CNX-Bank Index-Technical View For-13-11-14

CNX-Bank Index closed at 17587.05 on 12-11-2014

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

RESISTANCE: - 17640 / 17710 / 18040 / 18120 / 18262 &18615.

  (Figures in bold are important)

Index opened with a gap up at 17461.45 and made a low of 17453.45 and thereafter moved up steadily and made a new all time high of 17635.90 and closed the day at 17587.05.Technically it is showing good strength ,but since It is moving in a channel now and the range for it is between 18150---17545 for 13-11-14,so caution is advised here as it is so close to the trend-line of the channel and if it breaks 17545 level and close below it on13-11-14 then it will be the first sign of weakness,  Please note the good support for it exist at 17275 & 17157 and break below these levels will be potential sign of weakness and possible correction, so traders are advised to book part profit on long trade on the rise .The stop loss for long trade now is close below 17275 for 13-11-14. Avoid fresh long trade below 17157 for sure. Going up it will face stiff resistance at 17640 / 17710 & 18120 level.

REMARK:-  :- Long term trend is  up but traders are advised to book part profit in long trades on the rise and avoid fresh long trades below 17275 on 13-11-14.

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