CNX-Bank Index Overview For The Week Starting From-2-6-2014

CNX BANK INDEX CLOSED AT  14793.40 ON 30-5-14

Range for the week ended on 30-5-14 was:-15568.05—14709.30

 Range for the month of May-14 ended on was:- 15742.05 -12773.05

SUPPORT:-   14468.10 / 14301.30 / 14240 / 14063

RESISTANCE :- 14857.50 / 14934.95 / 15108 / 15363 / 15742.05 / 15956 / 16560

Index moved in the range of  858.75 points during the week and closed at 14793.40 near the lower range for the week ended on 30-5-14.The technical parameter are showing sign of weakness and the index is making lower top and lower bottom and broken recent closing bottom of  15084 &14952.10  and also running below short term DMA, which indicates that the down correction has possibly set in and may continue for few days ,so now if it break down the level of 14709  and stays below that then it can drag down the index to these level 14468 / 14301 / 14086 / 13695. If it happens then I expect the index to bounce back from the level of 13800-14100.To regain the momentum now it has to close above the short term DMA which is placed at 15090 for  2-6-14 and recent closing top of 15173.35 made on 28.5.2014,the chances of  which are looking bleak, therefore aggressive trader can  go for short trade in the index below 14709.30 with a stop loss of  14750  for the mentioned level or targets .                                                   .                                          

REMARKS:-Long term trend is up, since the index is in correction mode so I suggest to avoid long trade in it as of now. Please use support and resistance level as entry and exit points and also as trailing stop loss in favorable trade. Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS

 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