CNX Bank Index-Update For the Week Starting from-21.4.2014

CLOSED AT :- 12,787=25 ON 17.4.2014

The reference range for the coming week is 12,831.60- 12,514.75,

Since the index closed near the higher side of the range it is expected to go up I would  suggest to take long call at current level with a stop loss of 12,740 or above 12,831.60 or 12,869.35 with a stop loss of 12,770 and 12,810.The index is  highly volatile , in momentum and swings both ways during the day therefore one should be very careful in the trade position. The supports and resistances for the Index are given here under:-

SUPPORT:- 12,771 / 12,742 / 12,514.75 / 12,430.85 /  12,307.70 / 11,989.95 /

11867.15.

RESISTANCE:- 12,806 / 12,831.60 / 12,869.35 / 12,950 /  13,055 / 13,303.60 /

13,414.30

Please note that if it closes above 12,949.40 and then crosses 13,055 and stay above this then it will gain further strength similarly if it closes below 12,563.15 and 12,551.70 and then breaks 12,514 and 12,430 and stays below this then index could break 12,000 level. Since the market swings both ways during the day therefore one can try both long and short position near respective support and resistance level with adequate stop-losses.

REMARKS:-Trend is up therefore the bias is on for long trade but please note that one technical indicator is showing weakness so be vigilant in long  trade . Kindly have a balanced approach in the market when you trade and be flexible in switching side with market movement. Please follow  the stop-losses religiously .

NOTE:-1.PRICE STATED HERE IS OF SPOT MARKET.

                 2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

                 3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN AND CAPITAL   PROTECTION. 

  Contact me for strategic guidance to enter and exit the trade