CNX-Bank Index-Technical Observation For-11-9-14

CNX-Bank Index closed at 16151.75 on 10-9-2014

SUPPORT: -16084.20 / 15982.50 / 15973.35 / 15790.25 / 15742.05 / 15740.40 / 15626.90 / 15592.80 / 15503.40 / 15448.90 .

RESISTANCE: - 16208.55 / 16222.55 / 16290 / 16340 / 16428 / 16580—16720.

  (Figures in bold are important)

Index opened on a positive note at 16173.50 and made a high of 16190.50 and then made a low of 16053.90 before closing the day at 16151.75.Since it is still  above the short term DMA therefore as of now it is buy on dip market but with extreme caution and one should get alert in long trade if it starts trading below 16090 and exit long trade if it closes below 15720 and stays. Please note that it has recently made bottom at 15891.75 therefore I suggest to avoid fresh long call below this point for sure. Kindly note that going up it will face good resistance at16208.55 / 16263 &16330.

REMARK:- Long term trend is still up, therefore ,I suggest to buy on dip but with caution and  at appropriate level with an adequate stop loss, avoid long fresh long call below 15891.75. Avoid impulsive trade .

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade