CNX-Technical View For-16-9-14

CNX-Bank Index closed at 16167.55 on 15-9-2014

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

RESISTANCE: - 16208.55 / 16222.55 / 16254.25 / 16309.70 / 16340 / 16428 / 16580—16720.

  (Figures in bold are important)

Index opened on a negative note at 16158.65 and made a high of 16239.70 for the day and then went down and made a low of 16106.05 before closing the day at 16167.55.It is just  above the upper band of the short term DMA and the range is between 16163---15900(it changes every day) for 16-9-14,  therefore one can still  buy  but with extreme caution and get alerted in long trade if it starts trading below 16150 and exit long trade if it closes below 15900 and stays.Since it is very close to the upper band of the short term moving averages I would suggest to wait and watch for 1-2 trading session for initiating fresh long trade.  Please note that it has recently made bottom at 16049.25 therefore  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, but since it is very near the upper band of the short term moving averages, therefore I suggest to wait  and watch for 1-2 trading session to take any trading call  . Avoid impulsive trade .

Note: Price stated here is of spot market

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