A TECHNICAL VIEW ON INFOSYS LTD-14.6.2024

 

INFOSYS LTD

SECTOR: -- I.T Services & Consulting. 

All-Time High:--1953.90 made on 17.1.2022.

All-Time Low: -- .71 made in 1995.

Recent Low:-1185.30 made on 17.4.2023. 

Open-1495--High-1505--Low-1489.35—Close-1493.95 on 13.6.2024. 

Support:1488/1486/1468/1446.80/1427/1410/1403/1378/1366.65/1358/1353/1351/1311/1305/1263/1185.30. 

Resistance:1518.25/1539/1542.90/1576/1593/1619.75/1635/1655--1665/1672.60/1687/1711/1733/1788/1808/1848/1914/1923/1953.90. 

(Bold and underlined figures are most important) 

Technically it is on a weak footing and in the deep correction mode now, but it seems that it is consolidating here. However moving down from here it has very strong support range of 1446.80----1366.80-----1340 and as of now it seem to be the worst price range for the stock, but sustained break below 1340 can drag it down to 1185 and break below it can pull it down to the range of 975---800. Similarly moving up it will face stiff resistance at 1539---1542.90---1619.75---1655---1665----1800, please note that if it moves above 1539 & 1542.90 and sustain on the closing basis then it will get some strength for the up move to extend, sustained break above 1619.75 on the closing basis will strengthen the up move further and finally sustained close above the range of 1655—1665 will put it back of the up momentum track and finally sustained close above 1800 will somewhat ensure that it could retest its all-time high of 1953.60 or may go beyond it also. Please note that sustained close above 1953.60 can take it up to much higher levels and then the upside target could be 2160---2247---2339---2428---2721---2945. 

POSSIBLE BUYING OR ACCUMULATION RANGE:-

1. 1446---1350. (It seems that it is not likely to move below this range as of now)

2. 1295---1185.

3. 975----800.

NOTE:--ONE CAN BUY TOKEN QUANTITY AT CMP ALSO. IT IS NOT A TRADING STOCK NOW.

REMARKS: - I once again repeat that it is not a trading stock now but investor with a time horizon of 18-24 months can accumulate the stock on decline in a staggered manner. It is expected to fetch you a return of 40—50% or more. 

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-14.6.2024.

 

CNX-NIFTY

Open-23480.95—High—23481.05—Low—23353.90--Close-23398.90 on 13.6.2024.

Support:23397/23338.70/23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance:23411.90/23441.95/23481.05/23456/23525/23573/23630/23768/23804.

OVERALL VIEW: --

It opened with an up gap and hit a new all-time high of 23481.05 and then drifted down and moved in a range thereafter and in the process it filled the day’s gap also and finally ended the day with a gain of 75.95 points. It is showing good strength and finally today it closed above its critical top of 23338.70 which is good sign for the continuation of the up move. But despite the vertical rise some of the important technical indicators are still negative on the daily, weekly & monthly chart, which indicates that it could fall in coming days/weeks, but as long as price action remains good there is no major threat for it to move down. However even if it moves down but as long as it holds the range of 23229.93---23110.80---23089.29(figure may change) on the closing basis chances of continuation of the up move will be alive, but break below this range could be a warning sign and finally sustained break below the range of 23124----23070----22965----22949----22874----22834 may trigger fresh fall break below 22526.60 may accelerate the fall, which may please be noted. Since it is out of all corrective modes it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains. In light of the huge volatility traders should be extremely alert and cautious in the both side trades.

NOTE: - BREAK BELOW 23259.20 & 23200 ON THE CLOSING BASIS CAN TRIGGER FALL. SUSTAINED CLOSE ABOVE 23338.70 CAN CONTINUE THE UP MOVE WITH IN BETWEEN CORRECTIONS.

STRENGTH:-

1. It is in the long term uptrend now. Break below 22007(figure will change every day) will threaten the long term uptrend.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It is in a new territory.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 23124----23070----22965----22949----22874----22834 (figure will change every day), sustained break below this range can trigger down move again.

5. Sustained break below 22526.60 may end the up momentum rhythm.

6. Three out of five important technical indicators is positive on the daily chart.

7. It is out of all corrective modes now. The correction threshold points are 23200---23110.80---23059.42---22961---22932.07---22898(figures may change).

8. It has made higher top and bottom on the line & bar chart.

9. The price action was positive today.

WEAKNESS:-

1. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head down to lower levels in coming days/weeks and months.

2. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful. 

