AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—6.4.2026

 

CNX-BANK NIFTY

Open—50625.65---High—51731.95--Low—49954.85---Close—51548.75 on 2.4.2026.

 

Support: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:51693.95/52063.65/52577.50/52782.75/53357.70/53483.05/53561,75/53888.30/54176.45/54226.60/54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55821/56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.

OVERALL, VIEW: --

It opened with a down gap and thereafter and had both side moves during the day and in the process filled the gap of the day and finally ended the day with a gain of 100.10 points. The gap it created on 30.3.2026 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 up to 52211.20, 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----51391.19---50275.35 & 50105.25 (it broke all the points intraday today and went lower but bounced back to close above all) 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 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 52051—52546---53157—53308---54146—54467(for in-between resistance points see resistance table on the upside). But it is important to mention here that the overall technical setup is very weak therefore further fall is very much on the cards in coming days and the on-going up-move seems to be a pullback or relief rally only as of now and these rallies are treacherous in nature and can end abruptly, so be alert, cautious and watchful in the long trades.

The overall technical setup is very weak, as it is into deep corrective mode, below short & major long term rising trend lines and most importantly below all its long term moving averages on the daily chart and below few on the weekly chart, thereby potentially threatened the long term uptrend, so all together it is highly concerning and can pull it down further. However moving down if it manages to hold the following support points or range( some figure may change)of on the closing basis then the chances of a bounce back may be there but it will resume the steady up-move or not is doubtful at this point of time.

SN.  SUPPORT POINTS OR RANGE               REMARKS

1. 51433.90--51391.19(P) ---51215 break & sustained close below this range will be an alert sign for going down.

2. 50944(P) - break & sustained close below It may dampen the chances of up-move.

3. 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.

4. 49654.65---49563.

5.  49411.48-- BEAR MARKET THRESHOLD POINT-break & sustained close below It may accelerate the fall.  

6.  49215.15---49156.95. Break & sustained close below the range can pull it down to 46077 or lower.

7.48845---48355---48125(figures may change daily)

8.  47702.90(key point for-2026) STRONG BOUNCE BACK POINT-break & sustained close below it                                                          can pull it down to 44429 or lower.

9.47628.                                                                                                                           

10. 46077.05.

11. 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.  SUPPORT POINTS OR RANGE               REMARKS

1. 51678---51933.             

2.52576--- 52652—52742(P) ---52782.75 if it moves above this range and sustain on the closing basis then it may enhance the chances of a continued up-move.

3. 53483.05---53561.75- if it moves above this range and sustain on the closing basis then it may get a short foothold to extend the up-move.

 4. 54226.60--54398---54467if it moves above it and sustain on the closing basis then it may gain strength to continue the up-move.

5.55139---55203 if it moves above this range and sustain on the closing basis then it may gain some up momentum.

6. 55860-------56501.

7. 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. 

8. 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.

9. 58105- 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.

10.58978.

10. 59403- if it moves above it and sustain on the closing basis then it may retest it’s 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 almost all of its medium term moving averages on the monthly chart.

2. Few technical indicators EV & VM is in the buy mode and RSI is with huge positive divergence and it is in the oversold zone also, so it may rally at times but that may not last at this point of time.

NEGATIVE POINTS:-

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

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

3. It is below all of its medium term moving averages on the daily & weekly chart and 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 58105--56501(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 52652---51933 (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: - Almost all the important indicators such as MACD,  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  silver lining is that it is in the oversold zone and ST is in the buy mode so it may give relief rally at time. The bias based on indicators is strongly 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 SELL ON THE RISE MARKET NOW;-

It is still into deep correction mode and below its important point of 52742, 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 above its most crucial 6th, 7th, make or break bottom of 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 sharply.

2. It is above one correction threshold point of 50991.40(figure may change), sustained close above it can help it move-up further.  

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 making lower top & bottom on the line & bar chart.

3. 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----54776.63 (figure may change), sustained close below this range can drag it down further.

4. It is below all its short-term moving averages now on the daily chart and the important average range for day is between 54398---54210--53157---52576---52551---52004(figure will change every day), sustained close below this range can pull it down further.

5. It below its 1^st & 2^nd major long-term rising trend line which is placed at 59795 & 54785 for the month of April-2026, it is a weak sign.

6. Its 1^st & 2^nd major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 59899 & 54512 (figure may change daily) for the day. It is below it now, which is a negative sign.

7. It is below its most crucial 1st, 2nd,3^rd 4^th, 5th,   make or break bottom of 57783.20--- 57157.85 & 54226.60----53561.75----53483.05 if it sustains below these points on the closing basis then the chances of further down move is strongly indicated.

8. It is below its 1^st & 2nd short term rising trend line which is placed at 53583 & 52596 (figure will change every day) for the day. It is a positive sign.

9. The price action was negative today.

TRADING CALL: -- 

1.

Long trade can be tried if it holds the range of 51549---51391 if it holds this range for some time   then, with a stop loss of 51080 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 52550---52650 with a stop loss of 52750 or can sell if it moves below 51080 and maintain for some time then with a stop loss of 51450. 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.