A TECHNICAL VIEW ON INDIAN BANK—31.8.2020

 

INDIAN BANK

Open-66.25--High-70.20--Low-66—Close-68.80 on 28.8.2020

Support:60.30/58.50/57.05/56/51.

Resistance:72.95/75.30/84.90/95.50/105.75/109.70/134.50/139.65/145.70.

Critical Points moving up:--69.80---72.95---82.80---101---124---137.50.

Critical Points moving down:--64.40---62.70---61.40----58.50.

(Bold and underlined figures are most important)

It made an all-time high of 427.40 on 17.11.2017 and then moved down steadily and made an all-time low of  41.55 on 25.3.2020 after hitting the low it bounced back  and made a top of 72.95 on 23.6.2020 and thereafter moving in a range of 72.95---56. It has made a rounding bottom and in all likelihood it is going to give upside breakout from the range in coming days and then it may gain strong up momentum. After the sustained breakout the upside target could be 84.90---95.50---105.75---109.70---124---137.50. Similarly it has very strong support in the range of 64.40---61.40 and it is likely to hold the range. But sustained break below 61.40 can drag it down to 56 and break below it can take it down to near its all-time low of 41.55 or below. The technical setup as of now indicates that it is very likely to see an upsurge in the price in coming days.

 In view of the above observation short term investors can enter the stock with small quantity now and then buy on decline at appropriate points but not below 61.40 with a stop loss of 60 and can add quantity if it moves and sustain above 72.95 on the closing basis with a stop loss 69.50. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.

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

suranank@gmail.com

Mobile—8240951127/9831313654.