CNX-NIFTY
Open—24796.50---High—25108.10---Low---24679.40--Close---25088.40 on 2.2.2026
Support:25079.80/25008.20/24919.90/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:25153.65/25255.30/25318.45/25448.50/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a negative note and thereafter
had both side moves during the day and finally, ended the day with a gain of 262.95 points. It is also important
to mention here that it still has earlier unfilled gaps (gap
points on downside are 24164, 22923,
22468 & 22254- gap point on the upside25662.40) 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 technical setup is very weak, it is
into deep correction mode for its recent rise, below almost all the recent key
points, below short term rising trend line, below major long term rising trend
line, below all the short term moving average on the daily, weekly and below half
on the monthly chart, below all medium term moving average on the daily chart
and below majority on the weekly chart
and most importantly after a long time it is below almost all its long term
moving averages thereby threatened the long term uptrend and almost all the important
technical indicators are weak on the daily, weekly & monthly chart.
Therefore all together it is highly concerning and can drag it down further. Moving down further it will find next critical
support points at 25057---24996.89---24944.80----24857.75----24753.15---24744---24587---24404.70—24337---23935.75---23847.85 (some figures will change daily), it
may bounce back from any of these points, but break & sustained close below
the range of 25057---24996.89---24944.80 may dampen the
chances of up-move and will potentially threaten the long term uptrend, break
& sustained close below 24744
can drag it down to 24337 levels and finally
break and sustained close below it can drag it down to much lower levels.
Moving up the key resistance points could
be at 25318.45----25331-----25470---25525----25575-----25693.25----25718.40---25726.30---25740.80-------25742----25842.95----25891—--25892.77------25951.82----26012.91----26051.13---------26104.20----26124.28---26129.60----26173.30---26212.73----26223.88---26246.65----26256.33----26277.35—26325.80---26373.20 (some figures may change daily or at some point of time) it may correct at any of these points and then may resume the
up-move again or may halt the up-move for a while. Please note that if it moves
above 25318.45----25331and
sustain on the closing basis then it will raise good hope for extending the
up-move, if it moves above the range of 25470---25525----25575and
sustain on the closing basis then it may gain some strength for extension of
the up-move, if it moves above 25693.25 and sustain on the closing basis then it will raise good hope and also
give good strength for extending the up move further and finally if it moves
above 26012.91 and sustain on the closing basis then it is likely to retest its
all-time high of 26373.20 or may go beyond it. But please note 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 26325.80 and sustain on the closing basis, else it may start to drift down. The
long term uptrend is potentially threatened and it is into deep correction mode
now.
IMPORTANT
NOTE: - THE IMPORTANT
POINTS FOR THE YEAR--2026 ARE 26129.60---26173.30---26325.80 AND TO KEEP THE HOPE ALIVE FOR A CONTINUED
UP-MOVE IT HAS TO SUSTAIN ABOVE 26129.60---26173.30 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 26325.80 AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT THE YEAR , ELSE
IT MAY START TO DRIFT DOWN.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. It is in the
neutral/oversold zone and VM is in the buy mode and RSI with positive
divergence as of now, so it may witness up rally at times but that may not last.
2. It is above only three of its short term moving averages
on the monthly chart.
3. It is above few
of its medium-term moving averages on the weekly & above all on the monthly
chart.
NEGATIVE POINTS:-
1. Almost all the
important indicators such as EV, MACD, PS, ST & ADX are in the sell mode, so
down move may happen at times and may extend also.
2. It is below all of
its short term moving average on the daily & weekly chart and below three
out of six averages on the monthly chart.
3. It is below all its
medium term moving average on the daily chart and below few on the weekly chart.
4. It is below almost
(except for one) all of its long term moving average on the daily chart and the
averages are placed at 25573---25470---25369---25321---25273---25218---25165---25112--25057(figure will change daily), very weak sign.
In view of the above observation there is a mixed
possibility and it can swing both ways but with a 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 such as MACD, ST, PS, ADX,
EV & VM is in the sell mode, RSI is neutral, but it is in the oversold
zone, so it may give relief rally at time but that may not last, so overall
bias is down as of now.
MONTHLY CHART: -Few indicators are in buy mode such as PS & ADX, but key
indicator such as MACD, ST, & VM are in the sell mode, it is in the
overbought zone and with negative divergence in RSI. Therefore, all together
indicators are painting a mixed picture now with slight tilt towards down-side
as of now; therefore, further fall in the coming months cannot be ruled out, so
be watchful.
IT
IS SELL ON THE RISE MARKET NOW;-
It is
into deep correction mode and below its important key points, therefore now it
will be sell on the rise market now till it moves above 25318.70 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 its most critical
3rd, 4th & 5th make
or break bottom of 24587.70---24337.50 & 21743.65 sustained close
above it will keep the hope alive of resuming the up-move again.
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 all its threshold point of 26256.33----26223.88---26220.53----26212.73----26124.28---26051.13---25951.82----25892.77 sustained close below these
points can drag it down further.
4. It is below all its short-term
moving averages now on the daily chart and the important average range for day
is 25525---25440----25331--25247—25190---25170 (figure will change every day), sustained close below this range can drag
it down further.
5. It is
below its 1st & 2nd downtrend line, which is placed at 25200---26076(figure
will change daily) for the day, it is a negative sign.
6. It is below its major
long-term rising trend line which is placed at 25922 for the month of February-2026; sustained close below it may witness an accelerated fall.
7. It is below its major long-term
rising trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 25793(figure will change
and inch up every day) for the day, sustained close below it may witness an accelerated fall.
8. It is below its most critical 1st & 2nd
make or break bottom of 25693.25--25318.45 sustained close below it can drag it down sharply.
9. It has broken its recent
bottom on the line and bar chart both, but yet to make lower top, so watch out.
10. The price
action was mixed today.
11. It is below its short term rising trend line, which is placed at 25146(figure will
change every day), it is a weak sign.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 25060---24996 if it holds this range
for some time then with a stop loss of 24900 for a possible intraday gain, else avoid. Please note that
long trade in a corrective market could be a 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 25200---25250
with a stop loss of 25320 or can sell If it moves below 24919
and maintain for some time , then with a stop loss of 25000. 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:-The view expressed here are solely of the author and he is not at
all responsible in any way for the outcome of the trade you enter based on the
above view.
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
