CNX-Bank Index closed at 17576.80 on 14-11-2014
SUPPORT: - 17389
/ 17157 / 17087 / 17060 / 17045 / 16560
/ 16309.70 .
RESISTANCE: - 17651 / 17710 /
18040 / 18120 / 18262 &18615.
(Figures in bold are important)
Index opened on a positive note at 17460.55
and made a high of 17601.15 and made a
low of 17410.50 before closing the day at 17576.80. The range for the index is
between 17651---17203for the week starting from 17-11-14 and break on either
side will decide the further direction, the reasonable support for it exist at 17389
& 17157. Traders are advised to get
alerted in long trade below 17389 and exit trade if it closes below 17255.Going
up it will face stiff resistance at 17708 / 17842 & 17900 on 17-11-14. I
still suggest to avoid fresh long call and advice to book part profit in long
trades here and on the rise too because it seems that index is not far away
from topping out for the time being and correction sets in, therefore I would
suggest that think of fresh long trade only after index reasonably corrects
till then stay out. However aggressive trader can go long on the dip with a
stop loss of close below 17389 or if it stays above 17651 with a stop loss of close below 17610
REMARK:- :- Long term trend is
up but It is advised to avoid fresh long trade till index corrects, therefore traders are advised
at least to book part here and on the rise. Avoid fresh long call below 17389
for sure on 17-11-14.
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
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