MULTI COMMODITY EXCHANGE OF INDIA LTD
Open-1942--High-1965.55--Low-1903—Close-1952.80 on 11.11.2021.
All-Time High---2135 made on 14.10.2021.
All-Time Low----238.15 made on 19.8.2013.
Recent Low---1432.30 made on 6.4.2021.
Support:1875/1847.90/1797.70/1750/1690/1632.20/1575.15/1510/1471/1450/1432.30.
Resistance: 1995/2044/2135/2150/2275/2327/2446/2471/2591.
(Bold and underlined figures are most important).
It is in a long term uptrend as long as it holds the range of 1750---1743---1708---1687---1565(underline figures may increase or decrease marginally every day depending on the price movement). Please note that break below the range of 1750---1743---1708 will be an alert sign, break below 1687 will push it into long term correction mode and sustained break below 1565 will put the long term uptrend in potential danger.
Long term uptrend is intact as of now but it is in short term correction mode and it could come out of it if it closes above 1969.20 and sustain, however as long as it holds 1750 chances are that it could move up and if it moves above 2035 and sustain on the closing basis the it could retest it all-time high of 2135 or may go beyond it also.
In view of the above observation for traders, it is suggested to try long trade if it moves above 1969.20 with a stop loss of 1875 and for the investor it is suggested to accumulate on decline in a staggered manner but not below 1708 with a strict stop loss of 1550 on the closing basis. I once again repeat that avoid buying below 1708. The overall technical setup looks good for the continuation of the up move as of now.
NOTE: - It is a technical assessment of the stock as of now, the
technical interpretation changes with the price movement and time, therefore it
has to be reviewed at regular intervals, furthermore investors are advised to look into
fundamental, financial details of the company and last but not the least
management perception for the better 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
Mobile—8240951127/9831313654.
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Thank you for sharing your views.