AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—18.2.2026

 

CNX-BANK NIFTY

Open—60821.15---High—61241.60--Low—60560---Close—61141.80 on 17.2.2026.

 

Support:/61099/60980/60473.20/60235.15/60114.30/60060.70/59806.60/59674.80/59581.85/58925.70/58864.20/58799.90/58737.60/58712.70/58649.50/58121.60/58050/57783.20/57628.40/57594.25/57482.05/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70. 

Resistance:61232/61342/61764.85/61998/62078/62251/62382/62427/63091.

OVERALL, VIEW: --

It opened on a negative note and thereafter had both side moves during the day and finally, ended the day with a gain of 192.70 points.  But it is also important to mention here that it still has earlier unfilled gaps (gap points are 58687.05,56922.70, 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 back on the track and it looks good for the continuation of the up-move, it is out of correction mode, crossed recent top on the line chart, above all the moving average on the daily chart,  above short & long term rising trend line, above downtrend line and above almost all the key levels and almost all the important technical indicators are positive on the daily chart, therefore it is likely to continue the up move,  provided, moving down if it manages to hold the key support points of 61099---60955—60824.83---60677.22----60473.20---60235.15---60144.94---- 60114.30-----60060.70----59985.44-----59870----59828.54---59809.96---59674.80----59667------59581.85-------58925.70---58799.90-----58789---58712.70----58649.50----58445---58313----58062.34---57783.20----57673.21---57157.85 ---56773(some figures may change) on the closing basis then the chances of a continued up-move will be alive. But break & sustained close below 60824.83---60677.22 will push it again into corrective mode , break & sustained close below 60473.20 will be an alert sign for going down further, break & sustained close below 60144.94 & 60114.30 may dampen the chances of a continued up-move  in the year-2026,  break & sustained close below the range of 59985.44-----59870----59828.54---59809.96 will make the correction  deeper and may trigger fresh fall,  break & sustained close below  the range of 59674.80------59581.85 will be a potential signal that it may not continue with an up-move in the year—2026 , break & sustained close below the range of 58789---58712.70----58649.50----58445 will push it into deep correction mode and can drag it down further, break & sustained close below 58313 will threaten the long term uptrend and break & sustained close below 57783.20 & 57157.85  may witness an accelerated fall  and then the correction could be more painful time-wise and price-wise both and finally break & sustained close below 56773 will potentially threaten the long term uptrend, which may please be noted.

Moving up the target or resistance points could be at 61265—61341---61764.85(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. But if it moves above 61341and sustain on the closing basis then it may retest its all-time high of 61764.85 or may go beyond it also, else it may start to drift down 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. It is above all of its short term moving averages on the daily, weekly & monthly chart.

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

3. It is above all its long terms moving average on the daily chart and the top average is placed at 58313(figure will change daily) for the day.

4. the technical indicators, EV, MACD, PS, ST, VM &ADX is in the buy mode, so it may rally at times and it may last too.

NEGATIVE POINTS:-

1. It is in the  overbought zone and RSI with negative divergence, so down move may happen at times.

In view of the above observation there is a mixed possibility and it can swing both ways as of now with an upward bias as of now. But 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 now such as MACD,EV & VM  are in the sell mode,  RSI is with slight negative divergence and it is neutral/overbought zone, but PS & ADX 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, ST, 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 down-side as of now.

IT IS BUY ON DECLINE MARKET  NOW;-

It is still into correction mode but moved above important key points; therefore now it will be buy on decline market now till it holds 60473.20 & 60114.30 points 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, 3^rd, 4th, 5th, 6^th,7^th, make or break bottom of  57783.20,57157.85--54226.60—53561.75---53483.05--49156.95 & 47702.90 if it sustains above these points on the closing basis then the chances of the up-move will be alive and great, else it may correct sharply.

2. It is out of correction mode and above all its correction threshold points of ---60824.83 ----60677.22---59985.44---59828.74---59809.96---58789---58445.85---58062.34—57673.21(figure may change), sustained close above this range may keep the hope alive for an extended up-move.

3. It is above all of its short-term moving averages now on the daily chart and the important average range for day is between 60684---60548--60507---60248---60156---59870(figure will change every day), sustained close above this range can help it to extend the up-move.

4. It is above its short term rising trend line which is placed at 59204 (figure will change every day) for the day. It is a positive sign.

5. It is above its major long-term rising trend line which is placed at 58525 for the month of February-2026, it is a good sign.

6. It is above its recent down trend line which is placed at 59684(figure will change every day) for the day.

7. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 58993 (figure may change daily) for the day. It is above it now which is a positive sign.

8. It has crossed its recent top on the line 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.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 60971---60877 if it holds this range for some time then, with a stop loss of 60540 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 61550---61650 with a stop loss of 61800 or can sell if it moves below 60540 and maintain for some time, then with a stop loss of 60750.  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.