CNX-Bank Index closed at 15541.60 on 16-10-2014
SUPPORT: - 15503.40 / 15392.25 / 15370.70 / 15301.65 / 15168.40 / 15130.35 / 15109 / 14858 / 14709 /
14670 / 14338.
RESISTANCE: - 15592.80 /15626.90 /15725 /15742.05 / 15795.65 / 15843.70 / 15973.35 / 16208.55 /
16272.35 / 16309.70.
(Figures in bold are important)
Index
opened on a negative note at 15690.35 and made a high of 15836.15 and then went down sharply and made a low of 15477.07 before closing the
day at 15541.60.It could not sustain above the short term DMA upper band on the
2nd day and fell but still
within the band and above the short bottom of 15301.65 it made on 13-10-14. The
short term DMA range is between 15690—15487(it changes every day)for
17-10-14.It is looking better in comparison with nifty but I would initiate trade in it only ,long trade
if it moves above the short term DMA upper band and stays for 3-4 days or short trade if it breaks the recent bottom
of 15301.65 and stays ,therefore for me it is wait and watch till it gives break
on either side and stays. The aggressive trader can try long call now or on the
dip with a stop loss of close below 15300.
REMARK:- Long term trend is still up, I
would suggest to wait and watch for at least 2 -3 trading days before initiating any trade in it.
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
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