CNX Bank Index Closed At 12,842 on 2.5.14
Range for the week ended on 2.5.14 was :-13,124.30 -- 12,738.60
Range for the month of April-14 was :-13,268.60 -- 12,430.85
SUPPORT:-12,738.60 / 12,514.75 / 12,430.85 / 12,225 / 11,867.15
RESISTANCE :-12,869.35 / 12,960.65 / 13,055 / 13,268.60 / 13,303.60 / 13,414.30.
The trend is up but since it is running below its short term moving averages and Candlestick on weekly chart has made a bearish pattern,therefore it may show some weakness in coming trading sessions and can go in for down correction,so those who are already long in the index should have a strict stop loss of below 12,738.60 say 12,700 because if it breaks this level and stays below it then it could go in for deeper down correction,going down it will find strong support at 12,514.75 & 12,430.85(refer my earlier post).and kindly note that breaking of these level will threaten the on going uptrend for short term.Those who want go long a fresh can do so near 12,738.60 with a stop loss of 12,700 or when it crosses 12,950 and stays above this with a stop loss of 12,900.
REMARKS:- Long term trend is up but short term moving averages placement and candlestick pattern on weekly chart suggest that a down correction could be in the offing,therefore avoid long position below 12,738.60 for sure.
Range for the week ended on 2.5.14 was :-13,124.30 -- 12,738.60
Range for the month of April-14 was :-13,268.60 -- 12,430.85
SUPPORT:-12,738.60 / 12,514.75 / 12,430.85 / 12,225 / 11,867.15
RESISTANCE :-12,869.35 / 12,960.65 / 13,055 / 13,268.60 / 13,303.60 / 13,414.30.
The trend is up but since it is running below its short term moving averages and Candlestick on weekly chart has made a bearish pattern,therefore it may show some weakness in coming trading sessions and can go in for down correction,so those who are already long in the index should have a strict stop loss of below 12,738.60 say 12,700 because if it breaks this level and stays below it then it could go in for deeper down correction,going down it will find strong support at 12,514.75 & 12,430.85(refer my earlier post).and kindly note that breaking of these level will threaten the on going uptrend for short term.Those who want go long a fresh can do so near 12,738.60 with a stop loss of 12,700 or when it crosses 12,950 and stays above this with a stop loss of 12,900.
REMARKS:- Long term trend is up but short term moving averages placement and candlestick pattern on weekly chart suggest that a down correction could be in the offing,therefore avoid long position below 12,738.60 for sure.
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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