CNX-Bank Index-Technical View For-12-11-14

CNX-Bank Index closed at 17390.20 on 11-11-2014

SUPPORT: - 17157 / 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05.

RESISTANCE: - 17434.15 / 17490 / 17640 / 17800 & 18060.

  (Figures in bold are important)

Index opened on a flat note at 17266.25 and made a low of 17220.45 and thereafter moved up and made a new all time high of 17434.15 and closed the day at 17390.20.Technically it is still looking ok .It is moving in a channel now and today it broke the trend-line intra-day but bounced back within the channel and closed fairly above the trend-line. The range for it is between 18025---17436 for 12-11-14,and if it does not move and close above 17436 on 12-11-14 then that will be the first sign of weakness ,so some caution is advised , furthermore in last four trading days it has been moving sideways which is indicative of a big move  ahead on either side in coming days. Please note the good support for it exist at 17157 and break below this will be potential sign of weakness and significant correction. Avoid fresh long trade below 17157. Going up it will face stiff resistance at 17490 / 17640 / 17800 &17780 level.

REMARK:-  :- Long term trend is  up but traders are advised to book part profit in long trades and avoid fresh long trades below 17220 on 12-11-14

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.

Disclaimer:-The view expressed here are solely of the author and he is not at all responsible in any way for the outcome of the trade you enter based on the above view.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade