CNX-NIFTY
Open—24100.55---High—24206--Low---23813.65--Close---23897.95 on 24.4.2026
Support:23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23537/23484.15/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22471.35/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: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 had both side moves during the day and in the process filled the gap of the day and finally ended the day with a loss of 275.10 points. The gap it created on 23.4.2026 is still there and if it makes an effort to fill this gap in next 3-4 days, which is technically possible then it can come up to 24352.90 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 25108.10, 25141.30, 23907.40,23618.45,23152.30) 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 important points for the month of
April-2026 are 22899---22669.56---22579-----22485.29---22331.40
& 22283.85, 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 23172----23784—24279---24773---25385---25536(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, but if it moves above 25536 and sustain on
the closing basis then it may retest its all-time high 26373.20 or may go
beyond it also., therefore it is
suggested to be alert, cautious and watchful at this juncture. therefore it is suggested to be alert,
cautious and watchful in your trades.
It is important to mention here in the
last three days it has weakened a bit and it fell below almost all of its short
& medium term moving averages on the daily & weekly chart, therefore
showing weakness. Furthermore the overall technical setup is still weak, as it
is still into deep corrective mode for earlier rise and slipped into deep
correction mode for recent rise also ,
below its major long term rising trend line, below its 1st downtrend
line again and after a long time broke recent bottom on the line & bar
chart and most importantly below all its long term moving averages on the daily
chart, therefore long term uptrend is still under potential threat, which is
concerning and can pull it down again. 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 up-move may still be
alive, else the on-going up-move may weaken and eventually may go for sharp
fall.
SN. SUPPORT POINTS OR RANGE REMARKS
1. 23784----23751---23707---23634(some figures may change daily) break &
sustained close below this range may trigger fresh fall.
2.23474(figure will change daily) break & sustained
close below it may weaken it further.
3. 23172(P) - break & sustained close below it may dampen the chances of a continued
up-move.
4.22669.56—break below this may further dampen the
chances of an up-move further.
5.22331.40---22283.85- break below this range may
trigger fresh fall.
6.22270—22110—22001—21921.74—break
below this range will weaken it further.
7.21869.
8.21743.65(key point for-2026) STRONG POINT-break below it may
accelerate the fall.
9.21708---21581-STRONG BOUNCE BACK RANGE.
10. 21281.45---21137.20
11. 21098.56— BEAR MARKET THRESHOLD POINT-break below it
may trigger fresh fall.
12. 20344.92--break & sustained close below it can
pull it down to 18850 levels or lower.
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. 23937---23952-(figures may change daily) if it moves above this
range and sustain on the closing basis then it may gain some strength to move up further.
2.24030.78(C)(figure
may change) - if it moves above it and sustain on the closing basis
then it will get out of deep corrective mode for its recent rise.
3. 24207---24233---24279---- 24337.50----if it moves above this range and sustain on the closing basis then it may get a foothold for moving up further.
4.24354.82(C)(figure may change)--
if it moves above it
and sustain on the closing basis then it will get out
of short correction mode for the recent rise and may strengthen it for moving
up further.
5.24482.37(figure may change) — if it
moves above it and sustain on the closing basis then it will get out from very
short correction mode for the recent rise and may resume the up-move again.
6.24587.70-if
it moves above it and sustain on the closing basis then it may gain a foothold
to continue the up-move.
7.24666----24773--24793
if it moves above this range and sustain then it may show better strength for
moving up.
8.24919---25125.(figure
will change daily) if it moves above this range and sustain then it may further
strengthen.
9. 25248--25318.45--- if it
moves above this range and sustain on the closing basis then the long term uptrend threat will dissipate and it can
extend the up-move further.
10. 25385.
11. 25536---25693.25-- if it moves above this range and sustain on the closing basis then
it may retest its all time high of 26373.20 or may go beyond it also.
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 as of now, so the bias is hugely bearish as of now.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important indicator
such as EV, MACD &VM is in the buy mode, so it may witness an up rally at
times and it may last too as of now.
2. It is above one
of its short term moving averages on the daily chart and above one on the
weekly chart.
3. It is above very
few of its medium-term moving averages on the daily & weekly chart and
above all on the monthly chart.
NEGATIVE POINTS:-
1. Few
technical indicators such as PS, ST & ADX are in the sell mode and it is in
the overbought zone, so down
move may happen at times.
2. It is below five of
its short term moving average on the daily chart, below five on the weekly
chart & below all on the monthly chart.
3. It is below majority
of its medium term moving average on the daily & 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 25241--24666(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 times but with a slight negative 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 negative 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, 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 RISE MARKET NOW;-
It is into deep correction mode and below its important point of 24355 & 24483, therefore it is sell on the rise market now till it moves above the aforesaid points 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 5th,6th,7th& 8th 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 correction mode for
earlier & recent rise now but still above few of its correction threshold
points of 23732.41---21921.74 (figure
may change) sustained close above this point may keep the hope alive
for a bounce back.
3. It is above its 1st 2nd 3rd short
term rising trend line which is placed at 23868----23591---22558 (figure will change
every day) for the day. It is a positive sign.
4. It is above one of its
short-term moving averages now on the daily chart after a long time and the
important average range for day is 24233---24207----24084—23952---23937--23634
(figure will change every
day), sustained
close above this range may help it to extend up-move.
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----24482.37---24354.82---24120.62---24030.78----sustained close below these
points can drag it down further.
4. It is below its 2nd downtrend line, which is placed at 25014(figure will change daily) for the day, it is a negative sign.
5. It is below its 1st & 2nd 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 1st & 2nd major long-term rising
trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 26496 & 24720 (figure
will change and inch up every day) for the day, sustained close below it may
drag it down sharply.
7. It is below its most critical 1st, 2nd 3rd 4th make or break bottom of 25693.25---25318.45---- 24587.70---24337.50, sustained close below these points are a weak sign and can drag it down.
8. It is below its 1st downtrend line also, which is placed at 24400(figure will change daily) for the day, it is a weak sign.
9. It has broken its recent bottom
on the line & bar chart after a long time, but yet to make lower top so
watch out.
10. The price action was weak today.
TRADING CALL: --
1. Long
trade can be tried on decline near 23814 if it holds this point for some
time then, with a stop loss of 23750 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 24100---24200
with a stop loss of 24300 or can sell if it moves below 23800
and maintain for some time then with a stop loss of 23910. 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
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