CNX-BANK NIFTY
Open—51747.60---High—52704.55--Low—51111.10---Close—52609.10 on 6.4.2026.
Support: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: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 an up- 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 1060.35 points. It has also filled the gap it created on 30.3.2026 (gap point was 52211.20). 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 (it broke few of 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 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 52094—52546---52755---53157—53308---53416---54146—54233---54435---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 still weak therefore further fall cannot be ruled out 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 still 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. But today’s move raised some hope of extending the up-move further, so watch out for few trading sessions how it pans out, therefore 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.
SN. SUPPORT POINTS OR RANGE REMARKS
1.52581---52278---52016(figure will change daily)-- break & sustained close below this range may break the momentum of the on-going up-move.
2. 51678---51974.
3. 51433.90--51276.70 (P) ---51217
break & sustained close below this range will be an alert sign for going
down.
4. 50944(P) - break & sustained close below It may dampen the chances
of up-move.
5.
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.
6.
49654.65---49594.
7. 49411.48-- BEAR
MARKET THRESHOLD POINT-break & sustained close below It may accelerate the
fall.
8.
49215.15---49156.95. Break & sustained close below the range can
pull it down to 46077 or lower.
9.48882---48446---48155(figures may change daily)
10. 47702.90(key
point for-2026) STRONG BOUNCE BACK POINT-break & sustained close below
it
can pull it down to 44429 or
lower.
11. 46077.05.
12. 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. 52689—52742(P)
if it moves above this range and sustain on the closing basis then it may
enhance the chances of a continued up-move.
2.
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.
3. 54091---54226.60--54467if
it moves above it and sustain on the closing basis then it may gain strength to
continue the up-move.
4.55139---55203 if it moves above this range and sustain on
the closing basis then it may gain some up momentum.
5. 55860-------56448.
6. 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.
7. 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.
8. 58056-
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.
9.58978.
10. 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 half of its short term moving averages on the daily chart after a long
time.
2. It is above almost all of its medium term
moving averages on the monthly chart.
3. Few technical
indicators EV, PS,ST & 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.
NEGATIVE
POINTS:-
1. Few important
technical indicators such as MACD & ADX are in the sell mode, so down move may happen at
times.
2. it is below half of
its short term moving average on the daily, and below all on the 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 58056--56468(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 52689 (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.
3. 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 still
has 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
half of its short-term moving averages now on the daily chart and the important
average range for day is between 54091---54088--52969---52581---52278---52011(figure will change
every day), sustained close below
this range can pull it down further.
5. It below its 1st & 2nd 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 1st & 2nd major long term rising trend
line drawn from the bottom of 16116 made in 2020 is placed at 59929 & 54542 (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,3rd 4th, 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 1st
& 2nd short term rising trend line which is placed at 53613 & 52626 (figure
will change every day) for the day. It is a positive sign.
TRADING CALL: --
1.
Long trade can be tried if it holds the range of 52300---52211 if it holds this range
for some time then, with a stop loss of 51980 or can buy if it moves above 52742 and maintain for some time with a stop loss of 52500 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 53500---53600 with
a stop loss of 53750 .
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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