CNX-Bank Index-Technical View For The Week Stating From-21-7-14

CNX-Bank Index closed at 15389.45 on 18-7-2014

Range for the week ended 18-7-14 was :-15463.15----14338.35

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 after making a low of14338.65 on14-7-14 moved steadily up during the week and made a high of 15463.15 on 18-7-14 before closing the week near the high at 15389.45. It seems that bottom of index is in place at 14338.65 for now and its movement suggest long call in it above 15241.90 & 15288.80, avoid fresh long call below this but hold long call if one already having it, get alerted in long call if it goes below 15129(the figure will change every day) and get out of the long trade if it closes below 15020(the figure will change every day) and re-enter only if it move again above its short term DMA range which is between 15129—14987 for 21-7-14. Your stop loss for the long trade in index is close below 15020 for 21-7-14. Kindly note that index will face tough resistance in the range of 15700-15742.

 REMARKS:-Long term trend is intact, therefore it is buy on dip market now and one can take long call above 15288.80 with a strict stop loss of below 15020 on closing basis for 21-7-14. 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