RHI MANGNESITA INDIA LTD
Open-349.90--High-350.50--Low-335—Close-336.65 on 18.11.2021.
All-Time High---407 made on 14.9.2021.
All-Time Low----22.85 made on 13.4.2012.
March-2020 low---108 made on 24.3.2020.
Recent Low---325 made on 15.11.2021.
IT IS A LOW VOLUME STOCK THEREFORE VOLATILITY COULD BE HIGH AT TIMES.
Support:332.30/330/325/320.05/317.30/293.10/268.55/260.65/229/219.95/212.60.
Resistance:341.95/348/357/362.40/375/384.95/392.50/407.
(Bold and underlined figures are most important)
It is in short term corrective mode and few important technical indicators are also weak which indicates that further fall from here cannot be ruled out, however it has strong bed of support in the range of 336.45---325.60---312---306, please note that break below 336.45 will push it into long term corrective mode, sustained break below 325.60will push it into bear market and sustained break below 306 will put the long term uptrend in potential danger and fall may accelerate below this mark. Similarly moving up it will face stiff resistance at 346 and then in the range of 372---398(range may change), please note that if it moves above 346 and sustains on the closing basis than it could make an effort to retest its all-time high of 407 or may go beyond it also but on the rise it face very tough resistance in the range of 372---398(range may change), so the up journey may not be smooth.
In view of the above observation short term investor can buy if it moves above 346 and sustain with a stop loss of 335 on the closing basis or buy on decline near 325.60 but not below it with a stop loss of below 319, please note that it would be relatively safe to try long trade above 346. However aggressive and long term investor can also try buying on decline at appropriate points or near 306 but not below it with a strict stop loss of 300 on the closing basis. I once again reiterate that long position should not be taken below 306.
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.
No comments:
Post a Comment
Thank you for sharing your views.