AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-23.2.2026

 

CNX-NIFTY

Open—25406.55---High—25663.55---Low---25379.75--Close---25571.25 on 20.2.2026

Support:25548.70/25473.40/25318.45/25153.65/25079.80/25008.20/24919.90/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance: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 gain of 116.90 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 weak, it is already into deep correction mode for its recent rise, below its long term rising trend line, making lower top & bottom on the line chart, moved below almost all its short term moving average on the daily & below half the average on the weekly  chart , below majority of its medium term moving average on the daily and  below few on the weekly chart and most importantly below its top long term moving average, thereby threatened the long term uptrend and below its 1^st  make or break bottom of 25693.25 so all together it is concerning and can drag it down sharply, if it does not move above 25693.25 and sustain on the closing basis in a shortest possible time, but moving down it has strong support in the range of 25372--25318. The only silver lining is that almost all the important technical indicators are still positive now, therefore there is a faint chance that it may try to stage a bounce back. However moving down if it holds the key support points of 25564------25372.70---25318.45-----25127---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 alive. Please note that it is into deep  correction mode, therefore break below each point will weaken it, but break & sustained close below 25564 may trigger fresh fall, break & sustained close below 25318.45  may accelerate the fall , break & sustained close below 25127 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 25640----25693.25----25718.40---25726.30—25729----25740.80----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, if it moves above 25640 and sustain on the closing basis then the long term uptrend threat will dissipate, if it moves above 25693.25 and sustain on the closing basis then it is likely to extend the up-move for sure, if it moves above 25729 and sustain on the closing basis the it will gain further strength for 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. Almost all the important indicators such as EV, MACD, PS & VM is in the buy mode and RSI is neutral now, so it may witness up rally at times and may last too.

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

3. It is above only few of its medium-term moving averages on the daily and majority above on the weekly & above all on the monthly chart.

4. It is above its lower band of long terms moving average on the daily chart and the lowest average is placed at 25127(figure will change daily) for the day.

NEGATIVE POINTS:-

1. It is in the overbought zone and ST & ADX is in the sell mode so it may correct at times.

2. It is below majority of its short term moving average on the daily & below half on the weekly chart.

3. It is below majority of its medium term moving average on the daily chart and below few on the weekly chart.

4. It is below its top and few other long terms moving average on the daily chart and the top average is placed at 25640(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 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: - Few important indicators are such as MACD, EV & VM is in the sell mode, RSI is neutral, but it is in the oversold zone, so it may give 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 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 below its most critical bottom of 26693.25; therefore now it is sell on the rise market now till it sustains below26693.25 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 majorly above all of its most critical  2^nd, 3rd, 4th & 5^th make or break bottom of  25318.45-----24587.70---24337.50 & 21743.65 sustained close above it will keep the hope alive of resuming the up-move again.

2. It is above its 1^st downtrend line, which is placed at 25130(figure will change daily) for the day, it is a positive sign.

3. It is above its short term rising trend line, which is placed at 25240(figure will change every 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 25922 for the month of February-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 25982(figure will change and inch up every day) for the day, sustained close below it may drag it down sharply.

7. It is below almost all (except for one) of its short-term moving averages now on the daily chart and the important average range for day is 25729---25668----25651—25645---25635---25564 (figure will change every day), sustained close below this range may drag it down further.

8. It is making lower top & bottom on the line chart.

9. It is below its 1st make or break bottom of 25693.25 sustained close below it can drag it down sharply.

10. The price action was negative today.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 25500---25455 if it holds this range for some time then with a stop loss of 25350 or can buy if it moves above 25693.25 and maintain for some time then with a stop loss of 25600 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 25800---25850 with a stop loss of 25920 or can sell if it moves below 25450 and maintain for some time then with a stop loss of 25520. 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