CNX-Technical View-25-7-14

CNX-Bank Index closed at 15534.35 on 24-7-2014

SUPPORT: - 15463.15 / 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: - 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 / 16367 / 16608.

(Figures in bold are important)

Index opened  weak  and moved in a 150 point range  and could not cross the previous day high of 15626.90 but closed near the  day’s high of  15559.10.Its move does not speak of strength furthermore index has been grossly under- performing off late, it has failed to cross its previous high of 15742.05 whereas nifty is making new highs. 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 15170(this figure will change every day). Your stop loss for the long trade in index is close below 15170 for 25-7-14.

 REMARKS:-Long term trend is intact, avoid long calls below 15288 & 15240 .

 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