CNX-Bank Index-Technical View-20-8-14

CNX-Bank Index closed at 15524.65on 19-8-2014

SUPPORT: - 15499.70 / 15267.60 / 15144.75 / 15137.60 / 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 / 14338.65 / 

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

  (Figures in bold are important)

Index opened on a positive note and made a low of 15469.85 and high of 15624.35 before closing the day at 15524.65.As of now the bias is on the up side but I would suggest to take fresh long call only if it crosses 15627 and stays, therefore those who are having long position taken at lower level are advised to book part profit here. Please get alerted in long trade below 15217 and get out of the long position if it closes below 15092.It is needless to mention here that the index has been grossly under-performing off late in comparison with nifty whereas nifty is making new high’s but it is yet to surpass the previous high of 15742.05 it made on 16-5-2014..Be circumspect in long trade.

REMARK:- Long term trend is still up but take fresh long calls only above 15627.Book part profit on already initiated long calls.

Kindly note that make your cost your stop loss in favorable trade and then trail it as the price move 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