AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-1.4.2026

 

CNX-NIFTY

Open—22549.65---High—22714.10---Low---22283.85--Close---22331.40 on 27.3.2026

Support:22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance:22471.35/22502/22525.65/22546/22577.40/22625.30/22676.75/22768.40/22775.70/22786.90/22794.70/22976.85/23047.25/23049.95/23110.80/23263.15/23338.70/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23807.30/23816.15/23847.45/23869.65/23873.35/23893.70/23935.75/23938.85/24073.90/24094.20/24099.70/24141.80/24198.75/24226.70/24337.50/24404.70/24462.40/24494.45/24498.20/24502.15/24537.60/24587.70/24694.35/24753.15/24792.30/24854.80/24857.75/24882.30/24918.65/24919.90/25008.20/25079.80/25153.65/25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.

OVERALL VIEW ON THE DAILY CHART: --

It opened with a down gap and thereafter and had both side moves in the lower trajectory during the day and finally ended the day with a loss of 488.20 points. The gap it created on 30.3.2026 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 up to 22804.55, 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 24415.75,22468 & 22254- gap point on the upside 25108.10, 25141.30, 23618.45) 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.

It is important to mention here that the technical setup is extremely weak and it is sell on the rise market but despite severe fall today RSI still has distinct positive divergence on the daily chart, but generally it does not work in isolation but at the same time you cannot ignore it also, therefore it may have relief rallies at times, so be watchful. In view of this it is suggested to initiate fresh short trade only if it sustains below 22283.85 or after a reasonable rise near important resistance points with proper stop losses. Similarly aggressive traders can also try long trade based on above point with proper stop loss, but in this market it could be a risky affair.

The technical setup is very weak, as it is already into deep correction mode for its recent rise, below its short & long term rising trend lines,  below all its short term moving average on the daily, weekly & monthly chart, below all of its medium term moving average on the daily & weekly chart and below few on the monthly chart, and most importantly below  all its long term moving average on the daily chart and below few on the weekly chart too, thereby potentially threatened the long term uptrend, and it is way  below its most important and critical make or break bottom of 25693.25---25318.45----24587.70--- & 24337.50 so all together it is highly concerning and can drag it down further. However moving down if it manages to hold the few key support points 22204---21964.60---21934---21821.60---21777.65---21743.65---21710.20----21662---21465 (some figures will change daily), on the closing basis then it may continue with the up-move. Please note that it is into deep correction mode, therefore break below each point will weaken it, but break & sustained close below 22204  can pull it down to 21743.65 and finally if it sustains below 21743.65 on the closing basis then it may come down in the range of 21662---21465 and break and sustained close below 21465 may witness an accelerated fall, so the range of 21743—21465 is a strong bounce back range, which may please be noted. 

Moving up the key broad resistance points could be at 22471.35----22656.35(P)---22669.56----22836---23047.25---23077----23121----23248.94(P)-----23402-----23673----23680----23846-----24337.50--24329-----24587.70---24812----24848-----25318.45---25345-----25409---25556----25693.25----26129.60----26173.30---26277.35—26325.80---26373.20 (some figures may change daily or at some point of time and for in between resistance point see 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 it is into deep corrective mode, but if it moves above the range of 22656.35(P)---22669.56 and sustain on the closing basis then  it may give a ray of hope that it can move up further, if it moves above  the range of 23248.94(P)----23680 and sustain on the closing basis then it may raise further hope and may gain strength for extending the up-move , if it moves above the range of  24337.50--24423-----24587.70 and sustain on the closing basis then it may get a good foothold and may raise hope further for extending the up-move, if it if it moves above  24848 on the closing basis then it may gain some strength to move up further,   if it moves above   25318.45 &25345 and sustain on the closing basis then the long term uptrend threat will dissipate and it can extend the up-move further, if it moves above 25556 & 25693.25 and sustain on the closing basis then it may extend the up- move further for sure  and  likely to 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 26277 & 26325.80 and sustain on the closing basis, else it may start to drift down again. The long term uptrend is under severe threat and it is into deep correction mode, so the bias is hugely bearish as of now.

IMPORTANT NOTE: - PLEASE NOTE THAT TO KEEP THE HOPE ALIVE FOR A POSSIBLE UP-MOVE IN THE MONTH OF APRIL-2026 IT HAS SUSTAIN  ABOVE 22331.40 & 22283.85 ON THE CLOSING BASIS ,ELSE IT WILL SLIDE DOWN FURTHER.

