CNX-Bank Index-Technical View For-4-9-14

CNX-Bank Index closed at 16110 on 3-9-2014

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

RESISTANCE: - 16208.55 / 16265 / 16330 / 16413 / 16580—16720.

  (Figures in bold are important)

Index opened with up gap  today but filled the gap immediately and made a new all time high of 16208.55 and low of 16048.10 for the day before closing the day  at 16110.It is still showing reasonable strength but today’s move showed some tiredness in it, therefore a correction may be round the corner . However it is still buy on dip  but  with caution (see support & resistance for entry, exit and traling stop loss point) and please be get alerted in long trade if it starts trading below 15950 and avoid fresh long trade below this point and  exit on going long  trade if it closes below 15440 and stays.  Kindly note that going up it will face good resistance at 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 because a down correction may be round the corner.

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