CNX-Bank Index-Technical View-24-7-14

CNX-Bank Index closed at 15463 on 23-7-2014

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 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened firmly today and made a high of 15626.90 and low of 15398.70 for the day before closing the day near the low at 15463.Index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty has made new high. I 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 15240 (this figure will change every day) and get out of the long trade if it closes below 15160(this figure will change every day). Your stop loss for the long trade in index is close below 15160 for 24-7-14.

 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