CNX-BANK NIFTY
Open—54927.05---High—55554.15--Low—54689.10---Close—55326.05
on 18.3.2026.
Support:55149.30/54905.60/54576.60/54467.35/54442.30/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70/53357.70/52782.75/52577.50/52063.65/51693.95/50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90.
Resistance: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 on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 450.05 points. Today it closed above its critical range of 55266----55139, which is a positive sign , however the overall technical setup is still weak , but as long as it holds the above range on the closing basis, it is likely to extend the up-move, else it will start to drift down again. 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 as it is into deep corrective mode, making lower top & bottom on the line & bar chart, below major long term rising trend line, below its recent downtrend line, below almost all of its short term moving average on the daily ,below all on the weekly & majorly below monthly chart, below all of its medium term moving average on the daily & majorly below on the 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. However moving down if it manages to hold the support points of 55265.73(P)---- 55203---55149.90---55139---54226.60---53561.75---53483.05---53357.70/52782.75/52577.50/52567/52063.65/51878/51693.95/51678/51153/50865.45/50515.19/50369.40/ (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 55265.73---- 55203---55149.90---55139 may trigger fall again, break & sustained close below 54226.60 may weaken the chances of extending the up-move further, break & sustained close below 53483.05 can drag it down further and then it will find good support at 52567---51878---51678----51153(some figure may change daily) it may bounce back from any of these points, but break & sustained close below 51678 & 51153 can pull it down to 49160 level or much lower, which may please be noted.
Moving up the broad resistance points
could be at 55998-----56508----56950----57157.85---57353------57512----57783.20------58308-----58516-----58526---------59581.85--59674.80----59758-----60064-----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 55998 it may gain some strength to extend
the up-move , if
it moves above the range of 56950----57157.85 (some
figure may change)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
can extend the up-move further for sure, if it moves above 58308 and sustain on the closing
basis the it may gain some momentum if it moves above 58526 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 60064 & 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 potentially threatened and
it is into deep correction mode 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 only few of its medium term
moving averages on the weekly & above all on the monthly chart.
2. Few technical
indicators ST & VM is in the buy and RSI is with good positive divergence
and it is in the oversold zone, so it may rally at times but that may not last.
3. It is
above only one of its short term moving averages on the daily chart and above
only two on the monthly 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 &
majorly below monthly chart.
3. It is below all
of its medium term moving averages on the daily chart and 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 58526--56947(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 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:-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 BUY ON DECLINE
MARKET NOW;-
It is still into deep correction mode but moved above its important range
of 55266----55139, therefore it is buy on the decline market now till it
holds the above range 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 3rd ,4th, 5th, 6th, 7th,
make or break bottom of 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, 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 2nd
short term rising trend line which is placed at 52386
(figure will change every day) for the day. It is a positive
sign.
4. It is bounced back above its 2nd major long term rising trend line drawn from
the bottom of 16116 made in 2020 is placed at 54285 (figure may
change daily) for the day. It is a positive sign.
5. 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 58308---57344--56908---55998---55902---55245(figure will change every day), sustained close below this range can pull it
down further.
5. It is below its 1st
short term rising trend line which is placed at 58762 (figure will change every day) for the day.
It is a negative sign.
6. 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.
8. It is
below its recent down trend line which is placed at 59253(figure
will change every day) for the day. It is weak sign.
9. Its 1st major long term rising trend line drawn from the
bottom of 16116 made in 2020 is placed at 59612 (figure may change daily) for the day. It is
below it now, which is a negative sign.
10. It is below
its most crucial 1st, 2nd, make or break bottom of 57783.20 & 57157.85
if it
sustains below these points on the closing basis then the chances of further
down move is strongly indicated.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
55266----55139 if it holds this range
for some time then, with a stop loss of 54900 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 55760---55900 with
a stop loss of 56100 or can sell if it moves below 55000 and
maintain for some time then with a stop loss of 55280 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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