CNX-BANK NIFTY
Open—53024.75---High—54146.15--Low—53024.75---Close—53708.10
on 25.3.2026.
Support:53561,75/53483.05/53357.70/52782.75/52577.50/52063.65/51693.95/50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90.
Resistance:53888.30/54176.45/54226.60/54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55821/56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.
OVERALL, VIEW: --
It opened with a small up-gap and thereafter went higher and had both side moves in the upper trajectory during the day and finally ended the day with a robust gain of 1102.45 points. Please note that today it has filled the gap it created on 23.3.2026(the gap point was53297.55). The gap it created on 25.3.2026 & 19.3.2026 is still there and if it makes an effort to fill this gap in next 4-5 & 1 days respectively, which is technically possible then it can come down to 52949.15 & come up to 54689.10, 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 are 60438.95,58687.05, 57696.40,51361, 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 is still weak despite two days strong up-move, as it is into deep corrective mode, making lower top & bottom on the line & bar chart, below major long term rising trend lines, below its recent downtrend line, below almost all of its short term moving average on the daily , below all on the weekly & monthly chart, below all of its medium term moving average on the daily & majorly below weekly chart and most importantly below all of its long term moving averages on the daily chart , thereby potentially threatened the long term uptrend and almost all the technical indicators are weak on the daily & weekly chart, so all together it is highly concerning and can drag it down further. But the only silver lining is that RSI is showing huge positive divergence so, this rally may extend before fizzling out. Therefore moving down if it manages to hold the support points of 53561.75---53483.05---53357.70---52782.75---52620---52577.50---52322.01(P)---52063.65---51914---51693.95---51678---51192---50865.45---50515.19---50369.40—49538----49156.95 (some figures may change) on the closing basis then the chances of a bounce back may be there but it will resume the steady up-move is doubtful at this point of time. It is into deep correction mode therefore break below each point will weaken it further, but break & sustained close below the range of 53561.75---53483.05 may trigger fresh fall again, break & sustained close below the range of 52620---52577.50---52322.01(P) may weaken the chances of a continued up-move, break & sustained close below the range of 51914-----51678 may trigger fresh fall again , but the chances are that it may bounce back from this point 51192( figure may change daily), but break & sustained close below 51192 can pull it down to the range of 49526---48832----48107---47554 level or lower, which may please be noted.
Moving up the broad resistance points
could be at 53787.74(P)---54226.60---55139---55149.90—---55203------55313----56251----56545---56732-----57157.85---57777----57783.20-------58324---------59301-----59581.85--59674.80----59677------60114.30------60473.20 (some
figures may change daily or at some point of time and for in between resistance
point see 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 it is into
deep corrective mode, but if it moves above the range of 53787.74(P)---54226.60 and
sustain on the closing basis then it may give a ray of hope for extending the up-move
further, if it moves above the range of 55139----55203 then it may further enhance the
chance of extending the up-move, if it moves above the range of 56251----56732
and sustain on the closing basis then it may give some strength to
move up further, if it moves above 57157.85 and sustain on the closing basis then it
may get a reasonable foothold and may further raise hope for extending the up-move, if it moves above 57783.20 and sustain on the closing
basis then it may get strong foothold and some momentum and can extend the
up-move further for sure, if it moves above 58324 and
sustain on the closing basis then the long term threat will dissipate and it
may get strength to move up further for sure, if it moves above the range of 59581.85---59674.80 and sustain on the closing basis
then it will keep the hope alive for an extension of the up-move in the year-2026, if it moves above 59677 & 60114.30 and sustain on the closing basis
then it will give an indication for a continued up-move in the year-2026 and may retest it’s all time
high of 61764.85
or may go beyond it also. The long term uptrend is under severe threat and it
is into deep correction mode now, so the bias is hugely negative as of
now.
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 almost all of its medium term
moving averages on the monthly chart.
2. Few technical
indicators ST & VM is in the buy mode and RSI is with huge positive
divergence and it is in the oversold zone also, so it may rally at times but
that may not last at this point of time.
3. It is
above one of its short term moving average on the daily chart.
NEGATIVE
POINTS:-
1. Almost all the
important technical indicators such as EV, MACD, PS & ADX are in the sell mode, so down move may happen at
times and it can extend also.
2. it is below
almost all its short term moving averages on the daily, below all on the weekly
& monthly chart.
3. It is below all
of its medium term moving averages on the daily & below almost all 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 58324--56732(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: - All the important indicators 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:-Few indicators are in the buy mode such as MACD, PS & ADX but it is in the overbought zone and with negative divergence in RSI and VM & ST is in the sell mode, therefore, all together indicators are painting a mixed picture now with a slight tilt towards upside as of now.
IT IS SELL ON THE RISE MARKET NOW;-
It is still into deep correction mode and below its important range of 53483.05---53561.75---53787.74(P, therefore it is sell on the rise market now till it moves above the aforesaid range 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 above
its most crucial 4th, 5th, 6th, 7th, make or break bottom of 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, else it may correct sharply.
2. It is
into deep correction mode but it is still above only one of its correction
threshold points of 50991.40(figure may change),
sustained close above this point may keep the hope alive for a bounce back.
3. It is above its 1st
& 2nd short term rising trend line which is placed at 53488 & 52437 (figure will change every day) for
the day. It is a positive 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. It is
making lower top & bottom on the line & bar chart.
3. It is into
deep correction mode as it is below most of its correction threshold points of 60824.83 ---60677.22----59985.44---59828.74---59809.96---58789---58445.85---58789--- 58445.85---58062.34-----57673.21---57124.84-----56300.67----54776.63---
(figure may change),
sustained close below this range can drag it down.
4. It is
below almost all(except for one) its short-term moving averages now on the
daily chart and the important average range for day is between 56251---55604--54738---54059---53880---53431(figure will change every day), sustained close below this range can pull it
down further.
5. It has broken its 1st major long-term rising trend
line which is placed at 59231 for the
month of March-2026, it is a good sign.
6. Its 1st major long term rising trend line drawn from the
bottom of 16116 made in 2020 is placed at 59671 (figure may change daily) for the day. It is
below it now, which is a negative sign.
7. It is below
its most crucial 1st, 2nd,3rd make or break bottom of 57783.20--- 57157.85 & 54226.60---- if it sustains below these points on the
closing basis then the chances of further down move is strongly indicated.
8. It is below its 2nd
major long term rising trend line drawn from the bottom of 16116
made in 2020 is placed at 54422 (figure
may 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
53560---53480 if it holds this range
for some time then, with a stop loss of 53300 for 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 54550---54700 with
a stop loss of 54850 or
can sell if it moves below 53000 and
maintain for some time then with a stop loss of 53200. 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
Email—suranank@gmail.com
Mobile—8240951127/9831313654.
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