COAL INDIA LTD
PREVIOUS ATH---447.10 MADE ON
5.8.2015
NEW ATH --- 487. 60 MADE ON
16.2.2024
CMP --- 458. 60 ON 7.3.2024.
It had given an upside breakout on 6.2.2024 from its previous all-time
high of 447.10 after 8 year 6 months and hit a new all-time high of 487.60 and thereafter it corrected but now it is above the breakout
point of 447.10 again, which is a
very bullish sign, please note that if it sustains above it on the closing
basis then the upside target could be 487.60/532/559/616/672/700/785.
It is in the new territory, therefore likely to continue the up move with
intermittent corrections. Similarly moving down if it holds 442 it seems that up move may continue
and in worst case scenario if it holds the range of 382.50---376 on the closing basis then the chance of up move will still
be alive but sustained break below 376 can
drag it down. It is suggested to avoid long trade below 447.10 but can be tried on the sharp decline near or within the
range of 382---376 with a stop loss
of 370.
The authentic stop loss for the long trade now would
be below 427.95 or say 423 and the short stop loss could be 435(it could be risky).
IMPORTANT NOTE: -- IT IS IN THE NEW ZONE THEREFORE LOOKS HIGHLY BULLISH AND LIKELY TO CONTINUE THE UP MOVE, BUT PLEASE NOTE THAT MOST OF THE ACCIDENT DO HAPPENS IN THE NEW ZONE ONLY.THEREFORE IT IS SUGGESTED TO RIDE THE RISE IN THE LONG TRADE WITH AN EXTREME CAUTION AND ALERT.
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
technically reviewed at regular intervals.
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.
Thanks
Narendra
Kumar Surana
Mobile—8240951127/9831313654.
Email--- suranank@gmail.com
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