CNX-Bank Index-Technical View-6-8-14

CNX-Bank Index closed at 15293.25 on 5-8-2014

SUPPORT: - 15267.60 / 15137.60 / 15096.10 / 15089.30 / 14933 / 14858.90 / 14857.50 / 14709.30 / 14338.65 / 14063.60 / 13414.30. 

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

 (Figures in bold are important)

Index opened firmly at 15283.60 and then made a low of 15105.90 and a high of 15343.50 for the day before closing the day at 15293.25. It has moved above the lower band of the short term DMA range today but could not close above this range and the range is between 15335—15161(it changes every day) for 6-8-14, therefore I suggest to avoid fresh long call till it closes above the short term DMA upper band ie.15335 for 6-8-14 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 but get alerted below 15161 on 6-8-14.The authentic stop loss as of now for all long trade is below 15096.10. If index moves up then it will face good resistance in the region of 15410—15550 for 6-8-14

 REMARKS:-Long term trend is still intact , avoid long calls below short term DMA upper band ie.15335 for 6-8-14 and below 15267.60 for sure for the month of August-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