CNX-Technical View-14-8-14

CNX-Bank Index closed at 14910.90 on 13-8-2014

SUPPORT: -  14858.90 / 14857.50 / 14709.30 / 14709.10 / 14338.65 / 14063.60 / 13414.30. 

RESISTANCE: - 14933 / 15078.35 / 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 on a negative note and made a high of 15078.35 and low of 14843.80 for the day before closing the day near the low at 14910.90.It could not stay  above the lower band of short term DMA range and breached it today, the range is between 15212—14985(it changes every day) for 14-8-14, therefore I still suggest to avoid fresh long call till it moves above the short term DMA upper band ie.15212 for 14-8-14 and stays above it for 3-4 days. Since index is showing gross weakness therefore I would suggest to try short call on the rise with an appropriate stop loss   

 REMARKS:-Long term trend is still intact but avoid long calls below short term DMA upper band ie.15212 for 14-8-14. One can try short call on the rise.

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