A TECHNICAL VIEW ON GOA CARBON LTD-26.8.2023

 

GOA CARBON LTD

FINANCIAL DATA

SECTOR: -- Petrochemical Company--manufacturer of Calcined Petroleum Coke,It is used to make anodes for the aluminium, steel and titanium smelting industry. 

                            F.Y-2022-23          MAR-2023 Qtr          JUNE-2023 Qtr

Sales:-                 1364.36Cr               316.03cr                   382.17cr                      

Net Profit:-             80.75cr                    5.29cr                     12.59cr

E.P.S:-                       88.24                       5.78                        13.76   

Cash-E.P.S:-             90.63                       6.38                        14.40

O.P.M:-                    11.48                       6.84                          7.11

N.P.M:-                       5.92                       1.67                          3.29

Equity: - 9.15 cr,Face Value:-10,Book Value:-203.28, Price/Book:-2.56,Dividend Yield:-3.36,Share Holding Pattern:- Promoters—59.72%  & Public---40.28%, Market Cap:-476cr.

TTM (E.P.S):-86.17(+51.24), TTM (PE):-6.04, Sector (PE):--14.29

Data Source: - www.bseindia.com & www.moneycontol.com. 

All-Time High:--1215 made on 15.1.2018.

All-Time Low: -- 36.60 made on 28.11.2008.

Recent Low:-108.60 made on 26.3.2020. 

Open-526.75--High-529.95--Low-517—Close-520.45 on 25.8.2023. 

Support:517.25/498.60/486/473.95/457.60/452.40/434/414.45/405/388/370/320.

Resistance:526/536.40/542.40/573.60/585.95/614.85/619/624.40/661.80/682.80/761.10/783/790.05/874/954/994/1034/1079/1215. 

(Bold and underlined figures are most important) 

It made its all-time high of 1215 on 15.1.2018 and thereafter it corrected with in between relief rallies and made a final bottom of 108.60 on 26.3.2020. The correction lasted for 5 years & 2 months, which is a long period. Please note that it made bottom at 108.60 but it gave confirmation of bottoming out at 199.30 on 28.9.2020 and since then it has been consolidating and steadily moving up with intermittent correction from time to time. Therefore looking at the overall technical chart setup now, it seems that it has bottomed out for good long time back and may be heading for a moderate to big rise in coming months/years provide it moves above its critical resistance points as mentioned below and sustain. It may take some time to catch up the strong up momentum. The trend is up. 

Moving down from here it has strong and critical supports points at 498.60---457.60—452.40---405---388---370---343. Please note that if it has the strength then going down it should not break 457.60 & 452.40 on the closing basis and if it breaks it then the last potential support range would be at 388---370---343(figure may change) and as long as it hold 388 & 370 chances of up move will be alive and finally break below 343 will severely threaten the long term uptrend. 

Similarly moving up it will face strong resistance at 526---544.05---585.95---619---682.80 (thereafter see the resistance points mentioned above) if it closes above 526 and sustain then it will gain strength and it may pick up good up momentum once it moves above 585.95 and sustain on the closing basis but the real upside fireworks may begin once it closes above 682.80 and sustain. 

In view of the above observation, it is suggested that investors can accumulate the stock now and on the decline at appropriate support points and for very short term and risk averse investors the stop loss would be 490 as of now, for 6-8 months time frame investors stop loss would be 445 and for 15—24 time frame investors the stop loss would be 360. I once again reiterate that if it has the strength then it should not break 452.40 on the closing basis. It has good upside potential and can give 50% return in 6-8 months and it could double from here or more in a time frame of 15--18 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

suranank@gmail.com

Mobile—8240951127/9831313654.

 

A TECHNICAL UPDATE ON CNX-NIFTY—28.8.2023

 

CNX-NIFTY

 Open-19297.40--High—19339.55-Low-19229.70--Close-19265.80 on 25.8.2023.

Support:  19253.60/19245/19234.40/18887.60/18646.70/18555.40/18464.55.

Resistance: 19296.45/19300/19303.60/19361.75/  19465/19467.50/19482.75/19523.60/19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened with a down gap and broke its critical range of 19303---19253.60---19245 intraday but at the end of the day managed to close a shade above its key point of 19253.60 & 19245 with a loss of 120.90 points but near the lower end of the week and below previous day’s low, which is highly concerning. It is already into short & medium term corrective mode for earlier gain, it is also into short correction mode for its recent rise as it is well below its threshold point of 19506.37(figure may change) and it is also below its pullback threshold point of 19410(figure may change) therefore chances of an up rally has lessened if it remains below it. The short term technical setup is weak and the technical indicators on the daily chart are also giving dicey signals some looking positive one day and turning negative next day but giving weak sign on the weekly chart which is concerning and to top it all the price action is very weak, therefore all together it is giving terribly weak indication and likely to move down further from here in coming days and sustained break below 19245 on the closing basis will trigger fresh fall. Please note that for the steady up movement it has to moves above 19500 &19585(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short term bias is down as of now but the long term uptrend is still intact.

