CNX-Bank Index-Technical View---19-12-14

CNX-Bank Index closed at 18326 on 18-12-2014

SUPPORT: - 18313.10 / 17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18532.90 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened with a up gap at 18238 and then made a low of 18109.35 but could not fill the entire gap going down, so the gap still exist, thereafter it moved up and made a high of 18356.30 before closing the day near the high at 18326.It is exhibiting better strength in comparison with nifty and today’s move was robust. Furthermore it has just moved above all its short term moving averages and the range for it is between 18325---18142(it changes every day) for 19-12-14.so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.I would personally prefer to wait and watch for 2 days for more clarity  before initiating any trade position. Kindly note that going up it will find good resistance at 18533 / 18676 &18876 and good support exist at 17890 & 17502.

REMARK:-  :- Long term trend is  up ,now pull back rally is on, so the aggressive trader can try long call on 19-12-14 above 18326 with a stop loss of below 18200 for a target of 18550.

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