CNX-NIFTY
Open—25459.85---High—25476.40---Low---25141.30--Close---25178.65 on 27.2.2026
Support:25153.65/25079.80/25008.20/24919.90/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a negative note and thereafter it had both side moves during the day and finally, ended the day with a huge loss of 317.90 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 upside 25108.10) 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 already into deep correction mode for its recent rise, below its short & long term rising trend line, making lower top & bottom on the line chart, below all its short term moving average on the daily & weekly chart & below few on the monthly chart also, below all of its medium term moving average on the daily & below few on the weekly chart, and most importantly below almost all its long term moving average, thereby threatening the long term up trend and finally way below its most important make or break bottom of 25693.25 & 25318.45 and today it has broken another important range of 25388.75---25379.75---25372.70---25318.45 so all together it is highly concerning and can drag it down further. Therefore please note that if it does not bounce back above the aforesaid range and particularly above its critical bottom of 25318.45 & 25693.25 and sustain on the closing basis in a shortest possible time then it may accelerate the fall. However moving down further if it holds the key support points of 25139---24996.89---24944.80----24857.75----24753.15---24744---24587---24404.70—24337---23935.75---23847.85 (some figures will change daily), on the closing basis then the chances of resuming the up-move may be faintly alive. Please note that it is into deep correction mode, therefore break below each point will weaken it, but break & sustained close below 25139 will potentially threaten the long term uptrend, break & sustained close below the range of 24996.89---24944.80 may dampen the chances of up-move further, break & sustained close below 24744 can drag it down to 24337 levels and finally break and sustained close below it can drag it down to much lower levels.
Moving up the key resistance points could be at 25318.45-----25372.70---25379.75---25388.75---25629---25650----25693.25----25718.40---25726.30—25740.80----25745---25817---25842.95----25891—--25892.77------25917----25948----25951.82----26013----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 it is into deep corrective mode, but if it moves above 25318.45 and sustain on the closing basis then it will raise some hope for an extended up-move, if it moves above the range of 25629---25650----25693.25 and sustain on the closing basis then the long term uptrend threat will dissipate and it will gain a strong foothold and then it may extend the up- move further for sure, if it moves above 25745 and sustain on the closing basis the it will gain further strength for the up move extension moving up further its broad important resistance points could be at 25817---25917----25948----26013 and it may correct at any of these points and may resume the up-move or halt it for a while, but if it moves above 26013 and sustain on the closing basis then it is likely that it could retest its all-time high of 26373.20 or may go beyond it. But it is important to mention here 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 track in the year—2026 it has to moves above 26325.80 and sustain on the closing basis, else it may start to drift down again. It is in the long term uptrend, but still into correction mode.
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. Only few
important indicators such as PS & VM is in the buy mode and it is in the
oversold zone so it may witness an up rally at times but that may not last.
2. It is above majority of its short term moving averages on
the monthly chart.
3. It is above majority
of its medium-term moving averages on the weekly & above all on the monthly
chart.
4. It is above its
lower band of the long terms moving average on the daily chart and the lowest average
is placed at 25139(figure will change daily) for the day.
NEGATIVE POINTS:-
1. Few important
indicators such as EV, MACD, ST & ADX is in the sell mode and RSI is with
negative divergence so it may correct at times and that may extend also.
2. It is below all of
its short term moving average on the daily & weekly and below few on the
monthly chart also.
3. It is below all its
medium term moving average on the daily chart and below few on the weekly chart.
4. It is below almost
all of its long terms moving average on the daily chart and the top average is
placed at 25650(figure will change daily) for the day.
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: - Few important indicators are such as MACD, ST, EV,VM & ADX is in the sell mode, RSI is neutral, and it is in the overbought zone, so it may go down further may be with-in between 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 PS & ADX, but key indicator such as MACD, ST, & 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 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 also below its most critical range of 25650----26693.25; therefore now it is sell on the rise market now till it moves above the said range and sustain on the closing basis. But long trade can also be tried on sharp decline and near critical support points or range, for intraday gains.
STRENGTH:-
1. It is still above majority of its most critical 3rd, 4th & 5th make or break bottom of 24587.70---24337.50 & 21743.65 sustained close above it will keep the hope alive for extending or resuming the up-move again.
2. It is above its 1st downtrend line, which is placed at 25118(figure will change daily) for the day, it is a positive sign.
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 of its threshold point of 26256.33----26220.53----26212.73----26124.28---26051.13----25951.82---25908.63---25892.77---25777.22 sustained close below these points can drag it down
further.
4. It is below its 2nd downtrend line, which is placed at 26056(figure will change daily) for the day, it is a negative sign.
5. It is below its major
long-term rising trend line which is placed at 26285 for the month of March-2026; sustained close below it may witness an accelerated fall.
6. It is below its major long-term
rising trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 26036(figure will change and inch
up every day) for
the day, sustained close below it may drag it down sharply.
7. It is making lower top &
bottom on the line chart.
8. It is below all of its
short-term moving averages now on the daily chart and the important average
range for day is 25626---25588----25558—25555---25502--25485 (figure will change every day), sustained close below this range may drag
it down further.
9. It is below its most critical 1st & 2nd make or break bottom of 25693.25 & 26318.45 sustained close below it is a weak sign and can drag it down fast.
10. The price
action was negative today.
11. It has broken its short term rising trend line today which was placed at 25266, and it is placed at 25268(figure will change every day) for the day. It is a weak sign.
TRADING CALL: --
1. Long trade
can be tried on decline near 25141 if
it holds this point for some time then with a stop loss of 25070 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 25370---25450
with a stop loss of 25520 or can sell it moves below 25140
and maintain for some time then with a stop loss of 25220. 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
