ESCORTS LTD
Open-1790.10--High-1826.60--Low-1785.05—Close-1802.55 on
23.11.2021.
All-Time High--- 1831.30 made on 22.11.2021.
All-Time Low----30.50 made in 2008.
March-2020 low---526.05 made on 19.3.2020.
Recent Low--- 1415.25 made on 17.9.2021.
Support:1666.35/1588.80/1571.90/1468.45/1441/1422/1415.25/1389/1352/1288.
Resistance:1831.30/1979/2031/2065/2395/2660.75/2940.
(Bold and underlined figures are most important).
It is in a very strong uptrend and likely to move up further with intermittent correction, but please note that break below 1659(figure may change) will push it into very short term correction mode, break below 1621 will weaken it further and break below 1499 & 1406.30(figures may change) will push it into medium and major long term correction mode which may be kept in mind. It is important to mention here that moving down it will have two lair of critical support range of the long term moving averages, 1st lair is placed between 1473---1383 and the 2nd lair is placed between 1382---1293(the range will inch up every day, therefore it has to be reviewed at regular intervals) for 24.11.2021 sustained break below 1st lair will be an alert sign to exit long trade and sustained break below the 2nd lair will put the long term uptrend in potential danger.
It is important to mention here that it has
made triple top in the range of 1824.95—1831.30 in the last three days and if
it does not cross this range and sustain then it may correct from here.
In view of the above observation long trade is suggested if it moves above 1831.30 and sustain with a stop loss of 1780 or on decline near or within the range of 1666.35---1659----1621 but not below it with a stop loss of 1580. I once again repeat that it is in a very strong uptrend now but the market sentiment is very weak, therefore one should be very alert and careful in the long trade at this point of time and trade with strict stop loss only.
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 future growth 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.
Very informative and detailed. Just wanted to know what SL one should keep in case one initiates a long trade around the 1750-1775 range.
ReplyDeleteThnks in advance.