CNX-Bank Index-Technical View For-17-11-14

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