CNX-Bank Index-Technical View For-31-12-14

CNX-Bank Index closed at 18647.55on 30-12-2014

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

RESISTANCE: - 18676.10 / 18700.70 / 18875.45 / 18923.60.

(Figures in bold are important)

Index opened on a positive note at 18573.25 and made a high of 18671.95 and a low of 18428.10 before closing the day at 18647.55.I would advice intra-day trader to take fresh long call only if it moves above 18710 and stay and for those who are still holding long call now should get alerted below 18500 and exit trade below 18350. Short call can be tried if it consistently trades below 18500 with a stop loss of 18540. Please note that  long call should be avoided for sure below 18424 for the entire week. Going down it can find support at 18589 / 18528 / 18428 / 18380 / 18213 / 18045 & 17837 and moving up it will have resistance at 18676.10 / 18710 /18876 & 18924.

REMARK:-  :- Long term trend is  up , I suggest  not to initiate any trade in last  day 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.