CNX-BANK NIFTY
Open—55008.20---High—55636.95--Low—54760.55---Close—55100.95 on 12.3.2026.
Support:54905.60/54576.60/54467.35/54226.60/54176.45/53888.30/53561,75/53483.05/53357.70.
Resistance:55149.30/55475.45/55821/56098.70/56204.85/56594.25/56623.60/57049.50/57157.85/57482.05/57594.25/57628.40/57783.20/58050/58121.60/58649.50/58712.70/58737.60/58799.90/58864.20/58925.70/59581.85/59674.80/59806.60/60060.70/60114.30/60235.15/60473.20/60980/61099/61232/61342/61764.85/61998/62078/62251/62382/62427/63091.
OVERALL, VIEW: --
It opened with a huge down gap and thereafter had both side moves during the day and the process it filled the gap of the day and finally ended the day with a loss of 634.80 points. The gap it created on 9.3.2026 is still there and if it makes an effort to fill this gap in next 1-2 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 60438.95,58687.05,51361, 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, making 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 below more than half on the monthly chart, below all of its medium term moving average on the daily & majorly below on the weekly chart and most importantly 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 54905.60---54576.60----54467.35---54226.60 –54176.45----53888.30----53561.75---53483.05(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, it has broken its key support range of 55203----55149.90---55139 today, it is terribly weak sign and if it does not bounce back above this range in a shortest possible time then fall may accelerate and can pull it down to 53483 or lower, which may please be noted.
Moving up the target or resistance points
could be at 55139---55149.90---55203----55734----55821---56098.70---56204.85----56413.56(P)----56594.25----57080----57157.85---57673.21---57783.20----58062.34---58445---58649.50----58665----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 the range of 55139---55149.90---55203
and sustain on the closing basis then up move may extend, if it moves above 56413.56(P) (figure may change) and
sustain on the closing basis then it may give a ray of hope for an extended pullback
rally, if
it moves above the range of 57080----57157.85 (some
figure may change)and sustain on the closing basis then it may get a
foothold and may further raise hope for
extending the up-move, moving up further its broad resistance point could be at
57437---57783.20----58262---58645----59090---59581.85--59674.80----60114.30-----60364----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 58645 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 60364 &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 only
two of its short term moving averages on the monthly chart.
2. It is above less than half of its medium term
moving averages on the weekly & above all on the monthly chart.
3. Few technical
indicators VM is in the buy mode and RSI is with positive divergence now 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, 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 below
more than half on the monthly chart.
3. It is below all
of its medium term moving averages on the daily chart and below more than half
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 58645--57080(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 56413.56 & 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 56413.56 & 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 3rd, 4th, 5th, 6th,7th,
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 2nd major long
term rising trend line drawn from the bottom of 16116 made in 2020
is placed at 54113 (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 59542---55667--58608---58096---57569---57076(figure will change every day), sustained close below this range can pull it down further.
5. It is below its short
term rising trend line which is placed at 58663 (figure will change every day) for the day.
It is a negative sign.
6. 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.
7. It is
below its recent down trend line which is placed at 59352(figure
will change every day) for the day. It is weak sign.
8. Its 1st major long term rising trend line drawn from the
bottom of 16116 made in 2020 is placed at 59518 (figure may change daily) for the day. It is
below it now, which is a negative sign.
9. It is below
its most crucial 1st,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 if it moves above 55203 and maintain above it for some time
then, with a stop loss of 54950 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 55550---55600 with
a stop loss of 55750 or can sell if it moves below 54760 and
maintain for some time then with a stop loss of 55220 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.
