CNX-NIFTY
Open—24615.95---High—24854.20---Low---24529.40--Close---24765.90 on 5.3.2026
Support:24753.15/24694.35/24587.70/24537.60/24502.15/24498.20/24494.45/24462.40/24404.70/24337.50/24226.70/24198.75/24141.80/24099.70/24094.20/24073.90/23938.85/23935.75/23893.70/23873.35/23869.65/23847.45/23816.15/23807.30/23667.20/23664/23644.80/23637.65/23484.15/23537/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance: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 with an up-gap and thereafter had both side moves during the day and in the process it filled the gap of the day and also filled the complete gap it created on 4.3.2026 and finally, ended the day with a gain of 285.40 points. The gap it created on 2.3.2026 is still there and if it makes an effort to fill this gap in next 2-3 days, which is technically possible then it can come up to 25141.30, 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 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 extremely weak, it is already into deep correction mode for its recent rise, below its short & long term rising trend line, making lower top & bottom on the line & bar chart, below all its short term moving average on the daily, weekly and below majority on the monthly chart, below all of its medium term moving average on the daily & below majority on the weekly chart, and most importantly below all its long term moving average, thereby potentially threatening the long term uptrend, almost all important technical indicators are weak and it is way below its most important and critical make or break bottom of 25693.25 & 25318.45 so all together it is highly concerning and can drag it down further. However moving down further it may find support at-24753.15---24744---24587.70---24571.75---24404.70—24337.50---23935.75---23893.70---23847.85----23460.45---23263.15---23047.25---22786.90---22659.56----21964.60---21821.60---21777.65---21743.65---21710.20 (some figures will change daily), it may bounce back from any of these points but whether it will last or not has to be seen. Please note that it is into deep correction mode, therefore break below each point will weaken it, but break & sustained close below 24587.70 may trigger fresh fall again ,break & sustained close below 24337.50 can drag it down to much lower levels and then the strong support would be in the range of 23612----23357---23067(figure will change every day) but break & sustained close below this range can drag it down, break & sustained close below 22659.56 can pull it down to 21743.65 or lower and finally if it sustains below 21743.65 on the closing basis then it may further witness an accelerated fall, so it a strong bounce back point, which may please be noted.
Moving up the key resistance points could be at 24744---24753.15---24793.40(P)----24857.75----24944.80----25125---25318.45-----25372.70---25379.75---25388.75---25502----25635----25693.25----25718.40---25726.30—25740.80----25745----25842.95----25886—--25892.77----25951.82-----25960----26051.13----26124.28---26129.60----26173.30---26212.73----262220.65----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 24793.40 (figure may change)and sustain on the closing basis then it may raise hope for extending the up-move further, if it if it moves above 25125(figure will change daily) on the closing basis then it may gain some strength to move up further, if it moves above 25318.45 and sustain on the closing basis then it will raise good hope for an extended up-move, if it moves above 25502 and sustain on the closing basis then it may get some strength to move ahead, if it moves above the range of 25635----25693.25 and sustain on the closing basis then the long term uptrend threat will dissipate and it will gain a strong foothold and then it may extend the up- move further for sure and finally moving up further its broad important resistance points could be at 25886---25960 and it may correct at any of these points and then may resume the up-move or halt it for a while, but if it moves above 25960 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. The long term uptrend is potentially threatened and it is into deep correction mode, so the bias is hugely negative as of 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. Only few
important indicator VM & ST is in the buy mode and it is in the oversold
zone so it may witness an up rally at times but that may not last.
2. It is only above two 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 & ADX is in the sell mode and RSI
is with negative divergence so it may correct at times and that may extend also.
2. It is below all of
its short term moving average on the daily & weekly and below almost all on
the monthly chart.
3. It is below all its
medium term moving average on the daily chart and below majority on the weekly
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 25635--25125(figure will change daily) for the
day.
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: - Few important indicators are such as MACD, ST, EV,VM & ADX is in the sell mode, RSI is neutral, and it is in the overbought zone, so it may go down further may be with-in between 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 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 its most critical range of 26693.25----25650/ 25318.50----25138 and 24793.40 & 24587.70; therefore now it is sell on the rise market now till it moves above the said range or at least above the range of 24587.70----24793.40 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 majority of 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 for extending or resuming the up-move again.
2. It is l above its 2nd
major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020,
which is placed at 24317(figure
will change and inch up every day) for the day, sustained close above may keep
the hope alive for an up-move.
3. It is into deep correction
mode now but still above few of its correction threshold points of 24120.62---23732.41
& 21921.74 (figure may change) sustained close above
these points may keep the hope alive for a bounce back.
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----25171.55sustained close below these points can drag it down further.
4. It is below its 2nd downtrend line, which is placed at 26054(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 26285 for the month of March-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 26085(figure will change and inch
up every day) for
the day, sustained close below it may drag it down sharply.
7. It is making lower top &
bottom on the line & bar chart.
8. It is below all of its
short-term moving averages now on the daily chart and the important average
range for day is 25502---25336----25333—25243---25139--25073 (figure will change every day), sustained close below this range may drag
it down further.
9. It is below its most critical 1st, & 2nd make or break bottom of 25693.25 & 26318.45 sustained close below it is a weak sign and can drag it down fast.
10. It is below its short term rising trend line which was placed at 25320(figure will
change every day) for the day. It is a weak sign.
11. It is below it 1st downtrend line also, which was placed at 25137(figure will change daily) for the day, it is a weak sign.
TRADING CALL: --
1. Long trade
can be tried on decline near or within the range of 24684----24600 if it
holds this range for some time then with a stop loss of 24510 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 24870---24930
with a stop loss of 25020 or can sell it moves below 24510
and maintain for some time then with a stop loss of 24660. 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
