CNX-NIFTY
Open—22838.70---High—23152.30---Low---22719.30--Close---23123.65 on 7.4.2026
Support: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:23263.15/23338.70/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23807.30/23816.15/23847.45/23869.65/23873.35/23893.70/23935.75/23938.85/24073.90/24094.20/24099.70/24141.80/24198.75/24226.70/24337.50/24404.70/24462.40/24494.45/24498.20/24502.15/24537.60/24587.70/24694.35/24753.15/24792.30/24854.80/24857.75/24882.30/24918.65/24919.90/25008.20/25079.80/25153.65/25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
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 gain of 155.40 points. 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(for in-between resistance points see resistance table on the
upside). But it is important to mention here that the overall technical setup
is very weak therefore further fall cannot be ruled in coming days, so be
alert, cautious and watchful in the long trades.
The overall technical setup is very 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 last two days move is showing strength therefore raised some hope of extending the up-move further, so watch out for few trading sessions how it pans out because overall structure it still weak. 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 but it will resume the steady up-move or not is doubtful at this point of time.
SN. SUPPORT POINTS OR RANGE REMARKS
1.23027---22984---22848---22847--(figure
will change daily)-- break & sustained
close below this range may break the momentum of the on-going up-move.
2.22669.56—22579(P) -----22485.29(P)—break
below this range may dampen the chances of an up-move.
3.22331.40---22283.85- break below this range may
trigger fresh fall.
4.22215—22018—21949—21921.74—break
below this range will weaken it further.
5.21743.65(key point for-2026) STRONG POINT-break below it may
accelerate the fall.
6.21668---21496-STRONG BOUNCE BACK RANGE.
7. 21281.45---21137.20
8. 21098.56— BEAR MARKET THRESHOLD POINT-break below it
may trigger fresh fall.
9. 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. 23131.
2. 23172(P)-if it
moves above this range and sustain on the closing basis then it may enhance the
chances of a continued up-move.
3. 23367----23419-----23694---23784
if it moves above this range and sustain on the closing basis then it may get good
strength to move up further.
4.24279---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.
5. 24749----24773
if it moves above it and sustain then it may show better strength.
6. 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.
7. 25385.
8. 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 more than
half of its short term moving averages on the daily chart after a long time.
3. It is above almost
all of its medium-term moving averages 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 two of
its short term moving average on the daily chart, and below all on the weekly &
monthly chart.
3. It is below all its
medium term moving average on the daily, weekly & 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 25303--24749(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
23694—23419---23131 then (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 slight 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 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 SELL ON THE RISE MARKET NOW;-
It is still into deep correction mode and below its important point of 23172, 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 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 3rd & 4th short term rising trend
line which is placed at 23075 & 22491 (figure will change
every day) for the day. It is a positive sign.
4. 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 24773(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 26352 & 24597 (figure
will change and inch up every day) for the day, sustained close below it may
drag it down sharply.
7. It is below only two of its
short-term moving averages now on the daily chart and the important average
range for day is 23367---23283----23027—22984---22848--22847 (figure will change every day), sustained close below this range may drag
it down further.
8. 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.
9. It is below it 1st downtrend line also, which was placed at 25058(figure will change daily) for the day, it is a weak sign.
10. It is below its 1st 2nd short term rising
trend line which is placed at 23770---23468 (figure will change
every day) for the day. It is a negative sign.
11. It has broken its recent bottom on the line and bar chart.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 23000---22910
if it holds this range for some time then with a stop loss of 22800 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 23250---23280
with a stop loss of 23330. 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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