CNX-Bank Index-Technical View-31-10-14

CNX-Bank Index closed at 16760.05 on 30-10-2014

SUPPORT: -  16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 16776.35 / 16825 / 17060 / 17150 / 17280 .

  (Figures in bold are important)

Index opened on flat to negative note at 16606.50 and made a low of 16561.35 for the day and then went on to make new all time high at 16776.35 before closing the day near the high at 16760.05.Technically it is exhibiting all the strength and suggest that it can move up further therefore buy on dip strategy is advised but get alerted in long trade below 16300 and exit the trade if closes below 16150. Going up it can face very stiff resistance at 16825 / 17060 / 17150 & 17300 and this up rally may exhaust around these levels. Avoid fresh long trade today if it trades below 16540.TRADE CAREFULLY AND RESPONSIBLY.

REMARK:- Long term trend is still up, I suggest to buy on dip with a stop loss of close below 16150.

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