TECHNICAL INDICATORS  AND MOVING AVERAGE PLACEMENT ON THE CHART;-

POSITIVE POINTS:-

1. Few important indicator such as EV&VM is in the buy mode, RSI is with huge positive divergence and in the oversold zone, so it may witness an up rally at times but that may not last as of now.

2. It is above almost all of its medium-term moving averages on the monthly chart.

NEGATIVE POINTS:-

1. Almost all the important indicators such as MACD, PS,ST& ADX is in the sell mode, so it may correct at times and down move may extend also .

2. It is below all its short term moving average on the daily, weekly & monthly chart.

3. It is below all its medium term moving average on the daily, weekly & below few on the monthly chart.

4. It is below all of its long terms moving average on the daily chart and the top & bottom range of the average is placed between 25345--24846(figure will change daily) for the day.

5. It is below few of it long term moving averages on the weekly chart and the averages are placed at 23680—23402---23121 then (figure will change every day) for the day. It is a very weak sign.

In view of the above observation there is a mixed possibility and it can swing both ways but with a 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: - All the important indicators are negative such as MACD, ST, PS, ADX, EV & VM are in the sell mode and RSI with negative divergence, therefore it is likely to go down further in coming weeks, but the only silver lining is that it is in the oversold zone so it may give relief rally at time. The bias based on indicators is strongly negative.

MONTHLY CHART: - All the important indicators such as MACD, ST, PS, ADX & VM are in the sell mode and RSI with huge negative divergence, therefore it is likely to go down further in coming months, but the only silver lining is that it is in the oversold zone, so it may rally at times. But all together indicators are painting a very weak picture with a strong downward bias, so be watchful.

IT IS SELL ON THE RISE MARKET NOW;-

It is still into deep correction mode and below its important point of 23248.94, therefore it is sell on the rise market now till it moves above the aforesaid point 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 still above only one of its most critical 5^th,6^th,7^th& 8^th  make or break bottom of 21743.65,21281.45,21137.20 & 18837.85 sustained close above it will keep the hope alive for resuming the up-move again.

2. It is into deep correction mode now but still above only one of its correction threshold points of 21921.74 (figure may change) sustained close above this point may keep the hope alive for a bounce back.

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 almost all of its correction threshold points of 26256.33----26220.53----26212.73----26124.28---26051.13----25951.82---25908.63---25892.77---25777.22--------25594.86----25280.63----25171.55---24594.86---24120.62---23732.41 -sustained close below these points can drag it down further.

4. It is below its 2nd downtrend line, which is placed at 24930(figure will change daily) for the day, it is a negative sign.

5. It is below its 1st & 2^nd major long-term rising trend line which is placed at 26285 & 24655 for the month of April-2026; sustained close below it may witness an accelerated fall.

6. It is below its 1^st  & 2^nd major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020, which is placed at 26291 & 24552 (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 two) of its short-term moving averages now on the daily chart and the important average range for day is 23673---23600----23270—23077---23075--22911 (figure will change every day), sustained close below this range may drag it down further.

8. It is below its most critical 1^st, 2^nd 3^rd & 4^th make or break bottom of 25693.25---25318.45---- 24587.70 & 24337.50 sustained close below it is a weak sign and can drag it down fast.

9. It is below it 1st downtrend line also, which was placed at 25072(figure will change daily) for the day, it is a weak sign.

10. It is below its 1^st 2^nd3^rd 4^th short term rising trend line which is placed at 23730---23422--- 23040 & 22476 (figure will change every day) for the day. It is a negative sign.

11. It has broken its recent bottom on the line and bar chart.

12. The price action was negative today.

TRADING CALL: --

1. Long trade can be tried on decline near  22284 if it holds this point for some time then with a stop loss of 22190 for a possible intraday gain else avoid. Please note that long trade in a corrective market could be a very 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 22600---22670 with a stop loss of 22730 or can sell if it moves below 22280 and maintain for some time then with a stop loss of 22350. 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:- I am not a SEBI registered technical analyst. The view expressed here are solely of the author and purely for the academic and educational purpose. This is in no way a trading or investment advice.

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