A TECHNICAL UPDATE ON 63 MOON TECNOLOGIES LTD-29.7.2024

 

63 MOON TECNOLOGIES LTD

SECTOR: SOFTWARE -- IT IS A WORLD LEADER IN PROVIDING NEXT GENERATION TECHNOLOGY VENTURES, INNOVATIONS, PLATFORMS, AND SOLUTION FOR CREATING DIGITAL MARKETS AND MARKETPLACES THAT ENABLE PRICE DISCOVERY AND TRANSACTION EFFICIENCIES ACROSS INDUSTRY SEGMENTS. 

TTM/EPS;-Rs.47.61 (+1112.33%yoy)

TTM/PE:-7.34 /SECTOR PE:-36.30

BOOK VALUE:-Rs.726.45

PRICE TO BOOK VALUE:-0.49

DIVIDEND YIELD:-0.57%

FACE VALUE: - Rs.2/

EQUITY: - 9.22cr.

SHARE HOLDING PATTERN:- PROMOTER—45.60% ---FII---4.11%----DII---0.10% & PUBLIC---50.20%.

All-Time High: --3044.70 made on 29.6.2007.

All-Time Low: --39.55 made on 25.3.2020.

Recent Low: - 140.65 made on 16.5.2022. 

Open-336--High-349.65--Low-333—Close-349.65 on 26.7.2024. 

Support:321/316/314.65/259/239.05/223/221.90/162.85/158/146.50/140.65. 

Resistance:357.20/360.20/364/389/394.20/435.30/443/463.70/473.65/488.90/492/504.40/552.70/690.75/790/824/867/902/904/931.30/959.95/1027/1198/1221.90/1454.14/1625/1723----. 

(Bold and underlined figures are most important) 

It is on a very weak footing technically now but it seems that it is shaping up well for an up move but now it is consolidating and may take some time to get into the strong up momentum track and it may happen in coming weeks/months. But the good point is that from here the downside risk seems to be limited to the range of 334.50---329---321---316---314.65 (moving down the worst price for the stock is the said range), but break below 314.65 can drag it down to 259---239 or much lower levels, please note that if it has the strength it should not break the level of 334 & 329 on the closing basis. Therefore it seems that the current price is a good entry point. Moving up from here it will gain good strength once it moves above 394.20 & 403.50 levels and sustain on the closing basis, then the broad upside target could be 458---503---547---602---616---690.75---749 and sustain close above 749 will put it on a very strong up momentum track.

In view of the above observation, it is suggested that investors can accumulate the stock now and on the sharp decline at appropriate points but not below the range of 321---314.50 with a strict stop loss of 300. The stock has the potential to double or more in 15-18 months from here. Please note that the short stop loss would be 320 but the authentic stop loss would be 300. 

IMPORTANT: DO NOT TRADE OR INVEST WITHOUT STOP LOSS. 

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-29.7.2024.

 

CNX-NIFTY

Open-24423.35--High-24861.15—Low—24410.90--Close-24834.85 on 26.7.2024.

Support:24461.05/24168.85/24141.80/23992.65/23985.80/23667.10/23350/23338.70/23206.65/23110.80/22794.70/22768.40/22526.60/22417/2303.80/22297/22224.35/22126.80/21860/21821.05/21801.45/21777.65/21731.40/21727.75/21710.20.

Resistance:24854.80/24861.15/24865/24978/25067/25152/25337/25494/25551/26118.

OVERALL VIEW: --

It opened on a positive note and thereafter steadily moved up during the day and hit a new all time high of 24861.15 near the fag end of the day and finally ended the day with a robust gain of 428.75 points. As envisaged and expected after 5 days of straight fall it staged a very sharp bounce back today and got out of all corrective mode, decisively moved above all the short term moving averages with positive price action, which is a good sign for the continuation of the up move. But it is important to mention here that the vertical rise, wild swings and volatility and most importantly major important technical indicators are still negative on the daily chart and few indicators on the weekly & monthly chart is also indicating overbought condition, which is still a concern and can drag it down sharply in the coming days. However the up move may continue provided it holds the range of 24707.67----24698.68 & 24675.43 on the closing basis. Please note that break and close below the aforesaid points will push it back into the correction mode  and finally break below the range of 24567---24565---24523---24504---24499---24470.69----24412 & 24338(few figures will change daily) may accelerate that fall, break below each point will deepen the correction.

Since it is out of all correction modes today therefore it is a buy on decline market now in general but both side trades can be tried or attempted depending on the price action for intraday gains.  

NOTE: - IF IT HOLDS THE RANGE OF 24707.67--24698.68 & 24675.43 ON THE CLOSING BASIS THE UP MOVE MAY CONTINUE. IT IS IN THE STRONG UPTREND.   

STRENGTH:-

1. It is in the long term uptrend now.   

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 the new zone.

4. Three out of seven important technical indicators is positive on the daily chart.

5. It is out of all corrective modes today. The important correction threshold points are at 24707.67---24675.43---24504----24470.69 & 24016.34(figures may change). Please note that break below each point will make the correction deeper.

6. The price action was positive today.

7. It is above all its short term moving averages on the daily chart and the important range is between 24567----24565----24523----24499---24412----24338(figure will change every day), sustained break below this range can trigger fresh down move again.

8. It has crossed its recent top on the line & bar chart both.

WEAKNESS:-.

