S.H.KELKAR & CO LTD
Open-69.20--High-69.80--Low-67.05—Close-68.75 on 10.7.2020
Support:66.10/65.10/62.55/56/47.50(All time low).
Resistance:73.10/76.20/82.10/90.60/98/106.80/120.
Critical Points moving up:--76.20 is the breakout point sustained close above can take it higher.
Critical Points moving down:--62.55, sustained break below it may drag it down to its all time low of 47.50 because in between there is no support of any bottom as of now.
(Bold and underlined figures are most important)
It made an all time high of 362.90, on 4.1.2017 and thereafter on the down move and made an all time low of 47.50 on 12.5.2020. After making all time low it started moving up and made a recent top at 76.20 on 10.6.2020 and thereafter moving sideways in a range of 76.20—62.55.
Technically it is not that great at the
present moment, it is consolidating now and either side breakout from the range
of 76.20—62.55 will decide which way it will move. Upside breakout can take it
up to 84.50---98.30---106---120 levels, similarly down break can take it down
to 56---47.50 or may be much lower. But please note that it has bed of support
in the range of 68—63, so it seems that chances of upside breakout look
reasonably good as long as it holds 62.55, therefore long trade can be tried
now or on decline but not below 62.55 in any case with a stop loss of 61.50
because sustained close below 62.55 can take it down sharply. So in overall
perspective it could move up in short term provided it holds 62.55 levels on
the closing basis.
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.
Kindly note that make your cost your stop loss in favourable 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.
Note: Price stated
here are of spot market.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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Thank you for sharing your views.