CNX-Bank Index-Technical View For-6-1-2015

CNX-Bank Index closed at 19017.40 on 5-1-2015

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 new all time high at 19155.20 and made further high of 19166 and then moved down and made a low of 18987 before closing the day near the low at 19017.40.It encountered some profit booking today but technically it is still looking good, but now fresh long call should only be tried if it moves above either 19060 or 19160 and stays for some time with a stop loss of below 18900 & 18980 respectively for a target of 19260 & 19400. The existing long call can 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  but add fresh long position only if it stays  above 19160 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.