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 58712---58688 if it hold this range for some time then, with a stop loss of 58500 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 59650---59750 with a stop loss of 59900 or can sell if it moves below 58680 and maintain for some time then with a stop loss of 58880.  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.