Moving down further from here its support points could be at 19245----19229.70---18887.60--18659(figures may change), it may bounce back from any of these points and resume the up move again or may slide down also. It is already into correction mode and break below each support point will weaken it further, break below the range of 19245----19229, will push it into deep and long term corrective mode and will trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18659(figure will change every day) will threaten the long term uptrend which may please be noted. 

Moving up from here it may face resistance at 19296.45---19300----19303.60—19314---19410---19458---19483---19506.37----19536—19553----19567---19623---19645.50---19710---19818---19844(figure may change), Please note that if it moves above 19410 and sustain on the closing basis then the up move may extend, it will get out of recent rise corrective mode if it moves above 19506.37 and sustain and finally it may get into steady up movement again if it moves above 19585 and sustain on the closing basis.

IMPORTANT NOTE: It is into short and medium term correction mode, so it is sell on the rise market now, therefore long trade should be avoided in general but can be tried by aggressive traders at critical support points for pullback gains. Please note that long trade below 19229 could be a risky bet for the day. The technical indicators as of now are pointing that it could break 18700 levels in coming days/week if it breaks its key support points as mentioned above. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion signs are visible or it closes above 19585 or at least above 19444 and sustain. However aggressive traders can try long trade if it holds 19245 levels for some time with a stop loss of 19190. Please note that long trade could be a risky bet in correction mode but can be tried at critical support points for the pullback gains with extreme alert and caution.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted but with caution on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19370----19400 with a stop loss of 19450 or sell if it moves below 19229 with a stop loss of 19270.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—28.8.2023

 

CNX-BANK NIFTY

Open---44276.20---High—44359.10---Low---43983.75---Close—44231.45 on 25.8.2023.

Support: 44151.80/43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44459.25/ 44279.40/44459.25/44498.60/44547.80/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.   

 (Bold and underlined figures are most important)

It opened with a down gap and broke its critical and important point of 44151.80 intraday but at the end of the day managed to close above it with a loss of 264.75 points but below the previous day’s low, which is highly concerning. It is already into deep and long term corrective mode for earlier gain, it also slipped into short correction for its recent rise as it is well below its threshold point of 44631.41(figure may change) and it is also below its pullback threshold point of 44254(figure may change) therefore chances of an up rally has lessened if it remains below it. The short term technical setup is weak but some technical indicators are still showing positive sign on the daily chart  but giving very weak indication on the weekly chart and to top it all the price action is very weak , therefore all together it is giving terribly weak indication and likely to move down further from here in coming days, but as long as it holds its critical point of 44151.80 on the closing basis chances of up move will be alive but sustained break below it on the closing basis will trigger fresh fall and then it may find very strong support in the range of 43600---43345 only. Please note that for the steady up movement it has to moves above 44590---44950 &45118.05(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short term bias is down as of now but the long term uptrend is still intact.

Moving  down further from here its good support points could be at 44151.80----43959---43706.15---43606---43600.35---43519.55---43390---43345----43038.25---42986.45(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again or  may keep sliding down also. It is already into long and deep corrective mode, break below each support point will weaken it further, break below 44151.80 will be an alert point to exit long trade, break below 43606 &43600(figure may change every day) will threaten the long term uptrend, break below 43345 may trigger fresh fall and finally sustained break below 43038.25 & 42986.45 may accelerate the fall.

Moving up from here it may face resistance at 44254---44279.40---44353---44467---44581---44547.80---44581----44631.41---44658---44722---44757---44949.90---44985---45118.05----45311---45716---45816(figure may change) Please note that if it moves above 44254 and sustain on the closing basis then the up move may extend, it will get out of recent rise corrective mode if it moves above 44631.41 and sustain and finally it may get into steady up movement again if it moves above 44950 & 45118.05 and sustain on the closing basis.

IMPORTANT NOTE: It is into deep and long term correction mode, so it is sell on the rise market now, therefore long trade should be avoided in general but can be tried by aggressive traders at critical support points for pullback gains. Please note that long trade below 43980 could be a risky bet for the day. The technical indicators as of now are pointing that it could break 43000 levels in coming days/week if it breaks its key support points as mentioned above. So be watchful.

TRADING TIPS:--

1. Safe traders should avoid long trade till correction completion signs are visible or it closes above 44950 or at least above 44590 and sustain. However aggressive traders can try long trade within the range of 44151---44000 levels with a stop loss of 43830. Please note that long trade could be a risky bet in correction mode but can be tried at critical support points for the pullback gains with extreme alert and caution.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into deep and long corrective mode, therefore short trade can be attempted on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 44570---44610 with a stop loss of 44750 or sell if it moves below 43980 with a stop loss of 44190.  

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—25.8.2023

 

CNX-BANK NIFTY

Open---44704.20---High—44949.90---Low---44433.75---Close—44496.20 on 24.8.2023.

Support: 44459.25/44279.40/44151.80/43950/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44498.60/44547.80/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.       

