CNX-Bank Index-Technical View-21-8-14

CNX-Bank Index closed at 15481.70on 20-8-2014

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

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

  (Figures in bold are important)

Index opened on a positive note but the open of 15566.75 was the high also for the day, thereafter it  made a low of 15448.90 before closing the day near the low  at 15481.70.Today’s move indicate that it may correct from here for 2-3 days ,therefore I would once again reiterate that one should  take fresh long call only if it crosses 15627 and stays or near 15222, but those who are having long position taken at lower level are advised to book  profit here. Please be get alerted in long trade below 15222 and get out of the long position if it closes below 15110.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 high of 15742.05 it made on 16-5-2014..One can try short call below 15627 with a stop loss of 15650.

REMARK:- Long term trend is still up but take fresh long calls only above 15627only.Book  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