TRADING CALL: --

1. Long trade can be tried on decline near 23340 with a stop loss of 23280 or on decline near 23260 with a stop loss of 23200, else avoid.

2. Short trade can be tried on the rise near or within the range of 23500---23530 with a stop loss of 23580 or can sell if it moves below 23330 & 23200 with a stop loss of 23415 & 23270. It could be a risky trade but can be tried for intraday corrective gains.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com

         

   

A TECHNICAL UPDATE ON CNX-BANK NIFTY—14.6.2024

 

2

2

2

CNX-BANK NIFTY

Open—50179--High—50186.45--Low—49799.65---Close—49846.70 on 13.6.2024.

Support:49688.85/49202/49057.40/48636.45/48381.95/48313.60/48292.25/48203.45/47435.25/47340.35/46983.25/46579.05/45828.80/45661.75/44633.55/44429.                           

Resistance:49974.75/50153.81/50467.77/50889.65/51133.20/51470/51823/51969/52218/52966.

OVERALL VIEW: --

It opened on a positive note and went up very little further and thereafter steadily went down  and finally ended the day with a loss of 48.40 points. Please note that after retracing more than 80% of the recent entire fall in the last few days, it is finding it difficult to surge ahead further despite good technical setup, furthermore despite the recent rise some important technical indicators on the daily, weekly and monthly chart are still negative, which indicates that it may fall in coming days/weeks. Therefore till it moves above 49940.14----49974.75-----50122.13----50153.81 & 50467.77 and sustain on the closing basis this rally may fizzle out any time soon. But if it moves above 49974.75---50122.13 & 50153.81 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it also, else it may start to drift down again and break below the range of 49579---49463---49427---49278---49110---48988(figures will change every day) will be a warning sign for down move to start and finally sustained break below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be moderate to sharp in the intensity. Since it is still in corrective mode therefore it is sell on the rise market now in general, but long trade can also be attempted on decline at crucial and critical support point with strict stop losses for pullback gains.

NOTE: - BREAK BELOW 49705.75 & 49530.45 ON THE CLOSING BASIS CAN TRIGGER FALL. SIMILARLY CLOSE ABOVE 50252.95 CAN CONTINUE THE UP MOVE.

 STRENGTH:-

1. It is in the long term uptrend; but break below 47539(figure will change every day) will threaten the long term uptrend.

2. It is above its most critical points of 48203.45---48292.25 & 48636.45, please note that it must stay above all these points to keep up the strong up momentum going in the year 2024.

3. It is well above its pullback threshold point of 47271(figure may change), and if it sustains above it then the possible broad upside target points could be at 49940---49974.75----50122.13----50153.81---50467.77. Please note that if it moves above 50122.13 and sustain on the closing basis then it could retest its all-time high of 51133.20 or may go beyond it.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 49579---49463---49427---49278---49110---48988(figure will change every day), sustained break below this range can trigger down move again.

5. Two out of five important technical indicators are positive on the daily chart.

6. It has made higher top & bottom on the line chart recently.

WEAKNESS:-

1. It is into deep correction mode for its earlier and its recent rise and it will get out of all corrective modes once it moves above 50153.81 &50467.77 and sustain on the closing basis.

2. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head down to lower levels in coming days/weeks and months.

3. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful.

4. The price action was mixed today, but on the weak side.

TRADING CALL: --                                                                   

1. Long trade can be tried on decline near or within the range of 49808---49706 with a stop loss of 49500 for pullback gains, else avoid.

2. Short trade can be tried on the rise near or within the range of 50190---50240 with a stop loss of 50350 or can sell below 49680 or 49500 with a stop loss of 49920 & 49760. It could be a risky trade but can be tried for intraday corrective gains.

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. 

Thanks 

Narendra Kumar Surana

Email—suranank@gmail.com

Mobile—8240951127/9831313654.  

 

A TECHNICAL VIEW ON ASHAPURA MINECHEM LTD-13.6.2024

 

ASHAPURA MINECHEM LTD

SECTOR: -- The Company is engaged in the mining manufacturing and trading of various mineral and its derivative products. 

Previous all-time high:-447.50 made on 2.1.2008

All-Time High:--483.20 made on 8.12.2023.

All-Time Low: -- 5.88 made in 2001.

Recent Low:-302.90 made on 20.3.2024. 

Open-391.70--High-407--Low-391.55—Close-403.450 on 12.6.2024. 

Support:390.25/287.50/360/351/344.25/327.40/316.85/302.90. 

