CNX-Bank Index-Technical View-25-6-14

CNX-Bank Index closed at 15309.50 on 24-6-2014

SUPPORT:- 15083.90 / 14940.35 / 14858.90 / 14793/ 14709.30

RESISTANCE:  15373.20 / 15461.55 / 15464.85 / 15568.05 / 15725.80 / 15742.05

Index opened at 15142.35 and steadily moved up and made a high of 15341.95 for the day before closing the day near the high at 15309.50. Today’s move partially indicate that the on-going correction may be over as it has crossed its short term moving averages and also made higher bottom on the bar chart at 14940.5 but this is not enough as index has still not made a higher top & bottom closing basis ,to make higher top and bottom on line chart it has to close above 15373.20  and  hold the bottom of 14997.65 made on 20.6.14 on the closing basis , to make higher top on bar chart it has to cross 15461.55 and hold the bottom of 14940.35 made on 23-6-14.Therefore as of now one should see that index should trade above its  short term DMA till it makes higher top and bottom on line chart & higher top on the bar chat. The short term DMA are placed at 15209 &15168 for 25-6-14.Avoid long calls if index starts trading below 15168. 

REMARK:- Since there is partial indication of  completion of the on- going correction, I would suggest to avoid taking any position today, but the aggressive trader can try long call with a stop loss of  below 15168.

  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