A TECHNICAL VIEW ON SHEELA FOAM LTD-6.11.2020

 

SHEELA FOAM LTD

Open-1274--High-1298--Low-1262—Close-1284.95 on 5.11.2020

Support:1276/1244.45/1222.15/1203.80/1200/1195/1177/1151.851073.20/1055.

Resistance1316/1327/1337/1350/1375/1398.95/1439.95/1474/1547.95/1571/1628/1677.30/1779.95/1850.

All Time High:--1850.

All Time Low:--850.10.

(Bold and underlined figures are most important)

It is an investment stock and not a daily trading stock, furthermore it is a very low volume stock, so it may witness good volatility. Technical setup is very weak as of now, but since it is not a trading stock but an investment stock therefore it should be bought when it is not great technically. It has huge support range of 1276---1256.50---1244---1222 and it very near to its first support point, so it can be bought here or on the decline but not below 1222 with a strict stop loss of 1190 , exit your investment it is sustain below 1190 because then it may slide further with an accelerated pace. It may give you a return of 20%--30% in six months time. Please note that you must trail your stop losses in profitable trade to maximize your returns and avoid possibility of losses. Moving up critical points would be at 1318---1377---1461----1532---1554---1667---1695.  

It is once again 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 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 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.

 

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.