A TECHNICAL VIEW ON LIC OF INDIA LTD-8.9.2023

 

LIC OF INDIA LTD

FINANCIAL DATA

SECTOR: -- Largest insurance company in India. 

                            MAR-2023 Qtr          JUNE-2023 Qtr

Sales:-               131761.11cr               98362.75cr                       

Net Profit:-        13427.81cr                  9543.71cr

E.P.S:-                        21.23                          15.09   

Equity: - 6325 cr,Face Value:-10,Book Value:-72.20, Price/Book:-9.42,Dividend Yield:-.44%,Share Holding Pattern:- Promoters—96.50% , FII & DII- .90% & Public---2.60%, Market Cap:-429214cr.

TTM (E.P.S):-71.55(+858.22% YOY), TTM (PE):-9.48, Sector (PE):--19.30

Data Source: -  www.moneycontol.com. 

All-Time High:--918.95 made on 17.5.2022.

All-Time Low: -- 530.05 made on 29.3.2023. 

Open-680.20--High-686.80--Low-674.60—Close-676.10 on 7.9.2023. 

Support: 667.90/655.10/650/643.05/639.70/620.05/614.25/593/588/582.35/566/555.10/543/530.05.

Resistance:679/684.90/706.60/714.50/724.40/732/746/754.25/801/841.40/918.95. 

(Bold and underlined figures are most important) 

Technical setup is looking good and it is likely to move up in coming days, but may take some time to pick up momentum. The worst price for the stock seems to be in the range of 643---622---611 as of now. The current price of the stock is very near to upper band of the said range; therefore it seems that it is the time to accumulate the stock now or on decline but not below 622 with a stop loss of 600 with a long term view for decent gains. It is important to mention here that as long as it holds 622 on the closing basis chances of up move will always be alive. 

Moving up from here its stiff resistance points would be at 685---709----725---754.25---770---827---841, it will gain strength if it moves above 685 and sustains on the closing basis, if it moves above 709 and sustain on the closing then the possibility of crossing critical resistance of 754.25 will increase, sustained break above 754.25 may have an accelerated up move and finally if it moves above 841 and sustain on the closing basis then it can retest its all-time high of 918.95 or may go beyond it also. 

In view of the above observation it seems good for the long term investment as downside risk looks limited at this point of time. 

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—8.9.2023

 

CNX-NIFTY

 Open-19598.65---High—19737-Low-19550.05--Close-19727.05 on 7.9.2023.

Support: 19645.50/ 19615.95/19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19795.60/19867.55/19887.40/19991.85/20168/20201/20285/20390/20467/20752/21235.

 (Bold and underlined figures are most important)

It continued the up move for the 5^th day in a row and ended the day near the high of the day with a gain of 116 points, which is a good sign. It is still into corrective mode for the earlier gain and can get out of all corrective modes if it moves above19830 and sustain on the closing basis. The technical setup has improved, furthermore all the important technical indicators are positive on the daily chart therefore the on-going up move is likely to extend further with intermittent correction, but on the weekly chart few indicators are giving weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play and if price action remains strong then the weekly indicators can turn positive also in coming days, which please note and the price action is strong as of now. Kindly note that as long as it holds 19430 & 19405(figure may change) on the closing basis chances of up move will always be alive but if it breaks it and sustain then it could be concerning and then the next strong support range would be between 19300—19253---19245---19223.60. Today’s move may put it into the steady up movement track. The long term uptrend is still intact.

Moving up from here it may face resistance at 19796---19811---19838---19887.40---19991.85(figure may change), Please note that it may correct at any of these points and may resume the up move again or it rally may fizzle out also at any of these points. It will face very stiff resistance at 19811 & 19838 and rally can fizzle out at these points, but if it moves above 19838 and sustain then it could retest its all-time high of 19991.85 or may go beyond it and scale new highs.

Moving down from here its support points could be at 19698---19645.50---19608----19585—19539---19517---19483---18458.55---19453---19428--19405---19365---19338---19303---19296---19253.60---19245----19229.70---19223.65---18887.60--18742(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 19428 &19405 will be an alert point to exit long trade, break below the range of 19253.60---19245----19223.65, 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 18754(figure will change every day) will threaten the long term uptrend which may please be noted. 

TRADING TIPS:--

1. Long trade can be tried if it moves above 19740 and maintain for some time with a short stop loss of 19670 or on decline near or within the range of 19480----19450 with a stop loss of 19400. Please note that long trade could be a risky bet in correction mode but pullback move is on so it 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 19840----19860 with a stop loss of 19900. 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

Mobile—8240951127/9831313654.

