CNX-BANK NIFTY
Open—55182.25---High—55978.50--Low—55145.25---Close—55912.75
on 10.4.2026.
Support:55821/55475.45/55149.30/54905.60/54576.60/54467.35/54442.30/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52782.75/52577.50/52063.65/51693.95/50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90/46983.25/46579.05/46077.85/45828.80/45661.75/44859.15/44866.15/44429/43600.35.
Resistance:56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.
OVERALL, VIEW: --
It opened on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 1091.05 points. The gap it created on 8.4.2026 is still there and if it makes an effort to fill this gap in next 2-3 days, which is technically possible then it can come down to 52778.20, 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 are 60438.95,58687.05, 57696.40, 54689.10), 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 important points for the
month of April-2026 are 51433.90----51276.70---50944----50275.35 & 50105.25 , please note that
even if it sustains above any one point on the closing basis then the chances
of up-move will be alive, but it is way above all the points now, which is a
positive sign therefore if it holds these points on the closing basis then it
can extend the up-move. Moving up its possible broad target or resistance
points could be at 52742—54467---55860---57254---58978---59403(for
in-between resistance points see resistance table on the upside). It may
correct at any of these points and then may resume the up-move or the on-going
up-move may fizzle-out also, therefore it is suggested to be alert, cautious
and watchful in your trades.
It is important to mention here that after yesterday’s consolidation
and down move it bounced back today recovering yesterday’s losses and
registering fresh gains and established higher top & bottom on the line &
bar chart and the price action was also positive , so all together it is a good
sign for the continuation of the up move. But despite recent rise the overall
technical setup is still weak, as it is still into deep corrective mode, below
its major long term rising trend line and most importantly below all its long
term moving averages on the daily chart, therefore long term uptrend is still
under potential threat, so all together it is concerning and can pull it down
again. But in the last few days chart setup is gradually improving as of now.
Furthermore please note that the up gap it created on 8.4.2026 seems to be a
breakaway gap and if it is so then it should not fill the gap (gap point is
52778.20) in the stipulated time i.e.16.4.2026 then it may extend the up-move
in good pace but if it makes an effort to fill the gap then it may slide down
further. However moving down if it manages to hold the broad critical support
points or range (some figure may change) as mentioned below on the closing
basis then the chances of resuming up-move may be alive, else the on-going
up-move may weaken and eventually fail.
SN. SUPPORT POINTS OR RANGE REMARKS
1. 55860—important
point.
2.55659.51(C)(figure may change) break & sustained close below it will trigger very short correction for its recent rise.
3. 55203--- 55139 break & sustained close below this range may weaken it.
4.54556.92(C)(figure may change)--- break & sustained close below it will trigger deep correction for its recent rise.
5. 54467---54333---54226.60—break
& sustained close below this range may weaken it further.
6. 53561.75---53483.05--53368 break
& sustained close below this range will lose a foothold and may trigger
fresh fall.
7.52742(P) break
& sustained close below it may dampen the chances of a continued up-move.
6. 52007----51678.
7. 51433.90----51250
break & sustained close below this range will be an alert sign for going
down further.
8. 50515.19—50275.35—50105.25
break & sustained close below this range may trigger fresh fall and can
drag it down to 47702.90 or lower.
9.
49654.65---49626.
10. 49411.48-- BEAR
MARKET THRESHOLD POINT-break & sustained close below It may accelerate the
fall.
11. 49215.15---49156.95.
Break & sustained close below the range can pull it down to 46077 or lower.
12.48915---48462---48155(figures may change daily)
Important support range.
13. 47702.90(key
point for-2026) STRONG BOUNCE BACK POINT-break & sustained close below
it
can pull it down to 44429 or lower.
14. 46077.05.
15. 44429.
Similarly moving up the broad
resistance points or range could be as follows:-it may correct at any of these
points or range and may resume the up-move or may halt for a while and start
moving down again, so alert and watchful.
SN. RESISTANCE POINTS OR RANGE REMARKS
1.56357 if it
moves above this range and sustain on the closing basis, then it may get a
reasonable foothold to extend the up-move further.
2. 57157.85---57254 if it
moves above it and sustain on the closing basis then it will further raise hope
for extending the up move.
3. 57783.20-- if it moves above it and sustain on the closing basis then it may get strong foothold and can extend the
up-move further for sure.
