CNX-Technical View For-3-9-14

CNX-Bank Index closed at 16130.55 on 2-9-2014

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

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

  (Figures in bold are important)

Index opened firmly today and made a new all time high of 16170.80 and low of 16047.30 for the day before closing the day near the high at 16130.55.It is showing good strength as of now but still under performing in comparison with nifty However ,I still suggest to buy on dip but  with caution at proper levels because I expect it to correct in next 1-2 days(see support & resistance for entry, exit and traling stop loss point) therefore please get alerted in long trade if it starts trading below 15900 and exit long  trade if it closes below 15400 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. I expect the index to correct downward in next 1-2 days.

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