AN IMPORTANT NOTE ON CNX-BANK-NIFTY -21.3.2026

 

CNX-BANK-NIFTY

CLOSED ON-20.3.2026: -53427.05

The technical setup is extremely weak and overall trend is down and long term uptrend is under severe threat as of now. But despite all the weakness and downslide the silver lining is that RSI is showing huge positive divergence now and it is not very far from its important and critical support points of 52567---- 51859 & 51678 break & sustained close below 51678 can drag it down to 49150 or lower, but if it does not break these points then it can give a relief or pullback rally again.

Moving up the following are the important range:-

1. 53561.75---53786.60(P) & 54226.60 —if it moves above this range and sustain on the closing basis then it may give a ray of hope for extending the up-move.                                                  

2. 55139----55252.32--- if it moves above this range and sustain on the closing basis then it may enhance the chances of extending the up-move                               further.

It is important to mention here that any up-move now would be a relief or pullback rally only and to get back into good up-momentum track again it has to cross some critical points which are far-far away from here at this point of time. Furthermore please note that relief or pullback rallies are treacherous in nature and may end abruptly as it happened on 19.2.2026, so be alert, cautious & watchful and don’t get trapped in the long trade at the higher levels.                                 

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