CNX-Bank Index-Technical View For -31-7-14

CNX-Bank Index closed at 15452.40 on 30-7-2014

SUPPORT: -15399.50 / 15322.25 / 15288.80 / 15241.90 / 15162.05 / 15134 / 15089.30 / 14965 / 14858.90 / 14857.50 / 14770 / 14709.30 / 14660/ 14338.65 /  14063.60 /

RESISTANCE: - 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05.

(Figures in bold are important)

Index opened down and made a low of 15184 for the day  but moved up sharply during  later part of the 2^nd half of the day and made a high of 15470.60 before closing  the day near the high at 15452.40.It has moved above its short term DMA range today .The range of short term DMA is between 15385---15208 (these figures will change every day) for 31-7-14,therefore I suggest to avoid fresh long call below short term DMA upper band of 15385 and below lower band of 15208 for sure. The alert to avoid the long call would be below 15385 and stop loss for the long trade would be close below 15208 for 31-7-14.

 REMARKS:-Long term trend is still intact, avoid long calls below 15385.I expect huge volatility in the index today because of derivative expiry,therefore I suggest to avoid  trade today .

 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