AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-30.1.2026

 

CNX-NIFTY

Open—25345---High—25458.15---Low---25159.80--Close---25418.90 on 29.1.2026

Support:25318.45/24255.30/25153.65/25079.80/25008.20/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance:25448.50/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.

OVERALL VIEW ON THE DAILY CHART: --

It opened  on a flat to positive note  and thereafter had both side moves during the day  and finally, ended the day with a gain of 76.15 points. It is also important to mention here that it still has earlier unfilled gaps (gap points on downside are  24164, 22923, 22468 & 22254- gap point on the upside25662.40) 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 is still weak, it is into deep correction mode for its recent rise, below almost all the recent key points, below short term rising trend line, below major long term rising trend line, below all the short term moving average on the daily, weekly and below few  on the monthly chart, below all medium term moving average on the daily chart and few below on the weekly chart and most importantly after a long time it is below few of its long term moving averages thereby threatening the long term uptrend, few important technical indicators are weak on the daily chart. Therefore all together it is highly concerning and can drag it down further. But the good thing is that it has made higher top on the line chart and bounced back above few key points of 25376----25318.45---25262.80(PTP) and as long as it holds 25318.45---25262.80(PTP) on the closing basis, chances of up-move will be alive, else it may start to drift down again. Moving down further it will find next critical support points at 25285---25271----25184----25167---25080---25064---24944.80----24857.75----24744 (figures will change daily), it may bounce back from any of these points, but break & sustained close below 25064 will be a potential threat for the long term uptrend and then it may witness an accelerated fall and break & sustained close below 24944.80 & 24744 can drag it down to 24587 & 24337 levels or below.   

Moving up the key resistance points could be at 25473---25494---25575---25591-----25693.25---25695-----25718.40---25726.30---25740.80-------25742----25842.95----25891—--25892.77------25951.82----26051.13-----26082.52----26104.20----26124.28---26129.60----26173.30---26212.73----26223.88---26246.65----26256.33----26277.35—26325.80---26373.20 (some figures may change daily or at some point of time) 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  25473---25494---25575 and sustain on the closing basis it may give a ray of hope that it can extend the up-move further, if it moves above the range of 25591-----25693.25 it will raise good hope for extending the up move, if it moves above 25695 and sustain on the closing basis then it may gain some strength for the up-move extension and finally if it moves above 26082.52 and sustain on the closing basis then it is likely to retest its all-time high of 26373.20 or may go beyond it. But please note that to keep the hope of continued up move alive in the year—2026 it has to move above 26129.60----26173.30 and sustain on the closing basis and to get back into strong up-momentum in the year—2026 it has to moves above 26325.80 and sustain on the closing basis, else it may start to drift down. It is still in the long-term uptrend but it is threatened and also into deep correction mode now.

IMPORTANT NOTE: - THE IMPORTANT POINTS FOR THE YEAR--2026 ARE 26129.60---26173.30---26325.80 AND TO KEEP THE HOPE ALIVE FOR A CONTINUED UP-MOVE IT HAS TO SUSTAIN ABOVE 26129.60---26173.30 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 26325.80 AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT THE YEAR , ELSE IT MAY START TO DRIFT DOWN.

TECHNICAL INDICATORS  AND MOVING AVERAGE PLACEMENT ON THE CHART;-

POSITIVE POINTS:-

1. It is in the neutral/oversold zone and VM & ST is in the buy mode and RSI with strong positive divergence, so it may witness up rally at times and that last too.

2. It is above majority of its long term moving averages on the daily chart, which is placed at 25376—25285---25271----25184---25167----25080---25064 (figure will change daily) for the day.

3. It is above half of its short term moving averages on the daily chart & above almost all on the monthly chart.

4. It is above almost all of its medium-term moving averages on the weekly & above all on the monthly chart.

NEGATIVE POINTS:-

1. Almost all the important indicators such as EV, MACD, PS & ADX are in the sell mode, so down move may happen at times and may extend also.

2. It is below half of its short term moving average on the daily & below all on the weekly chart and below one on the monthly chart.

3. It is below all its medium term moving average on the daily chart and below one on the weekly chart.

4. It is below few of its long term moving average on the daily chart and the averages are placed at 25573---25473(figure will change daily), very weak sign.

In view of the above observation there is a mixed possibility and it can swing both ways but with a 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 such as MACD, ST, PS, ADX, EV & VM is in the sell mode, but RSI is with slight positive divergence and it is in the oversold zone, so it may give relief rally at time but that may not last, so overall bias is down as of now.

MONTHLY CHART: -Few indicators are in buy mode such as ST, PS & ADX, but key indicator such as MACD, & VM are 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 slight tilt towards down-side as of now; therefore, further fall in the coming months cannot be ruled out, so be watchful.

IT IS BUY ON DECLINE MARKET NOW;-

It is still into deep correction mode but bounced back above key points, therefore now it will be buy on decline  market now till it sustain above 25318.45---25262.80(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 critical 2^nd, 3rd, 4th & 5^th make or break bottom of 25318.45----24587.70---24337.50 & 21743.65 sustained close above it will keep the hope alive of resuming the up-move again.

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

3.  It is above its 1st downtrend line, which is placed at 25192(figure will change daily) for the day, it is a good sign.

4. The price action was mixed 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 26277.35 & 26325.80 and sustain on the closing basis, else it may drift down.

3. It is into deep correction mode now as it is below all its threshold point of 26256.33----26223.88---26220.53----26212.73----26124.28---26051.13---25951.82----25892.77 sustained close below these points can drag it down further.

4. It is below half of  its short-term moving averages now on the daily chart and the important average range for day is 25694---25569----25494--25396—25361---25296 (figure will change every day), sustained close below this range can drag it down further.

5. It is below its 2nd downtrend line, which is placed at 26076(figure will change daily) for the day, it is a negative sign.

6. It is below its major long-term rising trend line which is placed at 25591 for the month of January-2026; sustained close below it may witness an accelerated fall.

7. It is below its major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020, which is placed at 25741(figure will change and inch up every day) for the day, sustained close below it may witness an accelerated fall.

8. It is below its most critical 1^st make or break bottom of 25693.25sustained close below it can drag it down sharply.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of    25350---25318 if it holds this range for some time then with a stop loss of 25250 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 25570---25590 with a stop loss of 25640 or can sell if it moves below 25260 and maintain for some time, then with a stop loss of 25330. 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