CNX BANK INDEX CLOSED AT 13750.50 ON 9-5-14
Range for the week ended 9-5-14 was :- 13814.25 -- 12773.05
SUPPORT:- 13,414.30 / 13,303.60 / 13,268.60 / 13,055 / 12,738.
RESISTANCE:- 13,968 /14,170 / 14,985 / 15900.
Index has given a huge up side beak out roughly by 3% from the previous all time high of 13,414.30 made on 20.5.2013 and made a new high of 13,814.25 on 9-5-14 and closed the week near the higher end of the range,so it is in the new zone and this indicates that a huge up side is ahead in the index in days to come off course there will be in between down correction also but there is NO DOUBT THAI IT IS A BUY ON DIP MARKET FOR SURE.Going up it will face resistance at 13968 /14,170 and now the previous all time high of 13,414.30 has become strong support level for it ,so only get alerted in long trades if it breaks this level and closes below this for 3-4 days,then get out of the long trade.Kindly note that one major event of election result is lined up on 16-5-14,therefore volatility in the market could be very high and index could hugely swing both ways,so trade cautiously .DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend is up,seeing the huge up side break out in the index on 9-5-14,it is expected that the index could be in the range of 13970 -- 14,600 in the coming week but it can encounter tough resistance in the region of 13970-14170 once 14170 mark is cleared then there is no major hurdle for going up.The ideal stop loss for the long trade would be below 13,200. Since the volatility is expected to be high in the coming week hence the stop loss is wide.I reiterate once again that it is a buy on dip market.
Range for the week ended 9-5-14 was :- 13814.25 -- 12773.05
SUPPORT:- 13,414.30 / 13,303.60 / 13,268.60 / 13,055 / 12,738.
RESISTANCE:- 13,968 /14,170 / 14,985 / 15900.
Index has given a huge up side beak out roughly by 3% from the previous all time high of 13,414.30 made on 20.5.2013 and made a new high of 13,814.25 on 9-5-14 and closed the week near the higher end of the range,so it is in the new zone and this indicates that a huge up side is ahead in the index in days to come off course there will be in between down correction also but there is NO DOUBT THAI IT IS A BUY ON DIP MARKET FOR SURE.Going up it will face resistance at 13968 /14,170 and now the previous all time high of 13,414.30 has become strong support level for it ,so only get alerted in long trades if it breaks this level and closes below this for 3-4 days,then get out of the long trade.Kindly note that one major event of election result is lined up on 16-5-14,therefore volatility in the market could be very high and index could hugely swing both ways,so trade cautiously .DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend is up,seeing the huge up side break out in the index on 9-5-14,it is expected that the index could be in the range of 13970 -- 14,600 in the coming week but it can encounter tough resistance in the region of 13970-14170 once 14170 mark is cleared then there is no major hurdle for going up.The ideal stop loss for the long trade would be below 13,200. Since the volatility is expected to be high in the coming week hence the stop loss is wide.I reiterate once again that it is a buy on dip market.
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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