CNX-Technical View For-12-9-14

CNX-Bank Index closed at 16204.15 on 11-9-2014

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 / 16309.70 / 16340 / 16428 / 16580—16720.

  (Figures in bold are important)

Index opened with a small up gap and made a new all time high of 16309.70 and then made a low of 16166.80 before closing the day at 16204.15.Since it is still  above the short term DMA and the range is between 16123---15783(it changes every day) for 12-9-14,  therefore it is buy on dip market but with extreme caution and one should get alert in long trade if it starts trading below 16123 and exit long trade if it closes below 15783 and stays. Please note that it has recently made bottom at 16053.90 therefore I suggest to avoid fresh long call below this point for sure. Kindly note that going up it will face good resistance at16222.55 / 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  fresh long call below 16053.90 for sure. Avoid impulsive trade .

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade