CNX-Bank Index-Technical View For-28-8-14

CNX-Bank Index closed at 15717.65.10on 27-8-2014

SUPPORT: -15626.90 / 15592.80 / 15568.05 / 15499.70 / 15267.60 / 15137.60 15089 / 14933  / 14858.90 / 14857.50/ 14709.30 / 14709.10 .

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

  (Figures in bold are important)

Index opened gap up today and made a high of 15758.85 and  filled the gap during the day and made a low of 15669.05 for the day before closing the day at 15717.65.I suggest to buy on dip with caution and avoid fresh long call below 15625.45 for sure. However those who are already having long position should get alerted if it starts trading below 15503.40 and get out of the long trade if it closes below 15290 and stays.  Kindly note that going up it will face good resistance at 15792 & 15930.

.REMARK:- Long term trend is still up. I suggest to avoid  fresh long call below15625, try fresh long call near 15290-15380 with a stop loss of below 15270.

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