CNX-BANK INDEX---Technical View For---18-2-2015

CNX-Bank Index closed at 19189.95 on 16-2-2015

SUPPORT: - 19166 /18923.60 / 18736.65 / 18728.20 /18428 / 18226 / 18211.50 / 18183 / 17890 / 17502.45.

RESISTANCE: - 19445 / 19568 / 19778.95 / 19844 / 19884 / 19992 / 20275 / 20610 / 20907.55. 

 (Figures in bold are important)

Index opened with a up gap at 19518.85 and made a high of 19532.70 and thereafter made a low of 19127.15 while making low it has filled the gap also and finally closed at 19189.95 about 180 points lower than its previous close, whereas Nifty & BSE-Sensex have closed marginally up today. Please note that it is not exhibiting the same strength technically at all as Nifty & BSE- Sensex is showing if fact it is showing weakness, furthermore going up it will face tremendous hurdles in the range of 19500---19884.I would therefore suggest to exit long trade now and try it only if it moves above 19575 and stays or near its critical support level of 18923 & 18728 with a stop loss of below 18850 & 18780 respectively but note that below 18728 fresh long call should be completely avoided. Aggressive intra- day trader can try short call below 19160 with a stop loss of above 19240 on 18-2-2015.

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARK:- Long term up trend is still intact. I would advice to exit long trade now and try it only at suitable level as suggested above. Short call can be tried on 18-2-2015 as suggested 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.