CNX-Bank Index-Technical View-22-7-14

CNX-Bank Index closed at 15385.95 on 21-7-2014

SUPPORT: - 15288.30 / 15241.90 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14338.65 /  14063.60 / 13885 / 13489 / 13414.30 / 12738.60

RESISTANCE: - 15463.15 / 15568.05 / 15592.80 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened with a gap up today and made a high of 15554.90 and made low of 15355.35 during the day before closing the day near the low at 15385.95. Its today’s movement suggest that avoid fresh long call below 15463.15 & 15510 during the week and below 15288.80 & 15241.90 for the month of July-14 .Kindly get alerted if it goes below 15140 (this figure will change every day) and get out of the long trade if it closes below 15114(this figure will change every day). Your stop loss for the long trade in index is close below 15114 for 22-7-14.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market now but avoid long calls below 15463.15 & 15510 and  try fresh long call near 15140-200 or above 15241.90& 15288.80 with a strict stop loss of below 15114  on closing basis for 22-7-14. 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. Use support and resistance levels as entry, exit, target and trailing stop loss points. DO NOT TRADE WITHOUT STOP LOSS

                                              Note:-PRICE STATED HERE IS OF SPOT MARKET

Contact me for strategic guidance to enter and exit the trade