CNX-Bank Index-Technical View For-30-12-14

CNX-Bank Index closed at 18528.35on 29-12-2014

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

RESISTANCE: - 18532 / 18589 / 18676.10 / 18700.70 / 18875.45 / 18923.60.

(Figures in bold are important)

Index opened on a positive note at 18589.60 and made a high of 18700.70 and  a low of 18501.05 before closing the day near the low at 18528.35.Today’s move showed some weakness therefore  fresh long call should be completely avoided  below 18600 on 30-12-14 and for those holding long call now should get alerted below  18445 and exit trade below 18330 . In fact short call can be tried if it consistently trades below 18557 with a stop loss of 18600. Going down it can find support at 18448 / 18380 / 18213 / 18045 & 17837 and moving up it will have resistance at 18590 / 18676.10 / 18700.70 /18876 & 18924.

REMARK:-  :- Long term trend is  up , I  would suggest  not to initiate any trade in last two days of the current year 2014 and only start a fresh in the year 2015.

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