CNX-Bank Index-Technical View-29-12-14

CNX-Bank Index closed at 18557.20on 26-12-2014

SUPPORT: - 18532 / 18413.75 / 18356.30 / 18313.10 / 18301 / 18183 / 18109.35 / 18051 /  17890.85 / 17546.70 / 17502.45.

RESISTANCE: - 18589 / 18676.10 / 18875.45 / 18923.60.

(Figures in bold are important)

Index opened on a positive note at 18602.55 and made a high of 18681.75 and low of 18448.60 before closing the weekend at 18557.20.Technically it is still looking good therefore existing long position could be held on to and fresh long call can be added above 18560 but please get alerted and avoid fresh long call if it breaks below 18535 &18450 and stay and exit long trade if closes below 18280. Going down it can find support at 18380 / 18213 / 18045 & 17837 and moving up it will have resistance at 18589 / 18676.10 / 18876 & 18924.

REMARK:-  :- Long term trend is  up ,Technically looking o.k therefore long call can be tried as suggested herein-above. Avoid long call below 18424 for the entire week starting from 29-12-14.

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