AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—20.3.2026

 

CNX-BANK NIFTY

Open—53474.55---High—54150.30--Low—53240.60---Close—53451 on 19.3.2026. 

Support: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:53483.05/53561,75/53888.30/54176.45/54226.60/54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55821/56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.

OVERALL, VIEW: --

It opened with a huge down gap and thereafter had both side moves in the lower trajectory during the day and finally ended the day with a colossal loss of 1875.05 points. As envisages it breached its critical range of 55266—55139 yesterday and collapsed. The gap it created on 19.3.2026 is still there and if it makes an effort to fill this gap in next 4-5 days, which is technically possible then it can 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 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  all of its short term moving average on the daily , weekly & 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 53357.70/52782.75/52577.50/52567/52063.65/51854/51693.95/51678/51153/50865.45/50515.19/50369.40/ (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 it may bounce back from this  range of  52567---51854---51678----51153(some figure may change daily), but break & sustained close below 51678 & 51153 can pull it down to the range of 49491---48781----48075 level or  lower, which may please be noted.

                                                                                                                                                                                                                                                                                          Moving up the broad resistance points could be at 53483.05---53561.75---53786.60(P)---54226.60---55139---55149.90---55203---55252.32(P)---- 55535-----56497----56910----57157.85---57353------57503----57783.20------57903-----58490---------58509-----59581.85--59674.80----59754-----60060-----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 53786.60(P) & 54226.60 and sustain on the closing basis then it may give a ray of hope to move-up further, if it moves above the range of 55139----55252.32(P)then it may enhance the chance of extending the up-move further, if it moves above 55535 it may gain some strength to extend the up-move , if it moves above  the range of 56910----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 57903 and sustain on the closing basis the it may gain some momentum if it moves above  58490 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 60060 & 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, 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 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 mode and RSI is with strong positive divergence and it is in the oversold zone also, so it may rally at times but that may not last.

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 all its short term moving averages on the daily, weekly & 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 58490--56910(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 SELL ON THE RISE MARKET NOW;-

It is still into deep correction mode and below its important range of 55253----55139, 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, 6^th, 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 1^st & 2^nd short term rising trend line which is placed at 53370 & 52341 (figure will change every day) for the day. It is a positive sign.

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 all its short-term moving averages now on the daily chart and the important average range for day is between 57903---56974--56445---55535---55342---54801(figure will change every day), sustained close below this range can pull it down further.

5. It has broken its 1^st major long-term rising trend line which is placed at 59231 for the month of March-2026, it is a good sign.

7. It is below its recent down trend line which is placed at 59309(figure will change every day) for the day. It is weak sign.

8. Its 1^st major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 59608 (figure may change daily) for the day. It is below it now, which is a negative sign.

9. 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.

10. It is below its 2^nd   major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 54159 (figure may change daily) for the day. It is a weak sign.

11. The price action was weak today.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 53240----53224 if it holds this range for some time   then, with a stop loss of 53000 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 54100---54200 with a stop loss of 54380 .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.