CNX-NIFTY
Open—25423.60---High—26697---Low---25372.70--Close---25682.75 on 16.2.2026
Support:25669.35/25548.70/25473.40/25318.45/25153.65/25079.80/25008.20/24919.90/24918.65/24882.30/24857.75/24854.80/24792.30/24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24473/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: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
it had both side moves during the day and finally, ended the day with a gain of
211.65 points. The gap it
created on 12.2.2026 is still there and if it makes an effort to fill
this gap in next 2-3 days respectively which is technically
possible then it can come up to 25752.40(D) 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 24164, 22923, 22468 & 22254- gap point
on the upside 25703. 95 & 25108.10) 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 weak and it may not
continue with a sustained up-move till
it closes above 25693.25 and sustain, it is into deep correction mode for
its recent rise, below its long term rising trend line, broken recent bottom on
the line chart, below few short & medium term moving averages on the daily
& weekly chart, so all these developments together are concerning and can
drag it down further. But the good thing is that it is above its short term
rising trend line, bounced back above its upper band of the long term moving
averages, so long term uptrend is still intact and almost all the important
technical indicators are positive now, therefore there is a faint chance that
it may have relief rally at times, but may resume the continued up-move only once
it closes above 25693.25 and sustain, moving down if it holds the key support points
of 25635----25624----25472----25318.45-----25112---24996.89---24944.80----24857.75----24753.15---24744---24587---24404.70—24337---23935.75---23847.85 (some figures will change daily), on
the closing basis then it may extend the up-move. Please note that it is into
deep correction mode, therefore break
below each point will weaken it, but break & sustained close below 25624 will
threaten the long term uptrend again, break & sustained close below 25472 will weaken
it further, break & sustained close below25318.45 may trigger fresh fall , break &
sustained close below 25110 Will potentially threaten the long term uptrend, break & sustained close below the range of 24996.89---24944.80 may dampen the
chances of up-move further, 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 25693.25----25718.40---25726.30---25740.80----25756----25842.95----25891—--25892.77------25917----25948----25951.82----26013----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 it is into
deep corrective mode, but if it moves above the range of 25693.25 and sustain
on the closing basis then there will be good chance that the up-move may
extend, if it moves above 25756 and sustain on the closing basis then the up-move may strengthen
and finally moving up further its broad important
resistance points could be at 25817---25917----25948----26013 and it may correct at any of these points and may resume the
up-move or halt it for a while, but if
it moves above 26013 and sustain on the closing basis then it is likely that it could
retest its all-time high of 26373.20 or may go beyond it. 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 26325.80 and sustain on the
closing basis, else it may start to drift down again. It is in the long term uptrend,
but still into correction mode.
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. Almost all the
important indicators such as EV, MACD, PS & VM is in the buy mode and RSI is
neutral now, so it may witness up rally at times and may last too.
2. It is above majority of its short term moving averages on
the daily and weekly & above all on the monthly chart.
3. It is above almost
all of its medium-term moving averages on the weekly & above all on the monthly
chart.
4. It is above all
its long terms moving average on the daily chart and the top average is placed
at 25624(figure will change daily) for the day.
NEGATIVE POINTS:-
1. It is in neutral/
overbought zone, ST & ADX is in the sell mode so it may correct at times.
2. It is below few of
its short term moving averages on the daily & weekly chart.
3. It is below few of
its medium term moving average on the daily chart.
In view of the above observation there is a mixed
possibility and it can swing both ways but with a slight down-ward--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: - Few important indicators are such as MACD, 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 also below important key point, therefore now it
will be sell on the rise market now till it moves above 25693.25 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 majorly all of its
most critical 2nd, 3rd, 4th & 5th make or
break bottom of 25318.45-----24587.70---24337.50 &
21743.65 sustained close above it will keep the hope alive of resuming the
up-move again.
2. It is
above its 1st downtrend line, which is placed at 25154(figure
will change daily) for the day, it is a positive sign.
3. It is above its short term rising trend line, which is placed at 25215(figure will change
every day), it is a positive sign.
4. It is above almost all(except
for two) of its short-term moving averages now on the daily chart and the
important average range for day is 25756---25748----25671—25635---25600---25472 (figure will change every day), sustained close above this range may help
it to extend the up-move.
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 of its threshold point of 26256.33----26220.53----26212.73----26124.28---26051.13----25951.82---25908.63---25892.77----25777.22 sustained close below these
points can drag it down further.
4. It is
below its 2nd downtrend line, which is placed at 26060(figure will change daily)
for the day, it is a negative sign.
5. 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.
6. It is below its major long-term
rising trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 25912(figure will change and inch
up every day) for
the day, sustained close below it may drag it down sharply.
7. The price
action was mixed today.
8. It is still below all its most
critical 1st make or break bottom of 25693.25 sustained close below
it can drag it down faster.
9. It has broken its recent
bottom on the line chart.
TRADING CALL: --
1. Long trade
can be tried on decline near 25624 if it holds this point for some time then
with a stop loss of 25550 or can buy if it moves above 25694 and
maintain for some time then with a stop loss of 25600 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 25850---25925
with a stop loss of 25980 or can sell If it moves below 25610
and maintain for some time, then with a stop loss of 25720. 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
