CNX-Bank Index-Technical View For-5-1-2015

CNX-Bank Index closed at 19057.80 on 2-1-2015

SUPPORT: - 18923.60 / 18875.45 / 18736.65 / 18728.20 / 18428.10 & 18301.

RESISTANCE: - 19118.85 / 19260 / 19720 / 19770 / 20565.

(Figures in bold are important)

Index opened on a flat to positive note at 18752.20 and the open was the low also and thereafter it moved up steadily and made new all time high of 19118.85 before closing the day at 19057.80.It is exhibiting tremendous strength and technically also looking extremely good. Therefore fresh long call can be taken above 19120 with a stop loss of below 18900 for a target of 19260 & 19400.The existing long call should be held on to but get alerted in long position below 18900 and exit trade if it closes below 18700.Going up it will face resistance at 19260 / 19720 & 19770 and moving down it will have support at 18923 / 18728 & 18428.The bias is up now.

REMARK:-  :- Long term up trend is intact .Hold existing long position and can add fresh long position above 19120 with proper stop losses as mentioned above.

 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.