MAHARASTRA SEAMLESS LTD
Open-239.90--High-259.80--Low-238.30—Close-249.75
on 21.8.2020
Support:246.70/240.25/228.65/219.05/210/204/193.65.
Resistance: 251.90/275/288/396.50/407/421.15/429.05/447.65.
Critical Points moving up:--251.90---285---316---347---385---395---440---447.65.
Critical Points moving down:--246.70---240.25---219.05---210---193.65.
ALL TIME HIGH: 755 made on 2.7.2007/ ALL TIME LOW:-6 made on 29.7.1998
Recent High: 552 made on 11.1.2018/Recent Low:-184.65 made on 27.4.2020
(Bold and underlined figures are most important)
After making recent low of 184.65 it made a top of 251.90 on 9.7.2020 and thereafter was moving in a range of 251.90---193.65 till 20th August-2020. But it gave an upside breakout from the top of 251.90 on 21.8.2020 but it could not sustain above it and closed lower. Please note that if it holds its critical points of 246.70 &240.25 on the downside and move above 251.90 again and sustain on the closing basis then it is surely going to surge ahead in coming days. The possible targets above 251.90 could be 268---285---316---347---385---395—440. The overall technical setup as of now indicates that it is going to move up in coming days.
In view of the above observation short term investors can enter the stock now with small quantity and then add on decline at appropriate points but not below 240.25 with a stop loss of 235. Please note that if stop loss is triggered then investor can re-enter the stock once it bounce back above 251.90 again on the closing basis with a stop loss of 245. I once again repeat that the technical parameters as of now indicate that the up move may be ahead in all likelihood. It is strongly suggested to trail your stop losses (with the help of support levels mentioned above) in the profitable trade to avoid losses completely. PLEASE NOTE THAT IT IS PURELY A TECHNICAL BUY CALL. DO NOT TRADE OR INVEST WITHOUT STOP LOSS.
NOTE: - It is the technical assessment of the stock as of now, the technical
interpretation changes with the price movement and time, therefore 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 favourable 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.
