CNX-Bank Index Technical Overview For The Week Starting From 9-6-14

CNX BANK INDEX CLOSED AT 15543.15 ON 6-6-14

Range for the week ended on 6-6-14 was:-15576.05--14770

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

SUPPORT:- 15148.50 / 14857.50 / 14709.30 / 14468.10 / 14301.30 /  14063 .

RESISTANCE :- 15414.05 / 15568.05 / 15576.05 /  15742.05 / 15950 / 16410 / 16555 / 16802 / 17470 .

(Figures in bold are important)

 Index closed near the highest range of the week which shows strength in it and now if it crosses 15576.05 and 15742.05 mark then it will exhibit further strength for a good up move, I expect the index to cross these levels and give a reasonable up move. I expect the index to move in the rage of 15300---16000 for the week starting from 9-6-2014.Positional trader can go long in the index   even at current rate and then add position on dips with a stop loss of 15300 for a target of 15950 and  for day trader it is advised to go long above  15576.05 only with a stop loss of 15530 for a target of  15730.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price moves up/down to gain maximum profit and avoid losses.

REMARKS:-Long term trend is up, I suggest to adopt buy on dip strategy. Please use support and resistance level as entry, exit and target 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 MARKE.
 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