CNX-NIFTY
Open—22899---High—22941.30---Low---22618.60--Close---22679.40 on 1.4.2026
Support:22676.75/22625.30/22577.40/22546/22525.65/22502/22471.35/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:22768.40/22775.70/22786.90/22794.70/22976.85/23047.25/23049.95/23110.80/23263.15/23338.70/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23807.30/23816.15/23847.45/23869.65/23873.35/23893.70/23935.75/23938.85/24073.90/24094.20/24099.70/24141.80/24198.75/24226.70/24337.50/24404.70/24462.40/24494.45/24498.20/24502.15/24537.60/24587.70/24694.35/24753.15/24792.30/24854.80/24857.75/24882.30/24918.65/24919.90/25008.20/25079.80/25153.65/25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened with an up-gap and thereafter and
had both side moves during the day and in the process filled the gap of the day
and finally ended the day with a gain of 348 points. Furthermore it
has also filled the gap it created on 30.3.2026(gap point was 22804.55). It
is also important to mention here that it still has earlier unfilled
gaps (gap points on downside are 24415.75,22468 & 22254- gap point on
the upside 25108.10, 25141.30, 23618.45) 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.
In view of positive EV and the RSI
distinct positive divergence on the daily chart a possible up-move was expected
and as envisaged it sharply rallied up today, but will this rally last or not
has to be seen in the next few days, because overall technical setup is very
weak and for a steady and continued up-move it has to cross lot of critical
points and sustain above those points, which are far away at this point of
time, so watch out. However if it sustain above 22669.56---22656.35---22331.40
& 22283.85 on the closing basis in the month of April-2026 then the up-move can
extend, else it may drift down again.
The overall technical setup is
very weak, as it is into deep corrective mode, below short & major long
term rising trend lines and most importantly below all its long term moving
averages on the daily chart and below few on the weekly chart, thereby
potentially threatened the long term uptrend, so all together it is highly
concerning and can pull it down further. However moving down if it manages to
hold the following support points or range(
some figure may change)of on the closing basis then the chances of a bounce
back may be there but it will resume the steady up-move or not is doubtful at
this point of time.
SN. SUPPORT POINTS OR RANGE REMARKS
1.22669.56—22656.35—break below this range may
dampen the chances of up-move.
2.22331.40---22283.85- break below this range may
trigger fresh fall.
3.22206—21986—21937—21921.74—break
below this range will weaken it further.
4.21743.65(key point for-2026) STRONG S POINT-break below
it may accelerate the fall.
5.21660---21465-STRONG BOUNCE BACK RANGE.
6. 21281.45---21137.20
4. 21098.56— BEAR MARKET THRESHOLD POINT-break it may
trigger fresh fall.
5. 20344.92--break & sustained close below it can
pull it down to 18850 levels or lower.
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. SUPPORT
POINTS OR RANGE REMARKS
1. 22899---23003----23121.
2. 23248.94(P)-if it
moves above this range and sustain on the closing basis then it may enhance the
chances of a continued up-move.
3. 23405-----23548----23682-
if it moves above this range and sustain on the closing basis then it may some
strength to move up further.
4.24337.50----24587.70-if
it moves above this range and sustain on the closing basis then it may gain some
foothold to continue the up-move.
5. 24818-
if it moves above it and sustain then it may show strength.
6. 25318.45---25333--
if it moves above this range and sustain on the closing basis then the long term uptrend threat will dissipate and it can
extend the up-move further
7. 25556---25693.25--
if it moves above this range and sustain on the
closing basis then it may retest its all time high of 26373.20 or may
go beyond it also
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 26277 & 26325.80 and sustain
on the closing basis, else it may start to drift down again. The long term
uptrend is under severe threat and it is into deep correction mode as of now,
so the bias is hugely bearish as of now.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important indicator
such as EV&VM is in the buy mode, RSI is with huge positive divergence and
in the oversold zone, so it may witness an up rally at times but that may not
last as of now.
2. It is above almost
all of its medium-term moving averages on the monthly chart.
NEGATIVE POINTS:-
1. Almost all the
important indicators such as MACD, PS, ST& ADX is in the sell mode, so it
may correct at times and down move may extend also.
2. It is below all its
short term moving average on the daily, weekly & monthly chart.
3. It is below all its
medium term moving average on the daily, weekly & below few on the monthly 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 25333--24818(figure will change daily) for the
day.
5. It is below few of
it long term moving averages on the weekly chart and the averages are placed at
23682—23405---23121 then (figure will change every day) for the day. It is a
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: - All the important indicators are negative such as MACD, ST,
PS, ADX, EV & VM are in the sell mode and RSI with negative divergence,
therefore it is likely to go down further in coming weeks, but the only silver
lining is that it is in the oversold zone so it may give relief rally at time.
The bias based on indicators is strongly negative.
MONTHLY CHART: - All the important indicators such as MACD, ST, PS, ADX & VM are
in the sell mode and RSI with huge negative divergence, therefore it is likely
to go down further in coming months, but the only silver lining is that it is
in the oversold zone, so it may rally at times. But all together indicators are
painting a very weak picture with a strong downward bias, so be watchful.
IT
IS SELL ON THE RISE MARKET NOW;-
It is
still into deep correction mode and below its important point of 23248.94, therefore it is sell on the rise market
now till it moves above the aforesaid point 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 only one of its
most critical 5th,6th,7th&
8th make or break bottom of
21743.65,21281.45,21137.20 & 18837.85 sustained
close above it will keep the hope alive for resuming the up-move again.
2. It is into deep correction
mode now but still above only one of its correction threshold points of 21921.74 (figure may change) sustained close above this point may
keep the hope alive for a bounce back.
3. It is above its 4th short term rising trend line which is placed
at 22476 (figure will change
every day) for the day. It is a negative sign.
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----25171.55---24594.86---24120.62---23732.41 -sustained close below these
points can drag it down further.
4. It is
below its 2nd downtrend line, which is placed at 24891(figure will change daily)
for the day, it is a negative sign.
5. It is below its 1st & 2nd major
long-term rising trend line which is placed at 26285 & 24655 for the month of April-2026; sustained close below it may witness an accelerated fall.
6. It is below its 1st & 2nd major long-term rising
trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 26306 & 24566 (figure
will change and inch up every day) for the day, sustained close below it may
drag it down sharply.
7. It is below almost all (except
for two) of its short-term moving averages now on the daily chart and the
important average range for day is 23548---23513----23176—23004---23003--22839 (figure will change every day), sustained close below this range may drag
it down further.
8. It is below its most critical 1st, 2nd 3rd & 4th make or break bottom of 25693.25---25318.45----
24587.70 & 24337.50 sustained close below it is a weak sign and can drag it down fast.
9. It is
below it 1st downtrend line also, which was placed at 25065(figure will
change daily) for the day, it is a weak sign.
10. It is below its 1st 2nd3rd short
term rising trend line which is placed at 23740---23437--- 23055
(figure will change every day) for the day. It is a negative sign.
11. It has broken its recent bottom on the line and bar chart.
TRADING CALL: --
1. Long trade
can be tried if it holds the range of 22670---22620 if it holds this range for
some time then with a stop loss of 22530 for a possible 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 22880---22930
with a stop loss of 23010 or can sell if it moves below 22600
and maintain for some time then with a stop loss of 22680. 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
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
