CNX-BANK NIFTY
Open—55505.95---High—55583.10--Low—54626.85---Close—54821.70 on 9.4.2026.
Support: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: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 on a negative note and thereafter had both side moves during the day and finally ended the day with a loss of 882.20 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 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 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. 54467---54226.60—54167-break
& sustained close below this range may weaken it.
2. 53609---53561.75---53483.05 break & sustained
close below this range may lose a foothold for moving up.
3.54403.93(C)-- break
& sustained close below it will
trigger fresh correction for the recent rise and it may start to slide down.
4. 53164---53149-
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. 51996----51678.
7. 51433.90----51250
break & sustained close below this range will be an alert sign for going
down further.
8.
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.
9.
49654.65---49624.
10. 49411.48-- BEAR
MARKET THRESHOLD POINT-break & sustained close below It may accelerate the
fall.
11.
49215.15---49156.95. Break & sustained close below the range can
pull it down to 46077 or lower.
12.48904---48457---48155(figures may change daily)
Important support range.
13. 47702.90(key
point for-2026) STRONG BOUNCE BACK POINT-break & sustained close below
it
can pull it down to 44429 or lower.
14. 46077.05.
15. 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. 55139----55203--- if it moves above this range and sustain on the closing basis then it may gain some strength to move-up further.
2. 55860-------56369
if it moves above this range and sustain on the closing basis, then it may get
a foothold to extend the up-move further.
3. 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.
4. 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.
5. 57971-
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.
6.58978.
7. 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 on
the monthly chart.
2. It is above few of its medium term moving
averages on the 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 and it is in the
overbought zone, so down move may happen at times.
2. It is below all of
its short term moving average on the weekly chart & below four on the
monthly chart.
3. It is below all
of its medium term moving averages on the daily chart & majorly below 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 57971—56369(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 3rd 4th, 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 1st
2nd & 3rd short term rising trend line which is placed at 53664---52750 & 52223 (figure will change
every day) for the day. It is a positive sign.
4. Its 2nd &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 54167---53609--53469---53164---53149---52771(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.
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 1st major long-term rising trend line
which is placed at 59795 for the month of
April-2026, it is a weak sign.
4. Its 1st major long term rising trend line drawn from the
bottom of 16116 made in 2020 is placed at 59977 (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.
8. The price action was negative today.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
54580---54410 if it holds this range
for some time then, with a stop loss of 54300 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 55450---55550 with
a stop loss of 55700 .
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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