ASHAPURA MINECHEM LTD
SECTOR: -- The Company is engaged in the mining
manufacturing and trading of various mineral and its derivative products.
Previous all-time high:-447.50 made on 2.1.2008
All-Time High:--483.20 made on 8.12.2023.
All-Time Low: -- 5.88 made in 2001.
Recent Low:-302.90 made on 20.3.2024.
Open-391.70--High-407--Low-391.55—Close-403.450 on 12.6.2024.
Support:390.25/287.50/360/351/344.25/327.40/316.85/302.90.
Resistance:405.45/410/414/421/419/430/447.50/454.30/459.25/483.20.
(Bold and underlined figures are most important)
It is shaping up well and technical setup looks good for the
continuation of the up move. Please note that it has very strong support at 360 and if it has the strength it is
not likely to break it. Moving up from here it will face very stiff resistance
points at 414—421---447.50---483.20,
sustained close above 414 & 421
will provide it good strength to extend the up move, sustained close above 447.50 may accelerate the up move and
finally sustained close above 483.20
will push it into new territory and then the upside target could be 532/556/567/595/618/666/719/776/886/1067/1157.
REMARKS:- In view of the above observation long trade can be tried now or
on decline but not below 360 with a
stop loss of 345 and can add further
position if it moves above 421 and sustain on the closing basis with a stop
loss of 408. It is expected to fetch
a return 25—30% in 3-4 months time and 60—75% or more in 11-14 months.
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 because that too keeps on
changing 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
Mobile—8240951127/9831313654.
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Thank you for sharing your views.