AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-4.2.2026

 

CNX-NIFTY

Open—24308.05---High—26341.20---Low---25641.30--Close---25727.55 on 3.2.2026

Support:25726.80/25718.20/25693.25/25669.35/25548.70/25448.50/25318.45/25255.30/25153.65/25079.80/25008.20/24919.90/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance: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 with a huge up-gap and thereafter had both side moves during the day and finally, ended the day with a robust gain of 639.15 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 25108.10, 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. 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 upside25662.40) 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 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 deep correction mode for its recent rise and still below major long term rising trend line, which is concerning can still drag it down. But the good thing is that it is almost above all the averages, crossed recent tops , closed above few key points, bounced back above short term rising trend line and almost all the important technical indicators are positive now , therefore it may extend the up-move provided moving down if it holds the key support points of 25726.30---25718.40---25693.25----25583-----25498----25470----25318.45---25239----25063---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 it may extend the up-move. Please note that it is already into deep correction mode, therefore break & sustained close below the range of 25693.25----25583  may trigger fresh fall again, break & sustained close below25318.45 will weaken it further, break & sustained close below the range of 25063---24996.89---24944.80 may dampen the chances of up-move and will potentially threaten the long term uptrend, 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 25740.80-------25742----25842.95----25891—--25892.77------25951.82----26012.91----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 26012.91 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 please note 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. The long term uptrend is back on track, but it is still into deep correction mode now.

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. It is in the neutral/oversold zone and almost all important indicators such as EV, MACD, PS,ST, VM & ADX is in the buy mode and RSI with positive divergence as of now, so it may witness up rally at times and may last too.

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

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

4. It has bounced back above all of its long term moving average on the daily chart and the averages are placed at 25583---25474---25373---25335---25282---25229---25170---25123--25063(figure will change daily), good sign.

NEGATIVE POINTS:-

1. It is in overbought zone, so it may correct at times.

2. It is below one of its short term moving average on the weekly chart.

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

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: - Almost all the important indicators are such as MACD, ST, PS, ADX, 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 BUY ON DECLINE MARKET  NOW;-

It is still into deep correction mode but moved above some important key points, therefore now it will be buy on decline market now till it holds the range of 25693.25------25573 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 still above its most critical 1^st, 2^nd, 3rd, 4th & 5^th make or break bottom of  25693.25--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 all its short-term moving averages now on the daily chart and the important average range for day is 25498---25467----25350--25333—25267---25239 (figure will change every day), sustained close above this range can help it move-up further.

3. It is above its 1^st downtrend line, which is placed at 25192(figure will change daily) for the day, it is a positive sign.

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

5. The price action was positive today.

6. It is above its short term rising trend line, which is placed at 25139 (figure will change every day), it is a weak 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 still into deep correction mode now as it is below all 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 26076(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 25793(figure will change and inch up every day) for the day, sustained close below it may witness an accelerated fall.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of    25694---25642 if it holds this range for some time then with a stop loss of 25550 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 25980---26080 with a stop loss of 26150 or can sell If it moves below 25640 and maintain for some time, then with a stop loss of 25730. 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