CNX-Bank Index-Technical View For-2-9-14

CNX-Bank Index closed at 16012.80on 1-9-2014

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

RESISTANCE: - 16060.20 / 16146 / 16200 / 16265 / 16330 / 16413 / 16580—16720.

  (Figures in bold are important)

Index opened firmly today and the open of 15790.25 was the low for the day and thereafter it steadily moved up and made a new all time high of 16060.20 before closing the day near the high at 16012.80.It is showing good strength as of now therefore ,I suggest to buy on dip with caution at proper levels(see support & resistance points)please get alerted if it starts trading below 15850 and avoid fresh long trade below 15503 & 15448 and exit long  trade if it closes below 15351 and stays.  Kindly note that going up it will face good resistance at 16146 / 16209 & 16330 level.

.REMARK:- Long term trend is still up. I suggest to buy on dip at appropriate points with a proper stop loss. Avoid impulsive trade. I expect the index to correct downward in next 2-3 days, so be cautious in long 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