CNX-Bank Index-Technical View For-27-8-14

CNX-Bank Index closed at 15624.10on 26-8-2014

SUPPORT: -15592.80 / 15568.05 / 15499.70 / 15267.60 / 15137.60 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 / 

RESISTANCE: - 15626.90 / 15725.80 / 15742.05 / 15817.55 / 15865.30 / 15973.35 / 16308 /.

  (Figures in bold are important)

Index opened gap down today and made a low of 15503.40 and thereafter moved up and filled the gap and made a high of 15674.55 for the day before closing the day at 15624.10.It has closed below the previous day’s low today therefore still showing some sign of weakness, therefore I would suggest to be cautious in long trade and avoid fresh long call below 15625.45 for sure. However those who are already having long position should get alert if it starts trading below 15448 and get out of the long trade if it closes below 15274 and stays.  Kindly note that going up it will face good resistance at 15750 & 15890.

REMARK:- Long term trend is still up. I suggest to avoid fresh long call below 15625, try fresh long call near 15270-15350 with a stop loss of below 15250.

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