 (Bold and underlined figures are most important)

It opened with an up gap and went up further but could not sustain at the upper level and later in the day plunged down sharply and finally ended the day near the low of the day but with a meagre gain of 17.15 points. It was already into long and deep corrective mode but today  as it closed below its recent rise correction threshold point of 44631.41, so it in now in very short correction within the deep correction mode. The short term technical chart setup is weak but despite today’s volatility and weak price movement some important technical indicators on the daily chart has given positive signal today and some are pointing that they may turn positive in coming days. Furthermore it is well above its pullback threshold point of 44254 and crucial point of 44151.80, therefore it seems that till it holds these points on the closing basis chances of going down further looks bleak and chances of moving up from here looks bright despite all odds. It is important to mention here that even if it break below 44254 & 44151.80 the final strong support range is 43593---43345(figure may change) and break below this range only will trigger real fall. Please note that for the steady up movement it has to moves above 44720 & 45118.05 (figure may change) and sustain on the closing basis. The short term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 44538---44547.80---44631.41---44658---44760---44815---44985---45118.05----45311---45716---45816(figure may change) Please note that it is in the pullback mode but pullback rallies are treacherous in nature and can end abruptly also, therefore it can correct at any of these points as it happened today and may resume the up move again or rally can fizzle out also for good, so it is suggested to be alert and cautious in the long trade at this point of time.

Moving  down further from here its good support points could be at 44279.40---44151.80----43959---43706.15---43600.35----43574---43519.55---43390---43345----43038.25---42986.45(figures may change), these could be possible buying points also as  it may bounce back from any of these points and resume the up move again or  may keep sliding down also. It is already into long and deep corrective mode, break below each support point will weaken it further, break below 44151.80 will be an alert point to exit long trade, break below 43593(figure may change every day) will threaten the long term uptrend, break below 43345 may trigger fresh fall and finally sustained break below 43038.25 & 42986.45 may accelerate the fall.

TRADING TIPS:--

1. Long trade can be tried if it moves above 44550 and maintain for some time with a stop loss of 44200 or can buy on decline near or within the range of 44254—44155 but not below it with a stop loss of  43970. Please note that long trade could be a risky bet in correction mode but pullback move is also on therefore long trade can be tried for pullback gains but with extreme alert and caution.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into deep and long corrective mode now and at the same time it is above its pullback threshold point also, so short trade can be attempted but with caution   on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 44900---45000 with a stop loss of 45130 or sell near 44548 if it does not move above it in the first one hour of trade even intraday with a stop loss of 45650 or sell if it moves below 44151 with a stop loss of 44280. It could be a risky trade.

NOTE: - If it opens up with huge gap up  then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

 

A TECHNICAL UPDATE ON CNX-NIFTY—25.8.2023

 

CNX-NIFTY

 Open-19535.15--High—19584.45-Low-19369--Close-19386.70 on 24.8.2023.

Support: 19361.75/ 19303.60/19300/19296.45/19253.60/19245/19234.40/18887.60.

Resistance: 19465/19467.50/19482.75/19523.60/19563.10/19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further but could not sustain at the higher level and later in the day plunged down sharply and finally ended the day near the low of the day with a loss of 57.30 points. It is already into corrective mode, furthermore it closed below its important point of 19506.37 & 19428(figure may change) which is its correction threshold point for its immediate rise and the pullback threshold point respectively. The short term technical setup is also weak therefore likely to move down from here, but despite today’s volatility and weak price movement some important technical indicators has given positive signal today and some are pointing that they may turn positive in coming days. Therefore it seems that till it holds its critical range of 19303---19245 on the closing basis then the chances of going down further looks bleak and chances of moving up from here looks bright despite all odds. But please note that for the steady up movement it has to moves above 19483---19570 & 19646(figure may change) and sustain on the closing basis, else it may move in the range before either side breakout happens. The short term bias is down as of now but the long term uptrend is still intact.

Moving down further from here its support points could be at 19346---19310---19303.60—19300----19296.45---19253.60---19245----19234.40---18887.60--18575(figures may change), it may bounce back from any of these points and resume the up move again or may slide down also. It is already into correction mode and break below each support point will weaken it further, break below the range of 19303.60---19253.60---19245 will push it into deep and long term corrective mode and will trigger fresh fall, break below 18887.60 may accelerate the fall and finally break below 18650(figure will change every day) will threaten the long term uptrend which may please be noted. 

Moving up from here it may face resistance at 19428---19458---19483---19506.37----19536—19553----19567---19623---19645.50---19710---19818---19844(figure may change), Please note that if it moves above 19428 and sustain on the closing basis then the up move may extend, it will get out of recent rise corrective mode if it moves above 19506.37 and it may get into steady up movement again if it moves above 19645.50 and sustain on the closing basis.

TRADING TIPS:--

1. Long trade can be tried if it moves above 19428 and maintain for some time  with a stop loss of 19360 or can buy on decline near or within the range of 19310----19253 but not below this with a stop loss of 19220. Please note that long trade could be a risky bet in correction mode but can be tried at proper points or range for the pullback gains with extreme alert and caution.

2. It is still in the long term uptrend therefore short trade in general could be a risky affair but as it is into correction mode, therefore short trade can be attempted but with caution on the reasonable rise or on the price breakdown for intraday corrective gains. Short trade can be tried on the rise near or within the range of 19550----19590 with a stop loss of 19650 or sell if it moves below 19360 with a stop loss of 19430. It could be a risky trade mind you.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.