AN ELABORATE TECHNICAL UPDATE ON CNX-NIFTY FOR-18.3.2026

 

CNX-NIFTY

Open—23493.20---High—23656.80---Low---23346.60--Close---23581.15 on 17.3.2026

Support:23537/23484.15/23426.30/23391.65/23338.70/23263.15/23110.80/23049.95/23047.25/22976.85/22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.

Resistance: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 on a positive note and thereafter had both side moves during the day and finally ended the day with a gain of 172.35 points. Today it has filled the gap it created on 13.3.2026 (the gap point was 23556.30). Please note that for the last two days it is giving relief rally after substantial fall and it may last another day or two and likely to fizzle out in the range of 23660---23762 at the max or earlier, but if it moves above this range and sustain on the closing basis then this rally can extend further, so be alert and cautious in your trades and don’t get trapped at higher levels.  it is also important to mention here that it still has earlier unfilled gaps (gap points on downside are 24415.75,22923, 22468 & 22254- gap point on the upside 25108.10, 25141.30,) 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.

The technical setup is extremely weak, it is already into deep correction mode for its recent rise, below its short & long term rising trend line, making lower top & bottom on the line & bar chart, below all 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 its long term moving average on the daily chart and below few on the weekly chart also, thereby potentially threatened the long term uptrend, almost all important technical indicators are weak and it is way  below its most important and critical make or break bottom of 25693.25---25318.45----24587.70--- & 24337.50 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 23388-----23101----23047.25---22836---22786.90---22659.56----21964.60---21821.60---21777.65---21743.65---21710.20 (some figures will change daily), 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. Please note that it is into deep correction mode, therefore break below each point will weaken it, but break & sustained close below 23388 & 23101(figure will change every day) may trigger fresh fall and can drag it down lower, break & sustained close below 22659.56 can pull it down to 21743.65 and finally if it sustains below 21743.65 on the closing basis then it may further witness an accelerated fall, so it a strong bounce back point, which may please be noted. 

Moving up the key broad resistance points could be at 23660----23761.89(P)----24261---24337.50----24587.70---24665----24719----25010----25068----25318.45---25514-----25567---25690----25693.25----26129.60----26173.30---26212.73----26220.65----26256.33----26277.35—26325.80---26373.20 (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 23660 & 23761.89 and sustain on the closing basis then it may get some firmness and may give a ray of hope for an extended pullback rally, if it moves above 24337.50 & 24587.70  and sustain on the closing basis then it may get a foothold and may raise hope further for extending the up-move further,  if it if it moves above 24719 & 25010(figure will change daily) on the closing basis then it may gain some strength to move up further,   if it moves above   25318.45 and sustain on the closing basis then it will raise good hope to move ahead further, if it moves above 25514 and sustain on the closing basis then the long term uptrend threat will dissipate and it can extend the up-move further, if it moves above 25690 & 25693.25 and sustain on the closing basis then it will gain a strong foothold and then it may extend the up- move further for sure  and  likely to retest its all-time high of  26373.20 or may go beyond it. 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 potentially threatened and it is into deep correction mode, so the bias is hugely negative as of now.

IMPORTANT NOTE: - THE IMPORTANT POINTS FOR THE YEAR--2026 ARE 26129.60---26173.30---26325.80 AND TO KEEP THE HOPE ALIVE FOR A CONTINUED UP-MOVE IT HAS TO SUSTAIN ABOVE 26129.60---26173.30 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 26325.80 AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT THE YEAR , ELSE IT MAY START TO DRIFT DOWN.

TECHNICAL INDICATORS  AND MOVING AVERAGE PLACEMENT ON THE CHART;-

POSITIVE POINTS:-

1. Only few important indicator ST & VM is in the buy mode, RSI is neutral and it is in the oversold zone so it may witness an up rally at times but that may not last.

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 EV, MACD, PS & ADX is in the sell mode, so it may correct at times and that may extend also.

2. It is below all of 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 chart, and below one 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 25514--25010(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 23660 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: -Few indicators are in buy mode such as PS & ADX, but key indicator such as MACD, ST, & VM are in the sell mode, it is in the overbought zone and with negative divergence in RSI. Therefore, all together indicators are painting a mixed picture now with tilt towards down-side as of now; therefore, further fall in the coming months cannot be ruled out, so be watchful.

IT IS SELL ON THE RISE   MARKET  NOW;-

It is into deep correction mode and also below its critical point of 23762; therefore now it is sell on the rise market now till it moves above it 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 5^th,6^th,7^th& 8^th  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 one of short term rising trend line which was placed at 23303(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. 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 26056(figure will change daily) for the day, it is a negative sign.

5. It is below its major long-term rising trend line which is placed at 26285 for the month of March-2026; sustained close below it may witness an accelerated fall.

6. It is below its 1^st major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020, which is placed at 26170(figure will change and inch up every day) for the day, sustained close below it may drag it down sharply.

7. It is making lower top & bottom on the line & bar chart.

8. It is below all of its short-term moving averages now on the daily chart and the important average range for day is 24719---24447----24268—23964---23954--23731 (figure will change every day), sustained close below this range may drag it down further.

9. It is below its most critical 1^st, 2^nd 3^rd & 4^th 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.

10. It is below its one of short term rising trend line which was placed at 25350(figure will change every day) for the day. It is a weak sign.

11. It is below its one of the short term rising trend line which is placed at 24360(figure will change every day) for the day. It is a weak sign.

12. It is below it 1st downtrend line also, which was placed at 25110(figure will change daily) for the day, it is a weak sign.

13. It is  below its 2^nd major long-term rising trend drawn from the bottom of 7511 made on 20.3.2020, which is placed at 24445(figure will change and inch up every day) for the day, sustained close below it may drag it down sharply.

TRADING CALL: --

1. Long trade can be tried on decline near or within the range of 23450----23400 if it holds this range for some time then with a stop loss of 23330 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 23670---23760 with a stop loss of 23830 or can sell if it moves below 23330 and maintain for some time then with a stop loss of 23410. 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