CNX Bank Index in Correction Mode

As on 7.4.2014  12,506=45

The trend is up but after making a top at 12,869.35 on 31.3.2014 it is in down correction. The support and resistance are given  here under :-

 SUPPORT :-12,486 / 12430 / 12,368 / 12249 / 12,117 / 11,989

RESISTANCE :-12,563 / 12633 / 12,743 / 12,807 / 12,869.35


REMARKS:- I feel that down correction is not yet completed although it has shed more than 350 points from the top,so long position could be avoided for now,however those who are aggressive trader who want to try long position can take a chance keeping in mind the aforesaid support and resistance level and with a strict stop-loss of 12,425. Please note that if the index slips below 12,425 and stays  then it can go in for further deep down correction and may break 12,000 level in days to come.

NOTE:-1.PRICE STATED HERE IS OF SPOT MARKET.

          2.RECOMMENDATIONS ARE VALID TILL THE STOP LOSS IS TRIGGERED.

          3.IN FAVORABLE TRADE TRAIL YOUR STOP-LOSSES FOR MAXIMUM GAIN. 

           4.TRADE CAUTIOUSLY

 Contact me for strategic guidance to enter and exit the trade

NASDAQ composite may head for big fall

Trend in NASDAQ is up but at present in a down correction mode. It has made a recent top at 4371.71 on 6th March '14 and thereafter going down making lower tops and bottoms. Strong support for index exists at 4048 | 3968 | 3990 | 3855 | 3650. Since it is falling for quite sometime and is near strong support area, so it may give a pull back rally. Going up it may face resistance at 4132 | 4220. But if it breaks 4048 and stays below that for 2-3 days, then it is expected to go in for deep down correction.

Remarks: Some technical parameters suggest that NASDAQ composite is heading for reasonable to big fall in days to come and may go down to 3791/3650 level.

Dow Looks Heavy at Top

Dow made a high of 16,588.25 on 31.12.2013 and  thereafter it made 3 attempt to to cross the said high on 2nd,3rd & 4th April 2014 ,it was successful in creating a new high on 3rd & 4th April but could not close above the aforesaid level. Although technically the trend is up but some parameters are showing sign of fatigue.It may go in for good downward correction.Going down it will find support at 16,191.77/ 16046.99/ 16006.59/ 15865/ 15703.79

REMARKS:-  Only go long in Dow if it closes above 16,588.25 and stays above this for 3-4days.Down correction  looks imminent so one can try going short with an adequate stop-loss.