AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—6.1.2026

 

CNX-BANK NIFTY

Open—60360.40---High—60437.35--Low—59859.80---Close—60044.20 on 5.1.2026.

 

Support:59806.60/59545.70/59478.15/59440.10/58925.70/58799.90/59712.70/58688.55/59649.50/58577.50/58469.90/58050/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

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

OVERALL, VIEW: --

It opened on a positive note and thereafter had both side moves during the day and in the process hit a new all-time high of 60437.35 and finally, ended the day with a loss of 106.75 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 is strong and showing good strength for the continuation of the up-move, provided on the down move if it manages to holds its critical & key points of 60036.21---60030.33------60015.42----59873.94----59674.80----59663.39-----59595-----59581.85-------59347.89----59290----58971.61----58925.70---58814.71----58799.90----58793.14-----58712.70----58649.50---58636.24---57343---57157.85(figures may change) on the closing basis then the chances of the up-move will be alive. But break & sustained close below the range of 60036.21---60030.33------60015.42----59873.94 will push it into correction mode, break & sustained close below the range of 59674.80----59581.85  will lose steam for the up-move and may trigger fall , break & sustained close below the range of  59347.89----59290 will weaken it further  and also dampen the chances of up-move, break & sustained close below the range of 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 57343 & 57157.85 (figure may change) may witness an accelerated fall and if it sustains below these points then the long term uptrend will also be threatened and 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 60114.30----60203.75---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 60114.30 and sustain on the closing basis then it may get back on strong up-momentum track again. It is in the strong long-term uptrend.

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. Almost all the important indicator such as EV, MACD, PS, ST & ADX is in the buy mode, so it may rally at times and may last also.

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

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

4. It is above all its long terms moving average on the daily chart and the top average is placed at 57343(figure will change daily) for the day.

NEGATIVE POINTS:-

1. Few important indicators such as VM is in the sell mode and RSI with negative divergence and it is in the overbought zone,so down move may happen at times.

In view of the above observation there is a mixed possibility and it can swing both ways but with a slight upward-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, EV, PS & ADX are in the buy mode, so the up-move may extend,   but RSI is showing negative divergence, and VM & ST 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 upside 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 completely out of correction mode, therefore it is buy on decline market now till it holds its critical point of 59674.80 & 59581.85 on the closing basis.  But short trade can also be tried on sharp rise near critical resistance points or range with strict stop losses, 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 few of its correction threshold points of 60036.21---60030.33------60015.42----59873.94-----59663.39------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 57887 (figure may change daily) for the day.

5. It is above its down trend-line which is placed at 58668(figure may change daily), close above this line will keep the hope alive for the up-move.

6. It is above all of its short-term moving averages now on the daily chart and the important average range for day is between 59595---59561--59439---59392---59366—59290--(figure will change every day), sustained close above this range can help it to extend the up-move further.

7. It has higher top & bottom on the line chart & bar chart.

9. 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. To get back into strong up-momentum track it has to move above 60114.30 and sustain on the closing basis, else it may drift down.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of  59950---59870 if it holds this range for some time then, with a stop loss of 59750 or can buy if it moves above 60114.30 and maintain for some time then with a stop loss of 60000 for intraday gain else avoid.

2. Short trade can be tried on the rise near or within the range of 60400---60500 with a stop loss of 60650 or can sell if it moves below 60000 and maintain for some time then with a stop loss of 60161.  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.