Resistance:405.45/410/414/421/419/430/447.50/454.30/459.25/483.20. 

(Bold and underlined figures are most important) 

It is shaping up well and technical setup looks good for the continuation of the up move. Please note that it has very strong support at 360 and if it has the strength it is not likely to break it. Moving up from here it will face very stiff resistance points at 414—421---447.50---483.20, sustained close above 414 & 421 will provide it good strength to extend the up move, sustained close above 447.50 may accelerate the up move and finally sustained close above 483.20 will push it into new territory and then the upside target could be 532/556/567/595/618/666/719/776/886/1067/1157. 

REMARKS:- In view of the above observation long trade can be tried now or on decline but not below 360 with a stop loss of 345 and can add further position if it moves above 421 and sustain on the closing basis with a stop loss of 408. It is expected to fetch a return 25—30% in 3-4 months time and 60—75% or more in 11-14 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-13.6.2024.

 

CNX-NIFTY

Open-23344.45—High—23441.95—Low—23295.95--Close-23322.95 on 12.6.2024.

Support:23282/23110.80/22794.70/22775.20/22526.60/22417/22303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20/21530/21281.65/21137.20/20976.80/20769.50/20507.75/20291.55/20222.45.

Resistance:23338.70/23397/23411.90/23441.95/23456/23525/23573/23630/23768/23804.

OVERALL VIEW: --

It opened on a positive note and thereafter had both side moves during the day and in the process it hit a new all-time high of 23441.95 but could not sustain at the higher level and slipped and finally ended the day with a gain of 58.10 points. It is showing good strength and hit new high twice in the last three days but most importantly it failed to close above its critical top of 23338.70 which is highly concerning, furthermore despite the vertical rise some of the important technical indicators are still negative on the daily, weekly & monthly chart, which is a weak sign and indicate that it could fall in coming days/weeks. Therefore please note that if it moves above 23338.70 and sustain on the closing basis then only the on-going up move may extend, else this rally may fizzle out any time. However as long as it holds the range of 23200---23110.80---23059.42---22961---22932.07(figure may change) on the closing basis chances of continuation of the up move will be alive, but break below this range could be a warning sign and finally sustained break below the range of 23029----22996----22890----22874----22819----22784 —22526.60 may trigger fresh fall and it could be moderate to sharp in the intensity. So be watchful. Since it is out of all corrective modes it is buy on decline market now, but short trade can also be attempted on the rise at appropriate points for intraday gains. In light of the huge volatility traders should be extremely alert and cautious in the both side trades.

NOTE: - BREAK BELOW 23259.20 & 23200 ON THE CLOSING BASIS CAN TRIGGER FALL. SIMILARLY SUSTAINED CLOSE ABOVE 23338.70 CAN CONTINUE THE UP MOVE.

STRENGTH:-

1. It is in the long term uptrend now. Break below 21985(figure will change every day) will threaten the long term uptrend.   

2. It is well above its critical points of 21821.05---21801.45---21777.65---21776.87---21731.40---21727.75 & 21710.20, which is must to keep the up momentum going in the year 2024. Sustained break below this range may witness accelerated fall.

3. It is in a new territory.

4. It is above all its short & medium  term moving averages on the daily and weekly chart, and the important range is between 23029----22996----22890----22874----22819----22784 (figure will change every day), sustained break below this range can trigger down move again.

5. Sustained break below 22526.60 may end the up momentum rhythm.

6. Three out of five important technical indicators is positive on the daily chart.

7. It is out of all corrective modes now. The correction threshold points are 23200---23110.80---23059.42---22961---22932.07---22898(figures may change).

8. It has made higher top and bottom on the line & bar chart.

9. The price action was positive today.

WEAKNESS:-

1. Some important technical indicators are weak on the daily/weekly and monthly charts and pointing that it could head down to lower levels in coming days/weeks and months.

2. Volatility can be seen in the market quite often, which is not a good sign for a steady market condition and it can eventually drag it down may be drastically in the coming days/weeks and months. So be watchful. 

TRADING CALL: --

1. Long trade can be tried on decline near 23260 with a stop loss of 23190 or if it moves above 23338.70 and maintain for some time with a stop loss of 23280, else avoid.

2. Short trade can be tried on the rise near or within the range of 23460---23500 with a stop loss of 23570 or can sell if it moves below 23190 with a stop loss of 23270. It could be a risky trade but can be tried for intraday corrective gains.

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. 

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

Email--- suranank@gmail.com