CNX-Bank Index-Technical View For-1-1-15

CNX-Bank Index closed at 18736.65on 31-12-2014

SUPPORT: - 18676.10 / 18589 / 18532 / 18413.75 / 18356.30 / 18313.10 / 18301 / 18183 / 18109.35 / 18051 / 17890.85 / 17546.70 / 17502.45.

RESISTANCE: - 18807 / 18875.45 / 18923.60 & 19235 .

(Figures in bold are important)

Index  opened on a firm note at 18659.60 and the open was the low also and thereafter it moved up and made a high of 18774.20 before closing the day at 18736.65.It ended the  year 2014 on a very positive and firm note. One can try fresh long call now with a stop loss of below 18640 and add further long position above 18780 with a stop loss of below 18720 for a target of 18875 & 18923.Those who are still holding long position should avoid fresh long position if it consistently starts trading below 18720 and get alerted in long position below 18470 and exit trade if it moves below 18400 and stays. Please avoid long call below 18413 for sure. Going up it will face resistance at 18807 / 18876 / 18923 & 19235 and moving down it will have support at 18676 / 18659 / 18589 / 18532 & 18413.

REMARK:-  :- Long term up trend is intact .Long call can be tried above 18736 with a stop loss of below 18640 for a target of 18875 & 18923.

 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.