CNX-Bank Index closed at 17262.40 on 10-11-2014
SUPPORT: - 17087
/ 17060 / 17045 / 16560 / 16309.70 / 16157.05 /
15973 / 15742.05
RESISTANCE: - 17425.20 / 17490 / 17640 / 17800 & 18060.
(Figures in bold are important)
Index opened on a flat to positive
note at 17364.65 and made a high of 17412 and then made a low of 17202.20 for
the day before closing at 17262.40 but could not cross the high of 17425.20 it
made on 5-11-14 coming so close to it, today’s
move showing some sign of fatigue in the
index and indicate that correction may be round the corner in it. Technically
it is still OK. but as it is moving in a channel and the range for it is
between 17950--17245(it will move up every day) for 11-11-14 and break out on
either side will decide whether the rally will continue or correction will set
in, since it is near the lower range of the channel therefore caution is
advised on long trade because it may correct from here and if correction sets in it could be significant
one, therefore it is advised to book at least part profit in long trades here. It will give first sign of weakness and
of impending correction if it breaks the channel lower range of 17245 and stays
below it. Avoid long trade completely if it consistently starts trading below 17045. Going up it will face
stiff resistance at 17490 / 17640 /
17800 &17780 level.
REMARK:- :- Long term trend is
up but traders are advised to book part profit in long trades and avoid
fresh long trades below 17190 on 11-11-14.
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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