CNX-NIFTY
Open—23173.55---High—23186.10---Low---22804.55--Close---22819.60 on 27.3.2026
Support:22794.70/22786.90/22775.70/22768.40/22676.75/22625.30/22577.40/22546/22525.65/22502/22314.70/22303.80/22281/22165/22124.70/22104.85/21964.60/21875.25/21860.65/21821.05/21777.65/21743.65/21710.20/21530.20/21448.65/21281.45/21137.20/21021.88/20976.80/20769.50/20291.50/20222.45/19991.85/19839/19333.60.
Resistance:22976.85/23047.25/23049.95/23110.80/23263.15/23338.70/23391.65/23426.30/23484.15/23537/23637.65/23644.80/23664/23667.20/23807.30/23816.15/23847.45/23869.65/23873.35/23893.70/23935.75/23938.85/24073.90/24094.20/24099.70/24141.80/24198.75/24226.70/24337.50/24404.70/24462.40/24494.45/24498.20/24502.15/24537.60/24587.70/24694.35/24753.15/24792.30/24854.80/24857.75/24882.30/24918.65/24919.90/25008.20/25079.80/25153.65/25318.45/25372.70/25379.75/25388.75/25473.40/25548.70/25669.35/25693.25/25718.20/25726.80/25740.80/25842.95/25891/25057.60/26097.85/26104.20/26129.60/26173.30/26202.60/26236.40/26246.65/26277.35/26325.80/26340/26357/26374/26404/26458/26497/26567/26594/26650/26678/26694/26717/26816/26842/26995/27001/27095/27212/27293/27375/27510/27824.
OVERALL VIEW
ON THE DAILY CHART:
--
It opened on a negative note and thereafter
drifted down had both side moves in the lower trajectory during the day and
finally ended the day near the low of the day with a loss of 486.85 points, erasing
previous days gain completely and registering fresh losses, which is a distinct
indication that two days relief may have ended and it may be heading for fresh
fall in coming days, but the good thing is that it has strong positive
divergence in RSI, made higher top on the line chart and EV is positive, so it
may still stage a bounce back for a while but that may not last, so watch out. Please
note that today it has filled the gap it created on 25.3.2026(the gap point
was 23057.30). it is also important to mention here that it still has earlier
unfilled gaps (gap points on downside are 24415.75,22468 & 22254-
gap point on the upside 25108.10, 25141.30, 23618.45) also on the
downside/upside, 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, this is
not a good sign for a steady market.
The technical setup is very weak, as it is
already into deep correction mode for its recent rise, below its short & long
term rising trend lines, below all its
short term moving average on the daily, weekly & monthly chart, below all
of its medium term moving average on the daily & weekly chart and below few
on the monthly chart, and most importantly below all its long term moving average on the daily
chart and below few on the weekly chart too, thereby potentially threatened the
long term uptrend, and it is way below
its most important and critical make or break bottom of 25693.25---25318.45----24587.70--- & 24337.50 so all together it is highly concerning and can drag it down further.
However moving down if it manages to hold the few key support points 22800(P)---22659.56----22199---21964.60---21930---21821.60---21777.65---21743.65---21710.20----21654---21435 (some figures will change daily), on
the closing basis then it may continue with the up-move. Please note that it is
into deep correction mode, therefore break below each point will weaken it, but
break & sustained close below 22800(P)
may weaken the chances of a continued up-move ,
break & sustained close below 22659.56 may trigger fresh
fall again, break & sustained close below 22199 can pull it down to 21743.65 and
finally if it sustains below 21743.65 on the closing basis then it may come down in the range of 21654---21435 and
break and sustained close below 21435 may witness an accelerated fall, so the range of 21743—21435 is a
strong bounce back range, which may please be noted.
Moving up the key broad resistance points could
be at 22836---23047.25---23112----23240----23393(P)-----23396-----23672----23832----23961-----24337.50--24423-----24587.70---24883----24862-----25318.45---25368-----25453---25593----25693.25----26129.60----26173.30---26212.73----26220.65----26256.33----26277.35—26325.80---26373.20 (some figures may change daily or at some point of time and for in
between resistance point see 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 23393(P and
sustain on the closing basis then it may
enhance the chances of an extended up-move, if it moves above the range of 23396----23672 and
sustain on the closing basis then it may raise further hope for extending the
up-move , if it moves above 23832 and sustain on the closing basis then it may gain further strength
for an extended up-move, if it moves above the range of 24337.50--24423-----24587.70 and sustain on the closing basis then it may get a good foothold and
may raise hope further for extending the up-move, if it if it moves above 24862 on the closing basis then it
may gain some strength to move up further,
if it moves above 25318.45 and
sustain on the closing basis then it will raise good hope to move ahead further,
if it moves above 25368 and sustain on the closing basis then the long term uptrend threat
will dissipate and it can extend the up-move further, if it moves above 25593 & 25693.25 and sustain
on the closing basis then it will gain a strong foothold and then it may extend
the up- move further for sure and likely to retest its all-time high of 26373.20 or may go beyond it. But it is important to mention here that to
keep the hope of continued up move alive in the year—2026 it has to move
above 26129.60----26173.30 and
sustain on the closing basis and to get back into strong up-momentum track in
the year—2026 it has to moves above 26277 & 26325.80 and sustain
on the closing basis, else it may start to drift down again. The long term
uptrend is under severe threat and it is into deep correction mode, so the bias
is hugely negative as of now.
