AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—3.2.2026

 

CNX-BANK NIFTY

Open—58239.30---High—58687.05--Low—57829.85---Close—58619 on 2.2.2026.

 

Support:58577.50/58469.90/58121.50/58050/57628.40/57594.25/57482.05/57363.70/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55695/55547.35/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52794.95/52782.75/52760.20/52577.50/52493.95/52354.85/51979.75/51749.45/51749.45/51693.50/51138.90/51133.20/51000.90/50947.70/50860.20/50841.90/50641.75/50438.30/50382.10/50369.40/50194.30/49974.75/49904.40/49836.10/49787.10/49688.80/49654.65/49459/49300/49162.65/49057.40/48972.55/48906.05/48839.10/48734.35/48636.45/48525.60/48292.25/48203.45/48161.75/48074.05/47898.35/47844.15/47702.90/47363.40/46983.75/46077.85/45828.80/45661.75/44633.85/44429/43600.25/43345.45/43230.95/42582.20/42105.40. 

Resistance:58649.50/58688.55/58712.70/58799.90/58925.70/59440.10/59478.15/59545.70/59581.85/59674.80/59806.60/60114.30/60203.75/60231/60354/60473.20/60496/60650/60702/60736/60955/60980/61041/61342/.

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 201.80 points.  But 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 weak,  it is into deep correction mode, broken recent bottom on the line chart again, below all the short term moving average on the daily, below almost all on the weekly chart, below majority of its medium term moving average on the daily chart and almost all the important technical indicators are weak on the daily & weekly chart, which is highly concerning and can drag it down further.  However moving down if it manages to hold the support points of 58409.57----57925---57783.20---57157.85(some figures may change) on the closing basis then there will be a chance that it could bounce back from any of these points for a while and may extend the up-move, but whether it may last or not has to be seen. But please note that it is into  deep correction mode , therefore break & sustained close below 58409.57(figure may change) may dampen the chances of a relief rally and drift down, break & sustained close below 57925 will threaten the long term uptrend, break & sustained close below 57157.85  may witness an accelerated fall  and then the correction could be more painful time-wise and price-wise both and then moving down the possible support points could be at 56910.45---56744.27 and please note that break & sustained close below 56744.27 can drag it down to 56363(figure will change daily)---55821 levels or lower, but break & sustained close below 56363 will potentially threatened the long term uptrend, which may please be noted.

Moving up the target or resistance points could be at 58649.50----58712.70----58799.90-----58814.71----58925.70---58971.61----59281-----59347.89----59449-----59581.85-----59674.80------59873.94-----59906.48-----60015.42----60030.33------60036.21---60114.30-----60203.75---60221----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 58712.70 and sustain on the closing basis then it will raise hope and can extend the up-move, if it moves above the range of 59281-----59449and sustain on the closing basis then it will get strength for extending the up-move, if it moves above the range of 59581.85-----59674.80 and sustain on the closing basis will be a good sign for extending the up-move in the year-2026, if it moves above 59906.48 and sustain on the closing basis then it is likely to retest its all-time high of 60473.20 or may go beyond it. But please note that to get back into strong up-momentum and to remain in it in the year—2026 it has to moves above 60114.30 and sustain on the closing basis, else it may start to drift down. It is in the strong long-term uptrend but still into correction mode.

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 only above two of its short term moving averages on the weekly & above all on the monthly chart.

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

3. It is above all its long terms moving average on the daily chart and the top average is placed at 57925(figure will change daily) for the day.

4. the technical indicators, VM is in the buy mode, RSI is still holding its recent bottom and it is in neutral/oversold zone so it may rally at times but that may not last, so watch out.

NEGATIVE POINTS:-

1. Few important indicators such as EV, MACD, PS, ST & ADX is in the sell mode, so down move may happen at times and can extend also.

2. It is below all its short term moving average on the daily chart and below four of its averages on the weekly chart.

3. It is below majority of its medium term moving averages on the daily chart.

In view of the above observation there is a mixed possibility and it can swing both ways as of now with slight 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 negative such as MACD, ST, PS, EV, VM & ADX are in the sell mode and RSI is neutral and it is in the overbought zone, 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 SELL ON THE RISE MARKET NOW;-

It is into deep correction mode and below one of its important key points, therefore now it will be sell on the rise market now till it moves above 58712.70 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 above its most crucial  2nd, 3^rd, 4th, 5th, bottom of  57157.85--54226.60—53561.75---53483.05 &49156.95 if it sustains above these points on the closing basis then the chances of the up-move will be alive, else it may correct sharply.

2. It is above its 2^nd short term rising trend line which is placed at 58358(figure will change every day).

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. It is into deep correction mode as it is below all of its correction threshold points of 60036.21---60030.33------60015.42-----59663.39----58971.61-----58814.71 (figure may change), sustained close below this range can drag it down further and may be with an accelerated pace.

3. It is below its recent down trend line which is placed at 59967(figure will change every day) for the day.

4. It is below its most crucial 1^st make or break bottom of 58712.70 if it sustains below it on the closing basis then it may correct sharply.

5. It is below its major long-term rising trend line which is placed at 58707 for the month of February-2026, it is a good sign.

6. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 58708 (figure may change daily) for the day and it is below it now is a very weak sign.

7. It has broken its recent bottom on the line and bar chart both, but yet to make lower top, so watch out.

8. It is below its 1^st short term rising trend line which is placed at 58800 (figure will change every day). It is a weak sign.

9. It is below all of its short-term moving averages now on the daily chart and the important average range for day is between 59449---59284--59281---59159---59129---59103(figure will change every day), sustained close below this range can help it to extend the down-move.

10. The price action was mixed today.

TRADING CALL: -- 

1.

Long trade can be tried on decline near 58122 if it hold this point for some time then, with a stop loss of 57800 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 58900---59050 with a stop loss of 59200 or can sell if it moves below 58120 and maintain for some time then with a stop loss of 58420.  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.