CNX-BANK NIFTY
Open—52576.10---High—52665.30--Low—51323.60---Close—51437.75 on 23.3.2026.
Support:50865.45/50369.40/50194.30/49974.75/49787.10/49654.65/49156.95/48636.45/47898.35/47702.90.
Resistance:51693.95/52063.65/52577.50/52782.75/53357.70/53357.70/53483.05/53561,75/53888.30/54176.45/54226.60/54442.30/54467.35/54576.60/54905.60/55149.30/55475.45/55821/56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.
OVERALL, VIEW: --
It opened with a huge down gap and thereafter drifted further down had both side moves in the lower trajectory during the day and finally ended the day near the low of the day with a loss of 1989.30 points. The gap it created on 23.3.2026 & 19.3.2026 is still there and if it makes an effort to fill this gap in next 4-5 & 2-3 days respectively, which is technically possible then it can come up to 53297.55 & 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 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 & weekly chart and below few on the monthly chart and most importantly below all of its long term moving averages on the daily chart and below few on the weekly 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. Please note that if it sustain below 51678 on the closing basis then it can slide down to 49200 levels or lower. However moving down if it manages to hold the support points of 51192---50865.45---50515.19---50369.40—49523----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 it may bounce back from this range of 51192(some figure may change daily), but break & sustained close below 51192 can pull it down to the range of 49523---48810----48107---47554 level or lower, which may please be noted.
Moving up the broad resistance points
could be at 51678---51693.95---51892---52063.65---52322.01(P)---
52577.50---52606---52782.75---53357.70---53483.05---53561.75---53787.74(P)---54226.60---55139---55149.90—---55203------55313----56545----56819-----57051---57157.85---57777----57783.20-------58406---------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 51678------51892----52322.01(P)---52606 and
sustain on the closing basis then it may move up further, if it moves above the
range of 53483.05---53561.75---53787.74(P)---54226.60 and
sustain on the closing basis then it may give a ray of hope for extending the
up-move, if it moves above the range of 55139----55203 then it may enhance the chance of
extending the up-move further, if it moves above the range of 56819----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 some momentum
and can extend the up-move further for sure, if it moves above 58406 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 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
at this point of time.
NEGATIVE
POINTS:-
1. Almost all the
important technical indicators such as EV, MACD, PS, ST & 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 & weekly chart and below
few on the monthly chart also.
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 58406--56819(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 52606—51892 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 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 52322----52606, 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 6th, 7th, make or break bottom of 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.
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 57051---56141--55438---54476---54448---53821(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.
7. It is
below its recent down trend line which is placed at 59273(figure
will change every day) for the day. It is weak sign.
8. 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.
9. It is below
its most crucial 1st, 2nd,3rd,4th,5th
make or break bottom of 57783.20--- 57157.85 & 54226.60---- 53561.75 & 53483.05-- 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 2nd
major long term rising trend line drawn from the bottom of 16116
made in 2020 is placed at 54221 (figure
may change daily) for the day. It is a weak sign.
11. It is below its 1st
& 2nd short term rising trend line which is placed at 53410 & 52373 (figure
will change every day) for the day. It is a weak sign.
12. The price action was negative today.
TRADING CALL: --
1.
|
2. Short trade
can be tried on the rise near or within the range of 52550---52650 with
a stop loss of 52800 or
can sell if it moves below 51180 and
maintain for some time then with a stop loss of 51400. 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.
No comments:
Post a Comment
Thank you for sharing your views.