CNX BANK INDEX CLOSED AT 14853 ON 16-5-14
Range for the week ended on 16-5-14 was:-15742.05 -13801
SUPPORT:-14780 / 14594 / 14468 / 14301 / 14240 / 14063 / 13885 / 13489.
RESISTANCE :- 14985 / 15076 / 15466 / 15742.05 / 15942 / 16441 / 16569 / 16766
Index gave a robust up move during the week and went much beyond the expected range of 14600 as anticipated by me(See my last post) because of historic election results which gave a clear cut mandate to the NDA.Idex saluted the peoples verdict and made new high of 15742.05 and closed above the mid range for the weekend on 16.5.14 at 14853, In thelast 6 trading session it went up from 13017.90 --- 15742.05 i.e by 2724.10 points and going up it had left left a gap in the region of 14301.30-14468.10 so if index fill this gap now (index coming down to the level of 14301 and the starts moving up then the gap will be filled)then it will be very healthy for the index's next up move.Kindly note that since the index had a vertical rise of more than 2700 points in 6 trading days therefore the normal down correction looks imminent but it is not necessary that it may start correcting immediately, it may move in a short range for few day and then correct ,during correction it will find very good support at these level 14594 / 14240 / 13885 / 13414 and it is not expected to break 13414 level so any decline should be used for buying only.I expect the nifty to move in the range of 13885--- 15700 in the coming week(19-5-14 to 23-5-14). Please use support and resistance levels for entry,exit, and as trailing stop loss points.DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-The long term trend is up ,it may correct now or may be later on so adopt buy on dip strategy,it not expected to break 13414 level and stay below this.BUY ON DECLINE.
Range for the week ended on 16-5-14 was:-15742.05 -13801
SUPPORT:-14780 / 14594 / 14468 / 14301 / 14240 / 14063 / 13885 / 13489.
RESISTANCE :- 14985 / 15076 / 15466 / 15742.05 / 15942 / 16441 / 16569 / 16766
Index gave a robust up move during the week and went much beyond the expected range of 14600 as anticipated by me(See my last post) because of historic election results which gave a clear cut mandate to the NDA.Idex saluted the peoples verdict and made new high of 15742.05 and closed above the mid range for the weekend on 16.5.14 at 14853, In thelast 6 trading session it went up from 13017.90 --- 15742.05 i.e by 2724.10 points and going up it had left left a gap in the region of 14301.30-14468.10 so if index fill this gap now (index coming down to the level of 14301 and the starts moving up then the gap will be filled)then it will be very healthy for the index's next up move.Kindly note that since the index had a vertical rise of more than 2700 points in 6 trading days therefore the normal down correction looks imminent but it is not necessary that it may start correcting immediately, it may move in a short range for few day and then correct ,during correction it will find very good support at these level 14594 / 14240 / 13885 / 13414 and it is not expected to break 13414 level so any decline should be used for buying only.I expect the nifty to move in the range of 13885--- 15700 in the coming week(19-5-14 to 23-5-14). Please use support and resistance levels for entry,exit, and as trailing stop loss points.DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-The long term trend is up ,it may correct now or may be later on so adopt buy on dip strategy,it not expected to break 13414 level and stay below this.BUY ON DECLINE.
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
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