CNX-NIFTY
Open—23909.05---High—23990.75---Low---23682.80--Close---23775.10 on 9.4.2026
Support: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:23807.30/23816.15/23847.45/23869.65/23873.35/23893.70/23935.75/23938.85/23893.70/23935.75/23938.85/24073.90/24094.20/24099.70/24141.80/24198.75/24226.70/24337.50/24404.70/24462.40/24494.45/24498.20/24502.15/24537.60/24587.70/24694.35/24753.15/24792.30/24854.80/24857.75/24882.30/24918.65/24919.90/25008.20/25079.80/25153.65/25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a negative note and thereafter and had both side moves during the day and finally ended the day with a loss of 222.25 points. The gap it created on 8.4.2026 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 down to 23152.30, 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 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---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 22976—23023----23172---23221—23466---23527---23784—23862.25----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,
therefore it is suggested to be alert, cautious and watchful in your trades.
It is important to mention here that after
yesterday’s news led massive up-gap surge it did not have a follow up action
today but instead it had a down day and it drifted down throughout the day and
closed on a negative note near the lower end, the price action was also weak
and the fear of filling the gap is also there, so combined together it is a
sign of caution and possible indication that the up-move may fizzle-out, so be
watchful. Furthermore the overall technical setup is still weak, as it is 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 the good thing is that it is
still above certain key points and 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 up-move may extend, else the on-going up-move may weaken
and eventually it may slide down.
SN. SUPPORT POINTS OR RANGE REMARKS
1.
23702--- break & sustained
close below it may weaken it.
2.23590.30(C) - break & sustained close below it will trigger fresh correction
for the recent rise and it may start to slide down.
3. 23459-----23278----23247--23208----break & sustained close below this range will be an alert sign
for going down.
4. 23172(P)- break & sustained close below it may
dampen the chances of a continued up-move.
5. 23144----23130---23062--(figure will change daily)-- break
& sustained close below this range may trigger fresh fall.
6.22669.56—break below this range may further dampen
the chances of an up-move.
7.22331.40---22283.85- break below this range may
trigger fresh fall.
8.22224—22023—21956—21921.74—break
below this range will weaken it further.
9.21743.65(key point for-2026) STRONG POINT-break below it may
accelerate the fall.
10.21668---21496-STRONG BOUNCE BACK RANGE.
11. 21281.45---21137.20
12. 21098.56— BEAR MARKET THRESHOLD POINT-break below it
may trigger fresh fall.
13. 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. 23784---23801—23965—23998(RT)
---if it moves above this range then it may resume the up-move.
2.24279---24337.50----24587.70-if
it moves above this range and sustain on the closing basis then it may gain a
foothold to continue the up-move.
3. 24729----24773
if it moves above it and sustain then it may show better strength.
4. 25294--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.
5. 25385.
6. 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. Almost all the
important indicator such as EV,MACD,PS,ST&VM is in the buy mode, RSI is with
huge positive divergence, so it may witness an up rally at times and it may
last too as of now.
2. It is above all
of its short term moving averages on the daily chart and above one on the
weekly chart.
3. It is above few
of its medium-term moving averages on the weekly chart and above almost all on
the monthly chart.
NEGATIVE POINTS:-
1. Only one important
indicators such as ADX is in the sell mode, but it is in the overbought zone, so
it may correct at times.
2. It is below five of
its short term moving average on the weekly & below all on the monthly
chart.
3. It is below all of
its medium term moving average on the daily & majorly below on the weekly 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 25294--24729(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 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 BUY ON DECLINE MARKET NOW;-
It is still into deep correction mode but above its important point of 23172, 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 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 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 1st 2nd 3rd & 4th
short term rising trend line which is placed at 23775----23468---22543
& 22234 (figure will change
every day) for the day. It is a positive sign.
4. 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 23459---23278----23247—23208---23144--23062 (figure will change every day), sustained close above this range may help
it to extend up-move.
5. It has crossed its recent top on the line & bar chart, but wait for
it to make higher bottom.
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 24692(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 26388 & 24653 (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 it is a weak sign and can drag it down fast.
8. It is below it 1st downtrend line also, which was placed at 25056(figure will change daily) for the day, it is a weak sign.
9. The price action was negative today.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 23700---23685
if it holds this range for some time then with a stop loss of 23570 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 23950---24000
with a stop loss of 24050. 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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