CNX-Bank Index-Technical View For-24-11-14

CNX-Bank Index closed at 18056.30 on 21-11-2014

SUPPORT: - 17546.70 / 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560,

RESISTANCE: - 18140 / 18240 / 18340 / 18500 / 18600 / 18655 / 19150.

  (Figures in bold are important)

Index opened with a gap up at 17767.75 and made a low of 17716.65 and thereafter went on to make a new all time high of 18139.95 before closing the day at 18056.30.It gave a robust move today but the gap still exist and if it try to fill the gap in coming 2-3 days it can come down to 17681. The up trend is still intact but add fresh long position only if it moves and stays above 18140 and get alerted in existing long trade below 17790 and exit long trade completely if it closes below 17570 on 24-11-14.The support for it exist at 17546 & 17389 and going up it will face resistance at 18140 / 18240 / 18340 & 18500.I would suggest to book some profit after every reasonable rise, aggressive intra-day trader can take long call above 18060 with a stop loss of below 17940 for a target of 18140 / 18240 & 18340.

REMARK:-  :- Long term trend is  up but It is advised to avoid fresh long trade till  index corrects or it moves above 18140 and stays, therefore traders are advised  to book part here and after every reasonable rise.

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