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

CNX-Bank Index closed at 14986.85 on 7-8-2014

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

RESISTANCE: - 15089.30 / 15096.10 / 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  flat to negative today and  made a high of 15135.10 and low of  14956.80 for the day before closing the day near the low at 14986.85.It  is exhibiting gross weakness and indicating reasonable to big fall in coming days It is already below the lower band of the short term DMA range ,therefore fresh long call is complete avoid till it moves above the short term DMA upper band which is at 15245 for 8-8-14 and stays, instead I would suggest to try short call  on the rise because as of now it is a sell on the rise market technically

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REMARK:- Long term trend is still up but since it is  correcting downward, therefore long call is a complete avoid for now until and unless it moves above the upper band of the short term DMA range and stays or try long call only when it gives  visible sign of completion of down correction The expected region for aggressively trying the long call would be between 13850--14280.As of now ,I would suggest to try short call on the rise at appropriate level with an adequate stop loss.

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