AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-6.4.2026

 

CNX-NIFTY

Open—22383.40---High—22782.30---Low---22182.55--Close---22713.10 on 2.4.2026

Support: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: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 during the day and in the process filled the gap of the day and finally ended the day with a gain of 33.70 points. It is also important to mention here that it still has earlier unfilled gaps (gap points on downside are 24415.75 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.

The important points for the month of April-2026 are 22899---22824---22669.56---22485.29---22331.40 & 22283.85(it broke all the points intraday today and went lower but bounced back to close above majority points, which is a positive sign) please note that even if it sustains above any one point on the closing basis then the chances of up-move will be alive and if it moves above 22899 and sustain on the closing basis then it may extend the up-move, else it may drift down. Moving up its possible broad target or resistance points could be at 22976—23163---23209—23465---23784—23862.25(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

1.22669.56—22485.29—break below this range may dampen the chances of an up-move.

2.22331.40---22283.85- break below this range may trigger fresh fall.

3.22206—21986—21937—21921.74—break below this range will weaken it further.

4.21743.65(key point for-2026) STRONG  POINT-break below it may accelerate the fall.

5.21659---21464-STRONG BOUNCE BACK RANGE.                                                                                                             

6. 21281.45---21137.20

4. 21098.56— BEAR MARKET THRESHOLD POINT-break below it may trigger fresh fall.   

5. 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.  SUPPORT POINTS OR RANGE               REMARKS

1. 22899---22950----23120.

2. 23172(P)-if it moves above this range and sustain on the closing basis then it may enhance the chances of a continued up-move.

3. 23406-----23441----23682-23784 if it moves above this range and sustain on the closing basis then it may get some strength to move up further.

 4.24279---24337.50----24587.70-if it moves above this range and sustain on the closing basis then it may gain some foothold to continue the up-move.

5. 24773----24791- if it moves above it and sustain then it may show better strength.

6. 25318.45---25321--25385 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.

7. 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&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 25321--24791(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 23682—23406---23120 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: - Almost all the important indicators are negative 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, 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 23172, 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.

3. It is above its 4th short term rising trend line which is placed at 22491 (figure will change every day) for the day. It is a negative 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 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 24852(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 26321 & 24566 (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 23441---23437----23096—22950---22917--22786 (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 25065(figure will change daily) for the day, it is a weak sign.

10. It is below its 1^st 2^nd3^rd short term rising trend line which is placed at 23750---23452--- 23071 (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 or within the range of   22565---22485 if it holds this range for some time then with a stop loss of 22310 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 22900---22940 with a stop loss of 23025 or can sell if it moves below 22300 and maintain for some time then with a stop loss of 22380. 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