ION EXCHANGE ( INDIA) LTD
Open- 518.80--High—526.60 ---Low—516.60 —Close—524.50 on 14.7.2023.
Support: 439.60/418.70/411/387/374.
Resistance: 541.80/555.15/565.45/650.15/730/920/937/989/997.60/1049.20/1075/1186/1221/1247/1328/1375/1470.60.
(Bold and underlined figures are most important)
It hit a life time high of 1470.60 on 17.9.1996 and thereafter went into correction and made an all-time low bottom at 83.85 on 3.8.2001 and thereafter it steadily moved up and it seems that it has bottomed out a long ago and now bracing for a big up move.
The overall technical setup is good and indicates further rise ahead in coming days/weeks/months with intermittent correction. Its immediate critical support points are 439.60--- 411& 387 , break below 439.60 could be an alert sign but as long as it holds 411 the up move will be alive and the possible broader upside target could be 614—777—941—1143—1193. Kindly, note that if it moves above 1193 and sustain on the closing basis then it could retest its all-time high of 1470.60 or may go beyond it also. Please note that even if it breaks 411 but holds 387 it can still bounce back and move above 411, but sustained break below 387 can drag it down further.
In view of the above observation it is already up by more than 25 % from its critical price of 411 but it still has strong upside potential from here also, therefore investors can enter the stock now with a small quantity and add position on decline but not below 411 with a strict stop loss of below 387 on the closing basis. Please note that the expected return could be 45—60% or may be more in 10-12 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.
Contact me for strategic guidance to enter and
exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
