MOTHERSON SUMI SYSTEM LTD
Closed at Rs.99.95 on
6.8.2020
Support:92.65/91.10/90/86.25/77.10/72/70.65/54.20/50.95/48.65.
Resistance:101.75/104.30/106.20/111.65/115.70/118.50/121.40/125.60/128.35/139/147.50/151.
Critical Points
moving down:-91---70----60----48.65.
Critical Points moving
up: -106.20----118.50----128.35---139---151.
(Bold and underlined figures are most important)
It is not on a very strong footing technically, furthermore it has perfect Head & Shoulder formation on the monthly chart and the neckline is at 91 and if breaches this mark and sustain on the closing basis then it could fall sharply, which may please be noted. However now it is moving sideways and consolidating in the range of 91---106.20 and breakout on the either side will decide whether it will move up or down. Short term parameter seems o.k. at this point of time therefore upside breakout looks a distinct possibility.
Since it is range bound now therefore those investor who are already having it should hold it with a stop loss of 86 and those who wish to invest a fresh can buy near 91 but not below it with the same stop loss of 86. Please note that it may pick up strong up momentum only once it crosses 106.20 marks and sustain on the closing basis. Therefore for traders it is suggested to initiate long position only if it sustain above 106.20 on the closing basis with a stop loss of 103.50.
NOTE: - It is the
technical assessment of the stock as of now, the technical interpretation
changes with the price movement and time, therefore investors are advised to
look into fundamental, financial details of the company and last but not the
least management perception for the future of the company before taking
investment decision.
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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