 

 

 

 

 

A TECHNICAL UPDATE ON CNX-BANK NIFTY—8.9.2023

 

CNX-BANK NIFTY

Open---44418.05---High—44915.55---Low---44341.20---Close—44878.35 on 7.9.2023.

Support:44795/44547.80/44539/44498.60/44459.25/44279.40/44254/44207.25/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance: 44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.           

 (Bold and underlined figures are most important)

After two days down move it bounced back sharply today  and closed near the high of the day  with a robust gain of 469.25 points. It came out of deep corrective mode today but still into short and medium term corrective mode. But the short term technical setup has improved, furthermore four out of five important technical indicators are positive on the daily chart and strongly pointing that the up move can extend further from here, but on the weekly chart few indicators are giving  weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play and if price action remains strong then the weekly indicators can turn positive also in coming days, which please note which please note and the price action was pretty strong today, so watch out. Kindly note that close below 44425 could be concerning , but as long as it holds 44254 & 44151.80 on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range could be between 43600---43345. Please note that for the steady up movement it has to moves above 44950 &45118.05(figure may change) and sustain on the closing basis. The long term uptrend is still intact.

Moving up from here it may face resistance at 44422---44658---44701---44739---44780---44949.90---44985---45118.05----45311---45716---45816(figure may change) Please note that it can correct at any of these points and then may resume the up move again or up move can fizzle out also. It may get into steady up movement if it moves above 44550---44795---44950 & 45118.05 and sustain on the closing basis.

Moving  down  from here its good support points could be at 44726---44685----44631.41---44547.80----44539---44279.40---44254---44151.80---43989---43830.75---43706.15---43695---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 corrective mode, but break below 44539 will push it into deep long term corrective mode, break below each support point will weaken it further, break below 44254 & 44151.80 will lessen the possibility of continuation of the up move, break below 43741(figure may change every day) will threaten the long term uptrend, break below the range of 43600---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 44950 and maintain for some time with a stop loss of 44780 or can buy on decline near 44410 with a stop loss of 44130. Please note that long trade could be a risky bet in correction mode but pullback move is also on so it 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 45350---45440 with a stop loss of 45540.  

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—7.9.2023

 

CNX-NIFTY

 Open-19581.20---High—19636.45-Low-19491.50--Close-19611.05 on 6.9.2023.

Support: 19584.45/19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It continued the up move for the 4^th day in a row and ended the day near the high of the day with a gain of 36.15 points is a good sign. It is still into short & medium term corrective mode for the earlier gain. The technical setup has improved, furthermore all the important technical indicators are positive on the daily chart therefore the on-going up move is likely to extend further with intermittent correction, but on the weekly chart few indicators are giving weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play and if price action remains strong then the weekly indicators can turn positive also in coming days, which please note and the price action is o.k. as of now. Kindly note that as long as it holds 19405(figure may change) on the closing basis chances of up move will always be alive but if it breaks it and sustain then it could be concerning and then the next strong support range would be between 19300—19253---19245---19223.60. Please note that for the steady up movement it has to moves above 19645.50(figure may change) and sustain on the closing basis. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 19645.50---19698---19796---19811---19838---19887.40---19991.85(figure may change), Please note that it may correct at any of these points and may resume the up move again or it rally may fizzle out also at any of these points. It will face very stiff resistance at 19698---19811 & 19838 and rally can potentially fizzle out at any of these points, but if it moves above 19838 and sustain then it could retest its all-time high of 19991.85 or may go beyond it and scale new highs.

Moving down from here its support points could be at 19608----19585—19539---19517---19483---18458.55---19453---19405---19365---19338---19303---19296---19253.60---19245----19229.70---19223.65---18887.60--18742(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 19405 will be an alert point to exit long trade, break below the range of 19253.60---19245----19223.65, 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 18742(figure will change every day) will threaten the long term uptrend which may please be noted. 

TRADING TIPS:--

1. Long trade can be tried if it moves above 19648 and maintain for some time with a short stop loss of 19570 or on decline near or within the range of 19480----19450 with a stop loss of 19380. Please note that long trade could be a risky bet in correction mode but pullback move is on so it 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 19740----19760 with a stop loss of 19820.

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—7.9.2023

 

CNX-BANK NIFTY

Open---44494.65---High—44577---Low---44207.25---Close—44409.10 on 6.9.2023.

