HEG LTD
Open-1598.95--High—1654--Low-1596.10--Close-1630.35
on 30.6.2023.
Support: 1586.10/1551.40/1513/1482/1300/1275.
Resistance: 1660/1747/1760/1806/1882.35/1925/1945.75/1991/2060/2076/2125/2316/2418/2530/2580/2629/2884.40/2981.10/3144.30/3515/3700/4475/4550/4955.
(Bold and
underlined figures are most important)
After making an all-time high of 4955 on 16.10.2018 it
sharply corrected and made bottom at 409.60 on 25.3.2020 then it
had a relief rally which took it to 2629 on 5.10.2021 and then it
corrected again and made a bottom at 890.80 on 20.6.2022 and
since then it has been steadily moving up with in between short correction. The
overall chart setup now indicates that it has bottomed out and may be heading
for a big rise in coming days/weeks & months, provided it holds its key
points 1551.40 & 1482.30 on the closing basis.
Moving up from here it may face resistance at 1747---1781---1868---1945.75---2063---2146—2219---2281---2316---2418---2530---2580---2629---2682—3219---3853---4046,
it may correct at any of these points and then may resume the up move again.
Please note that if it moves above 1945.75 and sustains on the closing
basis then it may gain further strength and pick up strong up momentum and
sustained close above 2629 may see an accelerated up move and finally if
it moves above 4046 and sustain on the closing basis then it could
retest its all-time high of 4955 or may go beyond it also.
Similarly going down its critical support points could be at 1551.40
& 1482.30. Please note that if it breaks these points then it could
slip down further, looking at the technical setup now chances of breaking these
points looks slim at this point of time.
In view of the above observation it is suggested to accumulate the stock now
as it is just above 10% from its last critical points or on decline near
or within the range of 1551---1482 but not below this with a stop loss
of 1450 for a gain of 30—40% in 6--8 months time. But it
has the potential to get double or more from here in 15—18 months time
frame.
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.
For strategic
guidance to enter and exit trade.
Thanks
Contact:-
Narendra Kumar Surana
Mobile—8240951127/9831313654.
Email:-suranank57@gmail.com
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Thank you for sharing your views.