CNX-Bank Index-Technical View For-20-11-14

CNX-Bank Index closed at 17585.65 on 20-11-2014

SUPPORT: - 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560 / 16309.70 / 16157.05 / 15973 / 15742.05

RESISTANCE: - 17651 / 17750.25 / 18040 / 18120 / 18262 &18615.

  (Figures in bold are important)

Index opened on a positive note at 17739.20 and made a high of 17745.70 and made a low of 17557.10 before closing the day near the low at 17585.65.The up trend is still intact but since it has broken a very short term trend-line today so correction may set in, therefore avoid fresh long trade below 17557 and exit long trade if it closes below 17438 on 20-11-14.The support for it  exist at 17389 / 17202 / 17157 & 17062 and going up it will face resistance at 17651 / 17750.25 & 18040.I suggest  to take fresh long call only if it moves above 17751 and stays or after it reasonably corrects.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 17751 and stays, therefore traders are advised at least to book part here and on the rise. Avoid fresh long call below 17557 for sure on 20-11-14.

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