Support:44279.40/44254/44151.80/ 43950/43862/43706.15/43600.35/43519.55/43446/43345.95/43078.90/43038.25/42986.45/42582.20/41962

Resistance:44459.25/44498.60/44539/44547.80/ 44795/44949.60/45118.05/45238.80/45655.50/45782.75/46310.10/46369.50.        

 (Bold and underlined figures are most important)

It continued the down move for the 2^nd day in a row and ended the day with a loss of 123.05 points. It is into deep & long term corrective mode. But the short term technical setup is still o.k., furthermore four out of five important technical indicators are positive on the daily chart and strongly pointing that the up move can extend further from here, but on the weekly chart few indicators are giving  weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play and if price action remains strong then the weekly indicators can turn positive also in coming days, which please note and the price action was weak today, which is slightly concerning, so watch out. Kindly note that as long as it holds 44254 & 44151.80 on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range could be between 43600---43345. Please note that for the steady up movement it has to moves above 44550---44795---44950 &45118.05(figure may change) and sustain on the closing basis. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 44422---44539---44547.80----44631.41---44658---44701---44739---44780---44949.90---44985---45118.05----45311---45716---45816(figure may change) Please note that it can correct at any of these points and then may resume the up move again or up move can fizzle out also. It may get into steady up movement if it moves above 44550---44795---44950 & 45118.05 and sustain on the closing basis.

Moving  down  from here its good support points could be at 44279.40---44254---44151.80---43989---43706.15---43695---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 44254 & 44151.80 will lessen the possibility of continuation of the up move, break below 43723(figure may change every day) will threaten the long term uptrend, break below the range of 43600---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 44500 and maintain for some time with a stop loss of 44300 or can buy on sharp decline near or within the range of  44254---44151 with a stop loss of 43980. Please note that long trade could be a risky bet in correction mode but pullback move is also on so it 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 44750---44800 with a stop loss of 44980 or sell if it moves below 44151 with a stop loss of 44325.  

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—6.9.2023

 

CNX-NIFTY

 Open-19564.65---High—19587.05-Low-19525.75--Close-19574.90 on 5.9.2023.

Support: 19563.10/19523.60/19482.75/19467.50/19465/19458.55/19405/19361.75/ 19303.60/19300/19296.45/19253.60/19245/19223.65/18887.60/18646.70/18555.40/18464.55.

Resistance: 19584.45/19615.95/19645.50/19795.60/19867.55/19887.40/19991.85.

 (Bold and underlined figures are most important)

It continued the up move today and opened with an up gap and ended the day near the high of the day with a gain of 46.10 points. It is still into short & medium term corrective mode for earlier gain. The technical setup has improved a bit , furthermore all the important technical indicators have turned positive on the daily chart today therefore the on-going up move is likely to extend further, but on the weekly chart few indicators are giving weak signal and indicate that the up move may extend for few days but may not last longer and eventually head down, therefore it is suggested that irrespective of indicators weak signal on the weekly chart please give prime importance to price action because if price action weakens then only the indicators weakness will come into play which please note and the price action is o.k. as of now. Kindly note that as long as it holds 19405(figure may change) on the closing basis chances of up move will always be alive but if it breaks it and sustain then the next strong support range would be between 19300—19253---19245---19223.60. Please note that for the steady up movement it has to moves above 19585 & 19645.50(figure may change) and sustain on the closing basis. The short and medium term bias is down as of now but the long term uptrend is still intact.

Moving up from here it may face resistance at 19585—19608----19645.50---19698---19796---19811---19838(figure may change), Please note that it may correct at any of these points and may resume the up move again or it may fizzle out also at any of these points. But it may get into steady up movement if it moves above 19585 & 19645.50(figure may change) and sustain on the closing basis, else may start to drift down again eventually.

Moving down from here its support points could be at 19517---19483---18458.55---19453---19405---19365---19338---19303---19296---19253.60---19245----19229.70---19223.65---18887.60--18719(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, but if it holds 19405 chances of up move will be alive, break below the range of 19253.60---19245----19223.65, 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 18730(figure will change every day) will threaten the long term uptrend which may please be noted. 

TRADING TIPS:--

1. For safe trader’s long trade can be tried if it moves above 19588 and maintain for some time with a stop loss of 19515 or on decline near 19458 with a stop loss of 19370. But aggressive traders can also try long trade on sharp decline also near or within the range of 19253.60--- 19245----19223 with a stop loss of 19180. Please note that long trade could be a risky bet in correction mode but pullback move is on so it 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 still into correction mode but pullback move is also on , therefore short trade can be attempted but with extreme 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 19630----19650 with a stop loss of 19680.

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.