CNX-BANK NIFTY
Open—56170.20--High—56460.50--Low—55750.40---Close—56089.75 on 24.4.2026.
Support:55821/55475.45/55149.30/54905.60/54576.60/54467.35/54442.30/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/52782.75/52577.50/52063.65/51693.95/50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90/46983.25/46579.05/46077.85/45828.80/45661.75/44859.15/44866.15/44429/43600.35.
Resistance: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 down gap and thereafter had both side moves during the day and in the process filled the gap of the day and finally ended the day with a loss of 215.25 points. The gap it created on 23.4.2026 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 up to 57002.15 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, 55752.65,52778.20,), 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 52742—54467---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, but if it moves above 59403 and sustain on the closing
basis then it may retest its all-time high 61764.35 or may go beyond it also., therefore it is suggested to be alert,
cautious and watchful at this juncture.
It is important to mention here in the last three days it has weakened
a bit but still has higher top & bottom on the line chart ,
above few of its short & medium term moving averages on the daily
& weekly, so it still has a chance that it may resume the up-move. But the
overall technical setup is still weak, as it is still into deep corrective mode
for earlier rise, also slipped into short correction mode for its recent rise below
its original major long term rising trend line and again fell all its long term
moving averages on the daily chart, therefore long term uptrend is still under
potential threat, which is slightly concerning and can pull it down, however
till it holds 55841.65(it breached this mark intraday today) on the closing
basis then the chances of up-move may be alive. But if it moves below it
and sustain on the closing basis then it may start to slide down a fresh.
However 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
chances up-move may still be alive, else the on-going up-move may weaken and
eventually may go for sharp fall.
SN. SUPPORT POINTS OR RANGE REMARKS
1. 56082(figure
will change daily)-break & sustained close below it may trigger fresh fall.
2.55685.96(C)(figure may change)--- break & sustained close below
it will push it into deep correction mode for its recent rise.
3.55613---55582----55203--- 55139---54582(figure will change daily) break &
sustained close below this range may witness an accelerated fall.
4. 53561.75---53483.05-- break & sustained
close below this range will lose a foothold and may trigger fresh fall.
5.52879---52742(P)
break & sustained close below it may dampen the chances of a continued
up-move.
6.52165---51400(figure
will change daily) break & sustained close below this range may witness a
fresh slide.
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. 56329----56690----
(figure will change daily) If it moves above this
range and sustain on the closing basis then it may show some strength for
moving up further.
2.56724.68(C)(figure
may change)-- if it
moves above it and sustain on the closing basis then it will get out of short correction mode for its recent rise and
may strengthen it for the up-move.
4. 57019---57075.24(C)---
(figure may change) — If it moves above this
range and sustain on the closing basis then it will get out of very short
correction mode for its recent rise and may resume the up-move again.
5. 57157.85---57254 – if it
moves above this range and sustain on the closing basis, then it may get a
foothold for moving up further.
6.57558(figure will change daily)
7. 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.
8. 57890-
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.
9.58978.
10. 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 four of its short term moving averages on the daily chart, above three on
the weekly & above three on the monthly chart.
2. It is majorly above its medium term moving
averages on the daily chart & above half on the weekly chart and above all
on the monthly chart.
3. Few of
the important technical indicators such as EV, MACD, PS & VM is in the buy
mode , so it may rally at times and that may last too as of now.
NEGATIVE
POINTS:-
1. Few technical indicators such as ST & ADX
are in the sell mode and RSI is showing negative divergence and it is in the
overbought zone, so down move may happen at times.
2. It is below majority
of its medium term moving averages on the daily chart and below half on the weekly
chart.
3. 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 57890—56329(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 but with a slight positive bias as of now. But 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: - Few important indicators such as MACD, PS, ADX & EV 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 & VM is in the buy mode so it may give relief rally at time. The bias based on indicators is 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 55841.65, 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 few of its correction threshold point of 55685.96---55659.51---54776.63---54556.92---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 on the daily chart which
is placed at 53808---52883 & 52245 (figure will change
every day) for the day. It is
a positive sign.
4. Its 3rd & 4th major
long term rising trend line drawn from the bottom of 16116 made in 2020
is placed at 54818 & 50398figure 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(except for two) of its short-term moving averages now on the daily
chart after a long time and the important average range for day is between 56527—56395---56081---55613--55582---54582(figure will change every day), sustained close above this range can help it to extend the up-move.
7. It still has higher top & bottom on the line chart,
positive sign.
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---57075.24----- 56724.68---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 & 2nd
major long term rising trend line drawn from the bottom of 16116 made in
2020 is placed at 60298 & 58060 (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.
6. It has
made lower bottom on the bar chart.
7. The price action was negative today.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
55912---55850 level for some time then,
with a stop loss of 55740 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 56450---56550 with
a stop loss of 56700 or
can sell if it moves below 55750 and
maintain for some time then with a stop loss of 55930. 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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