IMPORTANT
NOTE: - THE IMPORTANT
POINTS FOR THE YEAR--2026 ARE 26129.60---26173.30---26325.80 AND TO KEEP THE HOPE ALIVE FOR A CONTINUED
UP-MOVE IT HAS TO SUSTAIN ABOVE 26129.60---26173.30 AND TO GET INTO STRONG UP MOMENTUM IT HAS TO MOVE ABOVE 26325.80 AND SUSTAIN ON THE CLOSING BASIS THROUGH-OUT THE YEAR , ELSE
IT MAY START TO DRIFT DOWN.
TECHNICAL INDICATORS AND MOVING AVERAGE PLACEMENT ON THE CHART;-
POSITIVE POINTS:-
1. Few important indicator
such as EV, ST &VM is in the buy mode, RSI is with huge positive divergence
and in the oversold zone, so it may witness an up rally at times but that may
not last as of now.
2. It is above almost
all of its medium-term moving averages on the monthly chart.
NEGATIVE POINTS:-
1. Almost all the
important indicators such as MACD, PS & ADX is in the sell mode, so it may
correct at times.
2. It is below all its
short term moving average on the daily, weekly & monthly chart.
3. It is below all its
medium term moving average on the daily, weekly & below few on the monthly 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 25368--24862(figure will change daily) for the
day.
5. It is below few of
it long term moving averages on the weekly chart and the averages are placed at
23672—23392---23112 then (figure will change every day) for the day. It is a
very weak sign.
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: - All the important indicators are negative such as MACD, ST,
PS, ADX, EV & VM are in the sell mode and RSI with negative divergence,
therefore it is likely to go down further in coming weeks, but the only silver
lining is that it is in the oversold zone so it may give relief rally at time.
The bias based on indicators is strongly negative.
MONTHLY CHART: -Few indicators are in buy mode such as PS & ADX, but key
indicator such as MACD, ST, & VM are in the sell mode, it is in the
overbought zone and with negative divergence in RSI. Therefore, all together
indicators are painting a mixed picture now with tilt towards down-side as of now;
therefore, further fall in the coming months cannot be ruled out, so be
watchful.
IT
IS SELL ON THE RISE MARKET NOW;-
It is
still into deep correction mode and below its important point of 23393, therefore it is sell on the rise
market now till it moves above the aforesaid point 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 still above only one of its
most critical 5th,6th,7th&
8th make or break bottom of
21743.65,21281.45,21137.20 & 18837.85 sustained
close above it will keep the hope alive for resuming the up-move again.
2. It is into deep correction
mode now but still above only one of its correction threshold points of 21921.74 (figure may change) sustained close above this point may
keep the hope alive for a bounce back.
3. It is above its 4th
short term rising trend line which is placed at 22470(figure will change every day) for the day. It
is a positive sign.
4. It has crossed its recent top and made higher top after a long time,
which is a positive sign, but let it make higher bottom so watch out.
5. The price
action was positive today.
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. To get back into strong up-momentum track
it has to move above 26277.35
& 26325.80 and sustain on the closing basis, else it
may drift down.
3. It is into deep correction
mode now as it is below almost all of its correction threshold points of 26256.33----26220.53----26212.73----26124.28---26051.13----25951.82---25908.63---25892.77---25777.22--------25594.86----25280.63----25171.55---24594.86---24120.62---23732.41 -sustained close below these
points can drag it down further.
4. It is
below its 2nd downtrend line, which is placed at 24938(figure will change daily)
for the day, it is a negative sign.
5. It is below its major
long-term rising trend line which is placed at 26285 for the month of March-2026; sustained close below it may witness an accelerated fall.
6. It is below its 1st major
long-term rising trend drawn from the bottom of 7511 made on 20.3.2020,
which is placed at 26336(figure will change and inch
up every day) for
the day, sustained close below it may drag it down sharply.
7. It is below almost all (except
for two) of its short-term moving averages now on the daily chart and the
important average range for day is 23832---23734----23413—23240---23159--23062 (figure will change every day), sustained close below this range may drag
it down further.
8. It is below its most critical 1st, 2nd 3rd & 4th make or break bottom of 25693.25---25318.45----
24587.70 & 24337.50 sustained close below it is a weak sign and can drag it down fast.
9. It is
below it 1st downtrend line also, which was placed at 25063(figure will
change daily) for the day, it is a weak sign.
10. It is below its 2nd major long-term
rising trend drawn from the bottom of 7511
made on 20.3.2020, which is placed
at 24560(figure will change and inch
up every day) for
the day, sustained close below it may drag it down sharply.
11. It is below its 1st 2nd3rd
short term rising trend line which is placed at 23745---23499 &
23037 (figure will change every day) for the day. It is a negative sign.
TRADING CALL: --
1. Long trade
can be tried if it holds 22813
for some time some time then with a stop
loss of 22740 or on decline near 22659 if it holds this point for
some time then with a stop loss of 22580 for a possible 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 23050---23110
with a stop loss of 23170 or can sell if it moves below 22659
and maintain for some time then with a stop loss of 22740. 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:- 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
