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

CNX-Bank Index closed at 17453 on 13-11-2014

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

RESISTANCE: - 17651 / 17710 / 18040 / 18120 / 18262 &18615.

  (Figures in bold are important)

Index opened with a gap up at 17645.30 and made a new all time high of 17651 and then went down and made a low 17389.65 before closing the day at 17453.Today’s movement showed weakness in it, furthermore it has broken the trend-line of the channel today which is indicative of reasonable to significant correction in coming days. I would therefore suggest to avoid fresh long call completely here below 17651 and advice to book profit on existing long trades. The range for index now is between 17651---17157 but avoid long call completely below 17380 on 14-11-14.Aggressive trader can try short call for the day also below 17380 with a stop loss of 17410 for a target of 17240.   

     

REMARK:-  :- Long term trend is  up but today’s move indicate that correction may set in therefore traders are advised to book  profit in long trades and avoid fresh long trades below 17380 on 14-11-14.

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

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