CNX-Bank Index-Technical View-23-7-14

CNX-Bank Index closed at 15427.35 on 22-7-2014

SUPPORT: - 15389.35 / 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 firmly today but broke previous day low of 15355.35 and made a low of 15306.35 and did not cross the previous day high of 15554.90 . Its today’s movement still suggest that avoid fresh long call below 15463.15 & 15510 for  the week and below 15288.80 & 15241.90 for the month of July-14 .Kindly get alerted if it goes below 15190 (this figure will change every day) and get out of the long trade if it closes below 15140(this figure will change every day). Your stop loss for the long trade in index is close below 15140 for 23-7-14.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market now but avoid long calls below 15463.15 & 15510 . 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