CNX-Bank Index-Technical View

CNX-Bank Index closed at 16194.55 on 22-9-2014

SUPPORT: -16152.50 / 16052.55 / 16049.25 / 15982.50 / 15973.35 / 15891.75 / 15790.25 / 15770 / 15742.05 / 15740.40 / 15626.90 / 15592.80 / 15503.40 / 15448.90 .

RESISTANCE: -  16208.55 / 16239.70 / 16309.70 / 16434 / 16568 / 16634.

  (Figures in bold are important)

Index opened on a negative note and made a low of 116021.15 and thereafter  moved up and made a high of 16272.35 for the day before closing the day at 16194.55.It is showing positive movement but it has to cross the level of 16309.70 and stay to give further sharp up move. Since it above all its short term moving averages therefore I suggest to buy on dip but get alerted in long trade below 16112 and exit long trade if it closes below 15966 and stays. Kindly note that going up it will face good resistance at 16309.70 / 16434 & 16634.

REMARK:- Long term trend is still up , therefore I suggest to buy on dip  with a stop loss of close below 15966. 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