CNX-Bank Index-Technical view---22-12-14

CNX-Bank Index closed at 18478.90on 19-12-2014

SUPPORT: - 18413.75 / 18356.30 / 18313.10 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18533 / 18676.10 / 18875.45.

  (Figures in bold are important)

Index opened today with a up gap at 18545.70 and made a high of 18563.60 and low of 18413.75 before closing the day and weekend at 18478.90.Please note that it has left two gaps in a row moving up in last two days and if it makes an attempt to fill these gaps then it can come down to 18051 level, chances of which are distinct at least in next 2-3 trading session and it does not fill the gap in this period then when it fill the gap cannot be said, so be watchful.

 It is looking good on the chart and it is above its short term moving averages range and the range for it is between 18340---18170(it changes every day) for 22-12-14 therefore long position can be carried on but one should get alerted in long position if it starts trading below 18340 and exit trade if it closes below 8170. Going up it will find good resistance at 18564 / 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 above 18347 with a stop loss of close below 18170.

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