AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—4.2.2026

 

CNX-BANK NIFTY

Open—61411.20---High—61764.85--Low—59793.20---Close—60041.30 on 3.2.2026.

 

Support: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:60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.

OVERALL, VIEW: --

It opened with a huge up-gap hitting a new all-time high of 61764.35 and thereafter had both side moves during the day and finally, ended the day with a robust gain of 1422.30 points. The gap it created on 3.2.2026 is still there and if it makes an effort to fill this gap in next 4-5 days which is technically possible then it can come down to 58687.05, but if it fails to fill the gap in the stipulated time then the chances of filling the gap will recede for the time being, but please note that one day it will surely fill the gap one day.   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 took a rebound today but this robust up-move cannot be construed as it is out of woods, so let it settle down in next 2-3 trading session then review it again because it is still into correction mode, but above all averages, crossed all recent tops and hit a new all-time high and above almost all the key levels, but few important technical indicators are still weak on the daily & weekly chart, which is concerning and can drag it down again.  However, moving down if it manages to hold the support points of 59985.44---59828.54---59809.96---59674.80------59581.85-----59448---59192----58925.70---58799.90-----58789---58712.70----58649.50----58445---58062.34---57971----57783.20----57673.21---57157.85(some figures may change) on the closing basis then the chances of a continued up-move will be alive. Please note that it is still into correction mode, therefore break & sustained close below the range of 59985.44---59828.54---59809.96 will make the correction slightly deeper,  break & sustained close below  the range of 59674.80------59581.85 will be an potential signal that it may not continue with an up-move in the year—2026 and start to drift down, break & sustained close below the range of 59448---59192 may trigger fresh fall, 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 57971 will threaten the long term uptrend and 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, which may please be noted.

Moving up the target or resistance points could be at 60060.70---60114.30-----60235.15---60473.20---60677.22-----60824.83---60980—61099---61232—61342---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. Please note that if it moves above 60114.30 and sustain on the closing then it may get into strong up-momentum track and may raise hope for a continued up-move in the year-2026 with intermittent correction and finally if it moves above 60677.22 & 60824.83 and sustain on the closing basis then it may witness an accelerated up-move. 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 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 57971(figure will change daily) for the day.

4. the technical indicators, PS,VM &ADX is in the buy mode, so it may rally at times but that may not last, so watch out.

NEGATIVE POINTS:-

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

In view of the above observation there is a mixed possibility and it can swing both ways as of now with an slight 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 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 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 59674.80------59581.85 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 above its 2^nd short term rising trend line which is placed at 58412(figure will change every day).

3. It is still into correction mode but it above majority of its correction threshold points of 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.

4. It is above all  its short-term moving averages now on the daily chart and the important average range for day is between 59448---59355--59337---59318---59268---59192(figure will change every day), sustained close below this range can help it to extend the down-move.

5. It is above its short term rising trend line which is placed at 58770 (figure will change every day) for the day. It is a positive sign.

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

7. It is above its recent down trend line which is placed at 59897(figure will change every day) for the day.

8. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 58707 (figure may change daily) for the day. It is above it now which is a positive sign.

9. It has crossed its recent tops on the line and bar chart, but yet to make higher bottom, so watch out.

10. 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. It is still into correction mode as it is below few of its correction threshold points of 60824.83---60677.22(figure may change), sustained close below these points can drag it down further.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of  59795---59675 if it hold this range for some time then, with a stop loss of 59500 or can buy if it moves above 60115 and maintain above for some time then with a stop loss of 59970 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 60680---60780 with a stop loss of 60880.  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.