CNX-BANK NIFTY
Open—60163.35---High—60389.40--Low—59891.75---Close—60238.15
on 4.2.2026.
Support:60235.15/60114.30/60060.70/59806.60/59674.80/59581.85/58925.70/58864.20/58799.90/58737.60/58712.70/58649.50/58121.60/58050/57783.20/57628.40/57594.25/57482.05/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70.
Resistance:60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.
OVERALL, VIEW: --
It opened on a positive note and thereafter had both side moves during the day and finally, ended the day with a gain of 196.85 points. The gap it created on 3.2.2026 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 58687.05, 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. But it is also important to mention here that it still has earlier unfilled gaps (gap points are 56922.70, 55616.45,51361, 51244 & 50496), 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 technical setup took a sharp rebound on 3.2.2026 but this robust up-move cannot be construed as it is out of woods, so let it settle down in next 1-2 trading session then review it again because it is still into correction mode, but above all averages, crossed all recent tops and above almost all the key levels, almost all the important technical indicators are positive on the daily chart, therefore likely to continue the up move. However, moving down if it manages to hold the support points of 60235.15---60114.30-----60060.70---59985.44---59828.54---59809.96---59674.80------59581.85-----59454---59336----58925.70---58799.90-----58789---58712.70----58649.50----58445---58062.34---58004----57783.20----57673.21---57157.85(some figures may change) on the closing basis then the chances of a continued up-move will be alive. Please note that it is still into correction mode, therefore break & sustained close below 60114.30 will be an alert sign for going down, break & sustained close below the range of 59985.44---59828.54---59809.96 will make the correction slightly deeper, break & sustained close below the range of 59674.80------59581.85 will be an potential signal that it may not continue with an up-move in the year—2026 and start to drift down, break & sustained close below the range of 59454---59336 may trigger fresh fall, break & sustained close below the range of 58789---58712.70----58649.50----58445 will push it into deep correction mode and can drag it down further, break & sustained close below 58004 will threaten the long term uptrend and break & sustained close below 57783.20 & 57157.85 may witness an accelerated fall and then the correction could be more painful time-wise and price-wise both, which may please be noted.
Moving up the target or resistance points could be at 60473.20---60677.22-----60824.83---60980—61099---61232—61342---61764.85(some
figures may change) (for complete resistance points see
the table on the upside) 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 60677.22 &
60824.83 and sustain on the closing basis then it will come out of
corrective mode and may witness an accelerated up-move. It is in the strong
long-term uptrend but still into correction mode.
IMPORTANT
NOTE:
- THE
IMPORTANT POINTS FOR THE YEAR--2026 ARE 59581.85---59674.80---60114.30 AND TO KEEP THE HOPE
ALIVE FOR A CONTINUED UP-MOVE IT HAS TO SUSTAIN ABOVE 59581.85---59674.80 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 60114.30 AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT
THE YEAR , ELSE IT MAY START TO DRIFT DOWN.
TECHNICAL INDICATORS
AND MOVING AVERAGE PLACEMENT;-
POSITIVE
POINTS:-
1. It is above all of
its short term moving averages on the daily, weekly & monthly chart.
2. it is above all of its medium term moving
averages on the daily, weekly& monthly chart.
3. It is
above all its long terms moving average on the daily chart and the top average
is placed at 58004(figure will change daily) for the day.
4. the
technical indicators, EV, MACD, PS, ST VM &ADX is in the buy mode, so it
may rally at times and that may last
too.
NEGATIVE
POINTS:-
1. It is in the
neutral/ overbought zone, so down move may happen
at times.
In view of the above observation there is a mixed possibility and it can swing
both ways as of now with a slight upward 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: - Almost all the important indicators are negative such as MACD, ST, PS, EV, VM & ADX are in the sell mode and RSI is neutral and it is in the overbought zone, therefore in totality further fall also looks quite likely in coming weeks. But it may swing both ways with a downward bias as of now.
MONTHLY CHART:-Few indicators are in the buy mode such as MACD, ST, PS & ADX but it is in the overbought zone and with negative divergence in RSI and VM is in the sell mode, therefore, all together indicators are painting a mixed picture now with a slight tilt towards down-side as of now.
IT IS BUY ON DECLINE MARKET NOW;-
It is still into correction mode but moved above important key points; therefore now it will be buy on decline market now till it holds 60114.30--59674.80------59581.85 points 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 1st,2nd,
3rd, 4th, 5th, 6th,7th, make or break bottom
of 57783.20,57157.85--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 and great, else it may correct sharply.
2. It is above its 2nd
short term rising trend line which is placed at 58447(figure
will change every day).
3. It is
still into correction mode but it above majority of its correction threshold
points of 59985.44---59828.74---59809.96---58789---58445.85---58062.34—57673.21(figure may
change), sustained close above this range may keep the hope alive for an
extended up-move.
4. It is
above all its short-term moving averages
now on the daily chart and the important average range for day is between 59485---59458--59454---59440---59412---59336(figure will change every day), sustained close below this range can help it to extend the down-move.
5. It is above its short
term rising trend line which is placed at 58831 (figure
will change every day) for the day. It is a positive sign.
6. It is above its major long-term rising trend line which is
placed at 58707 for
the month of February-2026, it is a good sign.
7. It is
above its recent down trend line which is placed at 59869(figure
will change every day) for the day.
8. Its major long term rising trend line drawn from the bottom of 16116
made in 2020 is placed at 58768 (figure
may change daily) for the day. It is above it now which is a positive sign.
9. It has
crossed its recent tops on the line and bar chart, but yet to make higher
bottom, so watch out.
10. The price action was mixed 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. It is still
into correction mode as it is below few of its correction threshold points of 60824.83---60677.22(figure may change), sustained close below these points can drag it down
further.
TRADING CALL: --
1.
Long trade can be tried on decline near 60115 if it hold this point
for some time then, with a stop loss of 59850
for 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 60650---60750 with
a stop loss of 60900 or
can sell if it moves below 59890 and
maintain for some time, then with a stop loss of 60140. 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
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
