AN ELABORATE TECHNICAL UPDATE ON CNX-BANK NIFTY FOR—10.3.2026

 

CNX-BANK NIFTY

Open—56121.40---High—56274.15--Low—55270.60---Close—56019.80 on 9.3.2026.

 

Support:55821/55475.45/55149.30/54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70. 

Resistance: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 gap down and thereafter had both side moves in the lower trajectory during the day and finally, ended the day with a colossal loss of 1763.45 points. The gap it created on 9.3.2026 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 57696.40, 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 60438.95,58687.05,56922.70,51361, 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 very weak as it is into deep corrective mode, made lower top & bottom on the line & bar chart, below 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 and majorly below  on the monthly chart, below all of its medium term moving average on the daily & majorly below on the weekly chart and most importantly after a long time 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 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 55821---55734----55203----55149.90---55139---54905.60---54576.60----54467.35---54226.60 (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. But it is into deep correction mode therefore break below each point will weaken it further, but break & sustained close below the range of 55203----55149.90---55139 may trigger fresh fall and  can pull it down to 53483 or lower, which may please be noted.

Moving up the target or resistance points could be at 56098.70---56204.85---56594.25-----56803.24(P)----57120----57157.85---57673.21---57783.20----58062.34---58445---58649.50----58680----58712.70----58789---58799.90-----58925.70----59581.85-------59667------59674.80----59809.96---59828.54---59985.44-----60114.30------60147.64---60473.20----60677.22------60765.20------60824.83------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. Please note that it is into deep corrective mode, but if it moves above 56803.24(P)----57120----57157.85(some figure may change)and sustain on the closing basis then it may get a foothold and may raise hope for extending the up-move further, moving up further its broad resistance point could be at 57752---57783.20----58518---58680----59284---59581.85--59674.80----60114.30-----60232—60466----60473.20, it may correct at any of these points and may resume the up-move again or halt it for a while , but 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, if it moves above  58680 and sustain on the closing basis then the long term threat will dissipate and it may get strength to move up further, 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 60466 &60473.20 and sustain on the closing basis then it may further strengthen and is likely to retest its 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 two of its short term moving averages on the monthly chart.

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

3. 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 & weekly chart and majorly below  on the monthly chart.

3. It is below all of its medium term moving averages on the daily chart and majority below 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 58680--57120(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: - Only one important indicator is positive and VM is in the buy mode and it is in the oversold zone, but almost all other indicators such as MACD, ST, PS, EV & VM are in the sell mode, RSI is with strong  negative divergence , therefore in totality it is showing weakness but may swing both ways at times but with a strong negative bias as of now.

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 56803.24 & 57157.85; therefore now it is sell on the rise market now till it moves above the said range or at least above the range of 56803.24 & 57157.85 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   3^rd, 4th, 5th, 6^th,7^th, 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 correction mode but it is still above few of its correction threshold points of 54776.63---50991.40(figure may change), sustained close above these points may keep the hope alive for a bounce back or resumption of the up-move.

3. Its 2^nd   major long term rising trend line drawn from the bottom of 16116 made in 2020 is placed at 54060 (figure may change daily) for the day. It is above it now, which 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 (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 60254---59786--59653---59647---59024---58853(figure will change every day), sustained close below this range can pull it down further.

5. It has broken its short term rising trend line which is placed at 58393 (figure will change every day) for the day. It is a negative sign.

6. 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 has broken its recent down trend line which is placed at 59440(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 59468 (figure may change daily) for the day. It is below it now, which is a negative sign.

9. It is below its most crucial  1^st,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.

10. The price action was negative today.

TRADING CALL: -- 

1.

Long trade can be tried on decline near or within the range of 55517------55400 if it holds this range for some time then, with a stop loss of 55250 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 56600---56700 with a stop loss of 56850 or can sell if it moves below 55250 and maintain for some time, then with a stop loss of 55450.  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.