AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—9.4.2026

 

CNX-BANK NIFTY

Open—54904.45---High—55778.25--Low—54797.50---Close—55703.90 on 8.4.2026.

 

Support:55475.45/55149.30/54905.60/54576.60/54467.35/54442.30/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52782.75/52577.50/52063.65/51693.95/50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90/46983.25/46579.05/46077.85/45828.80/45661.75/44859.15/44866.15/44429/43600.35. 

Resistance: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 huge up-gap and thereafter and had both side moves during the day and finally ended the day with a robust gain of 2987.65 points. The gap it created on 8.4.2026 is still there and if it makes an effort to fill this gap in next 4-5 days, which is technically possible then it can come down to 52778.20, 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----51276.70---50944----50275.35 & 50105.25 , 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—55554---55860---57254---58978---59403(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 today’s massive up-gap surge was news led, but the good thing was that it maintained in the upper trajectory throughout the day and ended the day near the high of the day, which shows strength in it. But the fact remains that 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 in view of the massive surge and close near the high of the day, it has to be seen in the next 4-5 trading sessions that how it pans out, but 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

1.55445---55203---55139 break & sustained close below this range may weaken the on-going up mmomentum.

2. 54467---54226.60—54098-break & sustained close below this range may weaken the strength.

3. 53669---53561.75---53483.05 break & sustained close below this range may lose a foothold for moving up.

4. 53169---53039- break & sustained close below this range may trigger fresh fall.

5.52742(P) break & sustained close below it may dampen the chances of a continued up-move.

6.52729---52718---52432(figure will change daily)-- break & sustained close below this range may accelerate the down move.

7. 52005----51678.

8. 51433.90----51250 break & sustained close below this range will be an alert sign for going down further.

9. 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.

10. 49654.65---49624.

11.  49411.48-- BEAR MARKET THRESHOLD POINT-break & sustained close below It may accelerate the fall.  

12.  49215.15---49156.95. Break & sustained close below the range can pull it down to 46077 or lower.

13.48913---48461---48155(figures may change daily) Important support range.

14.  47702.90(key point for-2026) STRONG BOUNCE BACK POINT-break & sustained close below it                                                          can pull it down to 44429 or lower.

15. 46077.05.

16. 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.  RESISTANCE POINTS OR RANGE               REMARKS

1. 55860-------56402.      

2. 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. 

3. 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.

4. 57991- 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.

5.58978.

6. 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 all of its short term moving averages on the daily chart, above two each on the weekly & monthly chart.

2. It is above few of its medium term moving averages on the daily & weekly chart and above all on the monthly chart.

3. Almost all the important technical indicators such as EV,MACD, PS,ST & VM is in the buy mode and RSI is with huge positive divergence, so it may rally at times and it may last too.

NEGATIVE POINTS:-

1. Only one important technical indicator such as ADX is in the sell mode, so down move may happen at times.

2. It is below four of its short term moving average on the weekly & monthly chart.

3. It is below almost all of its medium term moving averages on the daily & below few on the 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 57991—56386(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 time 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 BUY ON DECLINE MARKET NOW;-

It is still into deep correction mode but above its important point of 52742, 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 above its most crucial 3^rd 4^th, 5th 6th, 7th, make or break bottom of 54226.60----53561.75----53483.05---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.

2. It is above two correction threshold point of 54776.63---50991.40(figure may change), sustained close above it can help it move-up further.  

3. It is above its 1^st 2nd & 3^rd short term rising trend line which is placed at 53628---52715 & 52187 (figure will change every day) for the day. It is a positive sign.

4. Its 2^nd &3rd major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 54593 & 50194 (figure may change daily) for the day. It is above it now, which is a positive sign.

5. It is above its 2nd major long-term rising trend line which is placed at 54785 for the month of April-2026, it is a positive sign.

 

6. 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 between 54098---53669--53169---53039---52729---52432(figure will change every day), sustained close above this range can help it to extend the up-move.

7. It has crossed its recent top on the line & bar chart, but wait for it to make higher bottom.

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

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

4. Its 1^st major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 59919 (figure may change daily) for the day. It is below it now, which is a weak sign.

5. It is below its most crucial 1st, 2nd   make or break bottom of 57783.20--- 57157.85 & if it sustains below these points on the closing basis then the chances of down move will be there.

TRADING CALL: -- 

1.

Long trade can be tried if it holds the range of 55450---55350 if it holds this range for some time   then, with a stop loss of 55200 or can buy if it moves above 55780 and maintain for some time then with a stop loss of 55600 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 56600---56700 with a stop loss of 56850 . 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.