CNX-Bank Index closed at 18037.05 on 25-11-2014
SUPPORT: - 17546.70
/ 17389 / 17202 / 17157 / 17087 / 17060 / 17045 / 16560,
RESISTANCE: - 18140 / 18313.10
/ 18340 / 18500 / 18600 / 18655 / 19150.
(Figures in bold are important)
Index
opened on a negative note at 18261.95 and the open was the high for the day
,thereafter it gradually moved down and
made a low of 17992.50 before closing the day near the low at 18037.05.Today’s
move showed some weakness in it and indicate that it may correct from here in
coming days but uptrend is still intact ,add fresh long position only if it
moves above 18313.10 and stays or if it
reasonably corrects. Please get alerted in long trade if it moves below 17850
and exit trade if it closes below 17740 on 26-11-14.The support for it exist at
17546 & 17389 and going up it will face resistance at 18313.10 / 18340
& 18500.Seeing today’s move I would suggest to book at least part profit on
long trades.
REMARK:- :- Long term trend is
up but It is advised to avoid fresh long trade till index corrects or it moves above 18313.10 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
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