CNX-Bank Index closed at 15607.25 on 26-9-2014
SUPPORT: -
15568 / 15503.40 /15448.90 / 15168.40
/ 14858.90 / 14709.10.
RESISTANCE: -15740.40 / 15770.80
/ 15790.25 / 15891.75 / 15973.35 /
15982.50 / 16049.25 / 16053.90 / 16208.55
/ 16239.70 / 16272.35 /16309.70 / 16434
/ 16568 / 16634.
(Figures
in bold are important)
Index moved as envisaged (see my
post for 24-9-14) and broke the bottom of 15503.40 & 15448.90 and made a
low of 15168.40 before closing the week at 15607.25.It is clearly evident from
the last week move that index has lost the momentum and the sharp bounce back
it made from the low of 15168.40 just seems a pull back as of now and in this pull
back mode it may touch the level of 15739 / 15874 & 16024 and not expected to
go beyond this. Therefore it is sell on the rise market for sure as of now,
think of going long only if it moves above 16030 and stays for 3-4 days OR
above 16309.70.I would prefer to go long only if it moves above 16309.70 and
stays for 2-3-days.Kindly note that now if it breaks the level of 15109 and
stays then it may test the bottom of 14858 & 14709,chances of breaking the level
of 15109 looks reasonably good in coming days. Please also note that I would
avoid long call completely now but contrarian and aggressive trader can try
long call near the critical bottom at 15448 & 15168 with an adequate stop loss.
REMARK:- Long term trend is still up, but
since it below its all short term moving averages therefore long trade is
completely ruled out till it bounces back above it again and stay for 3-4 days
,on the contrary one can try short call here on the rise with a stop loss of
close above 16030. Avoid impulsive trade .
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
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