A TECHNICAL VIEW ON LUX INDUSTRIES LTD-4.11.2021 (On Request)

 

LUX INDUSTRIES LTD

Open-3867.20--High-3988.80--Low-3801.25—Close-3838.90 on 3.11.2021. 

All-Time High---4350 made on 27.7.2021.

All-Time Low----536.20 made in 2016.

March-2020 Low—814.20

Recent Low---3330.55 made on 25.10.2021. 

IT IS A LOW VOLUME STOCK THEREFORE VOLATILITY COULD BE HIGH AT TIMES. 

Support:3811.05/3780/3610/3536/3459.90/3447.70/3430.05/3330.55/3290/3150/2944/2094. 

Resistance:3856.40/3875.45/3925/3939/3985.35/3988.80/4095/4142/4210/4350 

(Bold and underlined figures are most important) 

The long term uptrend is intact but it is in short term corrective mode and if it moves above 4018.30 and sustain on the closing basis then it will come out of the corrective mode. Although it is corrective mode but moving down it has bed of strong support in the range of 3571---3515---3464---3330---2832(figure may change), therefore as long as it holds 3571 chances are that it could continue the move up with intermittent correction, but break below 3515 will push it into long term correction mode, break below 3464 will put the long term uptrend in potential danger and sustained break below 2832 may end it, which may please be noted.  Similarly moving up it will encounter stiff resistance in the range of 3875---4146---4350---4525---4627---4739--4980, but if it moves above 4146 and sustain on the closing basis then it could retest its all time high of 4350 or may go beyond it also. 

In view of the above observation long trade can be tried on decline in the range of 3571---3330 with a stop loss of 3200 or if it moves above 4018.30 and sustain on the closing basis with a stop loss of 3840. 

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 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.