4. 57955-
if it moves above it and
sustain on the closing basis then the long term threat will dissipate and it may get strength to move up
further for sure.
5.58978.
6. 59403- if it moves above it and sustain on the closing basis then it may retest its all time high of 61764.85 or may go beyond it also.
But it is important to mention here that to keep the hope alive for an extension
of the up-move in the year-2026,
it has to move above the range
of 59581.85---59674.80 and sustain on the closing basis and to get back into strong
up-momentum track it has to move above 60114.30 and sustain on the closing basis. The long term uptrend is
under severe threat and it is into deep correction mode now, so the bias
is hugely bearish as of now.
TECHNICAL INDICATORS
AND MOVING AVERAGE PLACEMENT;-
POSITIVE
POINTS:-
1. It is
above all of its short term moving averages on the daily chart, above two on
the weekly chart & above three on the monthly chart.
2. It is above few of its medium term moving
averages on the daily & weekly chart and above all on the monthly chart.
3. Almost
all the important technical indicators such as EV,MACD, PS,ST & VM is in
the buy mode and RSI is with huge positive divergence, so it may rally at times
and it may last too.
NEGATIVE
POINTS:-
1. Only one
important technical indicator such as ADX is in the sell mode and it is in the
overbought zone, so down move may happen at times.
2. It is below four of
its short term moving average on the weekly chart & below three on the
monthly chart.
3. It is below
almost all of its medium term moving averages on the daily chart & majorly
below on the weekly 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 57955—56357(figure
will change daily) for the day.
In view of the above observation there is a mixed possibility and it can swing both ways at time but with a positive 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 such as MACD, PS, ADX & EV are in the sell mode and RSI with negative divergence, therefore it is likely to go down further in coming weeks, but the silver lining is that it is in the oversold zone and ST & VM is in the buy mode so it may give relief rally at time. The bias based on indicators is negative as of now.
MONTHLY CHART:-All the important indicators such as MACD, ST,PS & VM are in the sell mode and RSI with negative divergence, therefore it is likely to go down further in coming months, but the silver lining is that ADX is in the buy mode and it is in the oversold zone, therefore, all together indicators are painting a weak picture with a strong tilt towards downside as of now.
IT IS BUY ON DECLINE MARKET NOW;-
It is still into deep correction mode but above its important point of 54556, therefore it is buy on decline market now till it moves below the aforesaid point and sustain 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 3rd 4th, 5th 6th, 7th, make or
break bottom of 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, else it may
correct.
2. It is
above four correction threshold point of 55659.51---54776.63---54556.92---50991.40(figure may change), sustained close above it can help it
move-up further.
3. It is above its 1st
2nd & 3rd short term rising trend line on the daily chart which
is placed at 53664---52750 & 52223 (figure
will change every day) for the day. It is a positive sign.
4. Its 2nd &3rd major long term rising trend line drawn
from the bottom of 16116 made in 2020 is placed at 54652 & 50252 (figure may
change daily) for the day. It is above it now, which is a positive sign.
5. It is above its 2nd major long-term rising trend line
which is placed at 54785 for the month of April-2026, it is a
positive sign.
6. It is
above all of its short-term moving averages now on the daily chart after a long
time and the important average range for day is between 54333--53913--53735---53557---53368---53101(figure will change every day), sustained close above this range can help it to extend the up-move.
7. It has made
higher top & bottom on the line & bar chart, good sign.
8. 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 into
deep correction mode as it is below almost all of its correction threshold
points of 60824.83 ---60677.22----59985.44---59828.74---59809.96---58789---58445.85---58789--- 58445.85---58062.34-----57673.21---57124.84-----56300.67
(figure may change),
sustained close below this range can drag it down further.
3. It below its 1st major long-term rising trend line
which is placed at 59795 for the month of
April-2026, it is a weak sign.
4. Its 1st major long term rising trend line drawn from the
bottom of 16116 made in 2020 is placed at 60035 (figure may change daily) for the day. It is
below it now, which is a weak sign.
5. It is below
its most crucial 1st, 2nd make or break bottom of 57783.20--- 57157.85 & if it sustains below these points on the closing
basis then the chances of down move will be there.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
55700---55650 if it holds this range
for some time then, with a stop loss of 55480 or can buy if it moves
above 55980 and maintain for some
time then with a stop loss of 55800 for 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 56600---56700 with
a stop loss of 56850 .
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
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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