CNX-Bank Index-Technical View-13-8-14

CNX-Bank Index closed at 15056.70 on 12-8-2014

SUPPORT: - 14933 / 14858.90 / 14857.50 / 14709.30 / 14709.10 / 14338.65 / 14063.60 / 13414.30. 

RESISTANCE: - 15137.60 / 15267.60 / 15499.70 / 15568.05 / 15592.80 / 15626.90 / 15725.80 / 15742.05/ 15930 / 16308 /.

 (Figures in bold are important)

Index opened firmly at 14943.80  and made a high of 15078.10 and low of 14850.15 for the day before closing the day near the high at 15056.70.Today’s up move was not supported by the volumes therefore it seems that it may not sustain this move for long, however it has just moved above the lower band of the short term DMA today  and the range is between 15211—15019(it changes every day) for 13-8-14, therefore I still suggest to avoid fresh long call till it moves above the short term DMA upper band ie.15211 for 13-8-14 and stays above it for 2-3 days. 

 REMARKS:-Long term trend is still intact but avoid long calls below short term DMA upper band ie.15211 for 13-8-14. 

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