CNX-BANK NIFTY
Open—58447.15---High—59058.40--Low—58393.55---Close—58755.25 on 4.3.2026.
Support: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: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 had both side moves in the lower trajectory during the day and finally, ended the day with a huge loss of 1084.40 points. The gap it created on 4.3.2026 & 2.3.2026 is still there and if it makes an effort to fill this gap in next 4-5 & 3-4 days respectively, which is technically possible then it can come up to 59148 & 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 has weakened quite a lot 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 almost all medium term moving average on the daily chart & below few on the weekly 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 58712.70----58660----58649.50----58445---58062.34---57783.20----57673.21---57157.85---57113(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 into correction mode therefore break below each point will weaken it further, break & sustained close below 58660 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 57113 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 58789---58799.90-----58925.70---59189.18(P)-----59581.85-------59667------59674.80----59809.96---59828.54---59985.44-----60114.30------60147.64---60473.20----60624----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 the range of 60624-----60713 it may resume the up-move 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 one of its medium term moving
averages on the daily, above almost 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 58660(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 & weekly chart.
3. It is below almost
all of its medium term moving averages on the daily chart and below few on the
weekly 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 1st,2nd,
3rd, 4th, 5th, 6th,7th, 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 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 2nd
short term rising trend line which is placed at 58304
(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---58789--- (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 60713---60624--60616---60396---60392---60351(figure will change every day), sustained close below this range can pull it down further.
6. It has broken its 1st
short term rising trend line which was placed at 59695
for 4.3.2026 and is placed at 59732 (figure will change every day) for the day.
It is a negative sign.
7. 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.
8. It has
broken its recent down trend line which is placed at 59432(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 59301 (figure
may change daily) for the day. It is has broken it today which is a
negative sign.
TRADING CALL: --
1.
Long trade can be tried on decline near or within the range of
58660------58589 if it holds this range
for some time then, with a stop loss of 58370
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 59100---59250 with
a stop loss of 59450 or
can sell if it moves below 58370 and
maintain for some time, then with a stop loss of 58610. 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.
