CNX-Bank Index- Technical View---24-12-14

CNX-Bank Index closed at 18603.75on 23-12-2014

SUPPORT: - 18532 / 18413.75 / 18356.30 / 18313.10 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45 / 17202 / 16561 / 16157 / 15973 / 15477 / 15301 / 15130.

RESISTANCE: - 18676.10 / 18875.45 / 18923.60.

  (Figures in bold are important)

Index opened on a flat note at 18746.80 and then a made new all time high of 18923.60 and thereafter started going down and made a low of 18558.50 before closing the day at 18603.75.Since it had a down day today and if this down move  continues for another 2-3 days then it can make an attempt to fill the gap it had left on 18 & 19^th Dec-14 and if it does then it can come down to 18051 level, therefore avoid fresh long call tomorrow if it trades below 18550 and for existing long positions please get alerted if it starts trading below 18430 and exit trade if it close below 18190.Going down it can find support at 18588 / 18380 / 18213 / 18045 & 17850 level and moving up it will have resistance at 18876 & 18924.

REMARK:-  :- Long term trend is  up ,Technically looking ok but since it had down day today therefore avoid long call if it trades below 18550 on 24-12-14.I would suggest to take fresh long call above 18876 only.

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

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