TATA
ELXSI LTD
Open—6128.85--High—6243.95--Low—6123—Close—6194.60 on 1.3.2023.
Support: 6089/5990/5782/5709.05/5700/5613.95/5555.55/5340/5263.40/4750/4601/4373/4107/3868/3555
Resistance: 6285.90/6317.35/6382/6432/6730/6825/7123/7195/7636/7833/7964/8015/8330/8480/8685/8822/9059/9270/9420/9985/10760.
(Bold and
underlined figures are most important)
FOR TRADERS
The overall technical setup is terribly
weak now and it is into deep corrective mode as it is way below its threshold
point of 8339 and most importantly
it is into bear market territory as it is well below its threshold point of 8608, furthermore it is also below its
two critical points of 6317.35 & 6285.90(valid
for 2023) which is concerning and if it remains below these points, it can
drag it down further from here. Please note that sustained break below 6089 can trigger fresh fall and
sustained break below 5709 may witness
an accelerated fall. Therefore safe traders should avoid long trade till correction
completion sign emerges. However aggressive traders can try long trade if it
moves above 6317.35 and sustain on
the closing basis with a stop loss of 6200
or more authentic stop loss of 6050 or
going down at important support points
(see the support level mentioned above) with a self defined stop losses for
pullback gains. But please note that even after moving above 6317.35 nothing much may not happen
because to gain strong foothold technically for the up momentum it has to move
up way above from the present levels , chances of which seems bleak in near term. Since it is in corrective mode therefore it is
suggested to adopt sell on the rise or sell on the price breakdown strategy
till it gives visible sign of correction completion.
FOR
INVESTOR
Kindly note that it is a good pedigree
stock and one can get these types of stock cheaper only when they are
technically weak. It is therefore suggested to accumulate the stock in a
staggered manner on every deep decline day with time horizon of 3-5 years for decent gains. Moving down
the good buying points could be at 5709---5629---4450---3650---2925---2550.
For example one can initiate buying with 5%
of the designated investment amount for the stock near 5709, 10% amount near 5629 and so on; it is suggested to
increase the buying % on a very
steep decline. It is important to mention here that as of now the range of 4000--3600 seems to be the worst price
range for the stock on decline, but if it break 3600 and sustain then it could come down to 3200 & 2550 or lower ,which may please be noted. Therefore it
is suggested to structure your investment with due caution.
NOTE: - It is a technical assessment
of the stock as of now, the technical interpretation changes with the price
movement and time; therefore it needs periodic updating, which may please be
noted.
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.
