CNX-Bank Index-Technical View For-30-7-14

CNX-Bank Index closed at 15212.15 on 28-7-2014

SUPPORT: - 15134 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770  / 14709.30 / 14660/ 14338.65 /  14063.60.

RESISTANCE: - 15241.90 / 15272.45 / 15288.30 / 15322.25 / 15399.50 / 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05.

(Figures in bold are important)

Index opened firmly at 15399.50 and gradually moved down and made a low of 15162.05 for the day before closing the day near the low point. It has violated short term moving averages today and closed just above the lower band of the DMA range which shows gross weakness in it .

The range of short term DMA is between 15375---15201 (these figures will change every day) for 30-7-14, therefore I suggest to avoid fresh long call below short term DMA lower band of 15201for sure and think of taking a long call only if closes above the short term DMA’S upper band and stays. The stop loss for the long trade on 30-7-14 would be close below 15201.

 REMARKS:-Long term trend is still intact, avoid long calls for now,aggressive trader can try short call  at appropriate levels  with an adequate stop loss.

 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