AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-9.4.2026

 

CNX-NIFTY

Open—23855.15---High—24025.15---Low---23828.50--Close---23997.35 on 8.4.2026

Support:23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23537/23484.15/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22471.35/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance: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 huge up-gap and thereafter and had both side moves during the day and finally ended the day with a gain of 873.70 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 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 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

1.23993—23969---23800—break & sustained close below this range could be a warning bell.

2. 23784---23702--- 23426-----23259----break & sustained close below this range will be an alert sign for going down.

3. 23172(P)- break &  sustained close below it may dampen the chances of a continued up-move.

4. 23168----23130.

5.23095---23056---22936--(figure will change daily)-- break & sustained close below this range may trigger fresh fall.

6.22669.56—break below this range may dampen the chances of an up-move.

7.22331.40---22283.85- break below this range may trigger fresh fall.

8.22215—22018—21949—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.  SUPPORT POINTS OR RANGE               REMARKS

1.24279---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.

2. 24749----24773 if it moves above it and sustain then it may show better strength.

3. 25303--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.

4. 25385.

5. 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 two on the weekly chart.

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

NEGATIVE POINTS:-

1. Only one important indicators such as ADX is in the sell mode, so it may correct at times.

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

3. It is below majority of its medium term moving average on the daily & 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 25298--24739(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 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 1^st 2^nd 3rd & 4th short term rising trend line which is placed at 23761----23468---22528 & 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 23426---23259----23168—23095---23056--22936 (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.

6. 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. 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 24725(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 26361 & 24627 (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 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.

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.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of   23950---23850 if it holds this range for some time then with a stop loss of 23780 or can buy if it moves above 24047and maintain for some time then with a stop loss of 23930 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 24200---24250 with a stop loss of 24300. 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