AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—6.3.2026

 

CNX-BANK NIFTY

Open—59008.25---High—59274.35--Low—58506.40---Close—59055.85 on 5.3.2026.

 

Support:58925.70/58864.20/58799.90/58737.60/58712.70/58649.50/58121.60/58050/57783.20/57628.40/57594.25/57482.05/57157.85/57049.50/56623.60/56594.25/56204.85/56098.70/55821/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70. 

Resistance: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 in the process it filled the gap it created on 4.3.2026 (gap point was 59148) and finally, ended the day with a gain of 300.60 points. The gap it created on 2.3.2026 is still there and if it makes an effort to fill this gap in next 2-3 days, which is technically possible then it can come up to 60438.95, 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 58687.05,56922.70, 55616.45,51361, 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 medium term corrective mode, made lower top & bottom on the line chart, broken short & major long term rising trend line, below its recent downtrend line, below all of its short term moving average on the daily & weekly chart, below majority of its medium term moving average on the daily chart and almost all the technical indicators have also turned weak on the daily 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 58925.70---58799.90-----58789---58712.70----58676----58649.50----58445---58062.34---57783.20----57673.21---57157.85---57127(some figures may change) on the closing basis then the chances of a bounce back for resuming the continued up-move may still be alive. It is already into correction mode therefore break below each point will weaken it further, but break & sustained close below 58676 will threaten the long term uptrend, break & sustained close below the range of 58445---58062.34 will push it into deep correction mode, break & sustained close below 57783.20 & 57157.85  may witness an accelerated fall  and then the correction could be more painful time-wise and price-wise both and finally break & sustained close below 57127 will potentially threaten the long term uptrend and may witness a sharp downside, which may please be noted.

Moving up the target or resistance points could be at 59189.18(P)-----59581.85-------59667------59674.80----59809.96---59828.54---59985.44-----60114.30------60147.64---60473.20----60573----60677.22-----60713---60765.20----60824.83------60970—--61148—61242—61679-----61764.85---61998---62078---62251 (some figures may change) (for complete resistance points see the 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. It is into correction mode and if it moves above 59189.18(P)and sustain on the closing basis then the chances of an extended up-move may enhance, 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 60114.30 and sustain on the closing basis then it will give an indication for a continued up-move in the year-2026, if it moves above 60473.20 and sustain on the closing basis then it may further strengthen the up move, if it moves above 60573 it may resume the up-momentum again and finally moving up further its broad resistance points could be 60970—61091---61679 it may correct at any of these points then may resume the up move again or halt the up-move for a while, but if it moves above 61091 and sustain on the closing basis then it could retest its all-time high of 61764.85 or may go beyond it also. It is in the strong long-term uptrend but into 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 all of its short term moving averages on the monthly chart.

2. it is above few of its medium term moving averages on the daily, above all on the weekly& monthly chart.

3. It is above all its long terms moving average on the daily chart and the top average is placed at 58676(figure will change daily) for the day.

4. Only one technical indicators VM is in the buy mode and it is in the oversold zone, 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, ST & ADX are in the sell mode and RSI with negative divergence, 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 & below almost all on the weekly chart.

3. It is below majority of its medium term moving averages on the daily chart.

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: - Few important indicators are positive now such as PS, VM & ADX are in the buy mode and EV, MACD & ST are in the sell mode, RSI is with slight negative divergence and it is overbought zone therefore in totality it is slightly with upward bias but it may have both side swings at times.

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 into correction mode and also below its most critical range of 60473.20 & 60114.30/ 59674.80--------59581.85 and 59189.18 & 58647; therefore now it is sell on the rise market now till it moves above the said range or at least above the range of 58647----59189.18 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  1^st,2nd, 3^rd, 4th, 5th, 6^th,7^th, make or break bottom of  57783.20,57157.85--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 and great, else it may correct sharply.

2. It is into correction mode but it is still above majority of its correction threshold points of 58789--- 58445.85---58062.34—57673.21---57124.84---56300.67(figure may change), sustained close above this range may keep the hope alive for an extended up-move.

3. It is above its 2^nd short term rising trend line which is placed at 58346 (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. The price action was negative today.

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

4. It slipped into correction mode as it is below few of its correction threshold points of 60824.83 ---60677.22----59985.44---59828.74---59809.96--- (figure may change), sustained close below this range can drag it down.

5. It is below all its short-term moving averages now on the daily chart and the important average range for day is between 60573---60474--60464---60265---60116---60095(figure will change every day), sustained close below this range can pull it down further.

6. It has broken its 1^st short term rising trend line which was placed at 59892 (figure will change every day) for the day. It is a negative sign.

7. 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.

8. It has broken its recent down trend line which is placed at 59477(figure will change every day) for the day. It is weak sign.

9. Its major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 59344 (figure may change daily) for the day. It is below it now, which is a negative sign.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 58873------58755 if it holds this range for some time then, with a stop loss of 58480 for intraday gain else avoid. Please note that long trade in a corrective market could be a 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 59450---59550 with a stop loss of 59700 or can sell if it moves below 58676 and maintain for some time, then with a stop loss of 58890.  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:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

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.