AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-19.1.2026

 

CNX-NIFTY

Open—25696.05---High—25873.50---Low---25662.40--Close---25694.35 on 16.1.2026

Support:25693.25/25669.35/25548.70/25448.50/25318.45/24255.30/25153.65/25079.80/25008.20/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance: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 positive note and thereafter had both side moves during the day and finally, ended the day with a gain of 28.75 points.  It is also important to mention here that it still has earlier unfilled gaps (gap points on downside are 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 is very weak, it is into deep correction mode for its recent rise, below short term rising trend line, below all the short term and few medium term moving average on the daily chart and below few short term moving average on the weekly chart, making lower top & bottom on the line and bar chart and almost all technical indicators are weak on the daily chart. But the good thing it that it bounced back above its most critical make or break bottom of 25693.25 and above  PTP point of 25685.75(this figure change), therefore as long as it holds 25693.25 & 25685.75 on the closing basis chances of up-move will be alive, else it may drift down.  Moving down  it  will find next critical support  points range at  25693.25---25685.75---25591-----25585----25557---25460---25368---25318.45----25258-----25157----25058---24990 (figures may change), it may bounce back from any of these points, but break & sustained close below the range of    25591-----25585----25557 will threaten the long term uptrend, break & sustained close below 25318.45 may  make the correction more painful time-wise & price-wise both and finally break & sustained close below 24990 will be a potential threat for the long term uptrend and it may witness an accelerated fall.   

Moving up the key resistance points could be at 25718.40---25726.30---25740.80---25842.95---25878----25891—--25892.77---25924----25951.82----25991-----26051.13-----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  25924-------25991and sustain on the closing basis the it may gain some strength for the up-move extension, if it moves above the range of 26104.20----26124.28---26129.60----26173.30 it will gain good  strength and will be a positive sign for continued up-move, if it moves above the range of 26212.73----26223.88---26246.65----26256.33 and sustain on the closing basis then it will get out of correction mode and may resume the up-move and if it moves above 26277.35 & 26325.80 and sustain on the closing basis then it may get back into strong up-momentum track again, else it may drift down. It is in the strong long-term uptrend, but 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 ST & VM is in the buy mode, RSI with positive divergence so it may witness up rally at times, but that may not sustain.

2. It is above all its long terms moving average on the daily chart and the top average is placed at 25557(figure will change daily) for the day.

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

4. It is above only few of its medium-term moving averages on the daily, but above all on the weekly & monthly chart.

NEGATIVE POINTS:-

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

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

3. It is below more than half 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 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: - Only ADX is in the buy mode and all other such as MACD, ST, EV & VM is in the sell mode and RSI is with negative divergence and it is in the overbought zone, therefore it may witness corrective down move at times.

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 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 26940---26000 and sustain on the closing basis.  But long trade can also be tried on sharp decline and near critical support points or range or if it is above 25693.25 & 25685.75 with strict stop losses, for intraday gains.

STRENGTH:-

1. It is above its major long-term rising trend line which is placed at 25591 for the month of January-2026; it could be an important & strong support point.

2. It is above its most critical 1^st,2nd, 3rd, 4th & 5^th make or break bottom of 25693.25 ----25318.45—24587.70---24337.50 & 21743.65 sustained close above it will keep the hope alive of resuming the up-move again.

3. It is above its major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020, which is placed at 25585(figure will change and inch up every day) for the day.

4. 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 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 its short term rising trend line which is placed at 26347 (figure will change daily) for the day, sustained close below this line is a weak sigh and can drag it down.

5. It is below all its short-term moving averages now on the daily chart and the important average range for day is 25991---25938----25935--25924—25849--25814 (figure will change every day), sustained close below this range can drag it down further.

6. It is below its 2nd downtrend line, which is placed at 26070(figure will change daily) for the day, it is a negative sign.

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

TRADING CALL: --

1. Long trade can be tried if it holds the range of   25693.25---25665 if it holds this range for some time then with a stop loss of 25580 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 25850---25905 with a stop loss of 25970 or can sell if it moves below 25640 and maintain for some time, then with a stop loss of 25720. 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