CNX-Bank Index-Technical View-5-8-14

CNX-Bank Index closed at 15242.35 on 4-8-2014

SUPPORT: - 15137.60 / 15096.10 / 15089.30 / 14933 / 14858.90 / 14857.50 / 14709.30 / 14338.65 / 14063.60 / 13414.30. 

RESISTANCE: - 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 15242.20 but could not breached the high and low of the previous day and made a high of 15326 and low of 15128.10 for the day before closing the day at 15242.35.It seems that today’s move was a pull- back of the previous day’s fall, however  It has moved above the lower band of the short term DMA range today and the range is between 15370—15165(it changes every day) for 5-8-14, therefore I suggest to avoid fresh long call till it moves above the short term DMA band ie.15370 for 5-8-14 and stays and also avoid long call below 15267.60, however those who are having long position taken at the lower level and they still want to hold the position can take that chance with a stop loss of below 15096 but get alerted below 15165.I suggest to avoid long call below 15267.60 for the month of August-14 and below 15127.80 & 15096.10 for sure for the entire remaining week.

 REMARKS:-Long term trend is still intact but avoid long calls below short term DMA upper band ie.15370 and below 15267.60.

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