CNX BANK INDEX CLOSED AT 15285.50 ON 23-5-14
Range for the week ended on 23-5-14 was:-15362.55 -14857.50
SUPPORT:- 15080 / 14857.50 / 14468 / 14301 / 14240 / 14063 .
RESISTANCE :- 15363 / 15742.05 / 15920 / 16550 / 16569 / 16750
Index consolidated during the week and moved in the range of 505 points and gave down correction also on closing basis and made a closing bottom of 14952.10 on 21.5.14,so as of now it is a strong support for it,if it closes below this mark then it will indicate further down correction and finally if it breaks 14857.50 and stay below this then deeper correction will set in and that might take index down to 14300 level.Since the index closed the weekend near the higher range it is expected that week starting from 26-5-14 will give reasonably good up move and the expected range for the week could be 14950--15900.Needles to mention that it is a buy on dip market and your stop loss for the long trade should be below 14952 on closing basis and below 14857 on intra day basis.Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend is up,therefore buy on dip strategy is advised.Kindly smartly use support and resistance levels as entry,exit and target points.
Please also note that make your cost your stop loss in favorable trade to avoid loss and then trail it as the price moves up to gain maximum profit .
Range for the week ended on 23-5-14 was:-15362.55 -14857.50
SUPPORT:- 15080 / 14857.50 / 14468 / 14301 / 14240 / 14063 .
RESISTANCE :- 15363 / 15742.05 / 15920 / 16550 / 16569 / 16750
Index consolidated during the week and moved in the range of 505 points and gave down correction also on closing basis and made a closing bottom of 14952.10 on 21.5.14,so as of now it is a strong support for it,if it closes below this mark then it will indicate further down correction and finally if it breaks 14857.50 and stay below this then deeper correction will set in and that might take index down to 14300 level.Since the index closed the weekend near the higher range it is expected that week starting from 26-5-14 will give reasonably good up move and the expected range for the week could be 14950--15900.Needles to mention that it is a buy on dip market and your stop loss for the long trade should be below 14952 on closing basis and below 14857 on intra day basis.Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS.
REMARKS:-Long term trend is up,therefore buy on dip strategy is advised.Kindly smartly use support and resistance levels as entry,exit and target points.
Please also note that make your cost your stop loss in favorable trade to avoid loss and then trail it as the price moves up to gain maximum profit .
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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