CNX Bank Index-Technical Overview For The Week Starting From-16-6-14.

                       CNX BANK INDEX CLOSED AT 15106.90 ON 13-6-14

Range for the week ended on 13-6-14 was:-15725.80—15083.90

 Range for the month of May-14 ended on30-5-14 was:- 15742.05 -12773.05

SUPPORT:- 15083.90 / 14857.50 / 14786 / 14709.30 / 14468.10 / 14301.30 /  14063.60 .

RESISTANCE :- 15382  / 15599.75 / 15725.80 / 15742.05 / 15950 / 16410 / 16555 / 16802 / 17470 .

(Figures in bold are important)

Index went down sharply on 13-6-14 and closed the week near the lowest point of the range and in the process it has broken short term DMA and also made lower top and bottom on the closing chart, which indicates that down correction has set in and it may last for 2-3 days. The negative divergence in daily chart suggest that it could break 14793 level in this correction, going down it will find good support at 14786 / 14709 / 14468.10 / 14301.30. I expect the index to complete down correction in the range of   14460—14700 either in the second half on17-6-14 or latest by 18-6-14,to give immediate sign of regaining  momentum it has to  cross the short term DMA which is placed at 15385 for 16-6-14 and stays above that.

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 but since the index is in correction mode avoid long trade as of  now ,however one can try long calls near the good support area mentioned above with adequate stop loss.Volatility could be there so trade cautiously and DO NOT TRADE WITHOUT STOP LOSS.

 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