1. Five out of seven important technical indicators have turned negative on the daily chart    

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

3. Volatility and wild swing 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 or within the range of 24721----24700 with a stop loss of 24650 or can buy if it moves above 24861.15 and maintain for some time with a stop loss of 24800, else avoid.

2. Short trade can be tried on the rise near or within the range of 25175---25225 with a stop loss of 25300 or can sell if it moves below 24650 with a stop loss of 24730 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

         

   

CNX-NIFTY PROBABLE RANGE FOR -29.7.2024.

 

 CNX-NIFTY

CLOSE ON 26.7.2024:-24834.85

The possible range for the day is between 24946----24721, if it moves above 24946 and sustain then the upside target for the day could be 25059---25172---25285, if it moves above 25285 and sustain then it can sharply move up further. Similarly break below 24721 can pull it down to 24608---24495---24382, it can bounce back from any of these points but sustained break below 24382 may accelerate the fall.

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

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -29.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 26.7.2024:-51295.95

The possible range for the day is between 51535-----51055, if it moves above 51535 and maintain then the upside target for the day could be 51772---52015---52255, if it moves above 52255 and sustain then it can sharply move up further. Similarly break below 51055 can pull it down to 50815----50575----50335, it can bounce back from any of these points but break below 50335 may accelerate the fall.

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—29.7.2024

 

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CNX-BANK NIFTY

Open—50456.10--High—51398.60--Low—50438.30---Close—51295.95 on 26.7.2024.

Support:51138.90/51133.20/50784.25/49974.75/49530.45/49057.40/48636.45/48313.60/48292.25/48203.45/48161.75/47435.75/46983.75/46579/46077.85.                           

Resistance:51749.45/51957/51996.65/52246.70/52342.25/52351.15/52794.55/53180.75/53357.70/53477/53503/53575/53633/53773/53913/53970/54070/54139/54257/54365/54604/54815/55097.

OVERALL VIEW: --

It opened on a huge negative note but did not go much lower after that and thereafter steadily moved up and finally ended the day with a gain of 407.20 points. After 3 days of fall in a row it staged a good bounce back today, but it is still into deep correction mode for its recent rise as it is well below all its correction threshold points of 53036.49----52834.06---52454.47 & 51639.66 .Furthermore it is also below all its short term moving averages and few medium term moving averages on the daily chart and also below some key points which are placed at 52250---52037----51958---51838---51769------51706----51996.65----51957( some figures will change daily) for the day and finally  almost all  the important technical indicators have turned negative on the daily chart few indicators on the weekly & monthly chart, so all together despite today’s rise it is still showing gross weakness and overbought condition and pointing that it may be heading for a big fall in coming days. But the good thing is that it closed above its pullback threshold point of 50994.45(short) & 51127.28(deep)(figure may change) and two other important points of 51133.20 & 51138.90 and if it sustains above these points then the chances of continuation of the up move will be alive, but it will get a strong foothold only if it moves above 51639.66 and sustain on the closing basis and it will gain good strength only if it moves above 52250 (figure will change daily) and sustain on the closing basis. It may continue the up move if it sustains above 51127.28 & 50994.45 on the closing basis, else may resume the down move again, which please note.  It is important to mention here that moving down the next key support point will be at 49038(figure will change daily, for in between support points please look at the above mentioned support points) break below it will threaten the long term uptrend and finally sustained break and close below the range of 48636.45---48292.25 &48203.45 will trigger fresh fall and it could be sharp in the intensity and then the correction could be painful time-wise and price-wise both. Since it is into correction mode therefore it is still sell on the rise market in general but both side trade can be tried depending on the price action for intraday gains.  

NOTE: - IF IT SUSTAINS ABOVE 51138.90---51133.20---51127.28 & 50994.45 ON THE CLOSING BASIS CHANCES OF CONTINUATION OF UP MOVE WILL BE ALIVE, ELSE IT MAY START TO DRIFT DOWN AGAIN. SHORT TERM TREND IS BEARISH AS OF NOW.

  STRENGTH:-

1. It is in the long term uptrend, but break below 49038 will threaten the long term uptrend.

2. It is well 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 above its pullback threshold point of 50994.45 & 51127.28(figure may change). Please note that if it sustains above it on the closing basis then it could possibly move ahead further, else down move may continue.

4. Two out of seven indicators are positive on the daily chart.

WEAKNESS:-

1. The price action was mixed today.

2. It is already into deep correction mode now as it is below all its threshold point of 53036.49---- 52834.06----52454.47 & 51639.66 (figure may change), which is a very weak sign.                                                        

3. Some important technical indicators are weak and overbought on the daily/weekly and monthly chart and pointing that it could head down in the coming days/weeks and months.

4. Volatility and wild swing 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.

5. Five out of seven important technical indicators are negative on the daily chart now.

6. It is below all its short term moving averages now on the daily chart and the important average range for today is between 52250---52037----51958----51838----51769---51706(figure will change every day), sustained break below this range can trigger big down move.

7. It has made lower top & bottom on the line & bar chart.

TRADING CALL: -- 

1. Long trade can be tried on decline near or within the range of 51140----51055 with a stop loss of 50870 or can buy if it moves above 51535 and maintain for some time with a stop loss of 51270 for possible pullback gains, else avoid. Please note that long trade in a corrective market could be a risky affair but can be tried near critical support points for intraday gains. 

2. Short trade can be tried on the rise near or within the range of 52000---52100 with a stop loss of 52270 or can sell if it moves below 50870 with a stop loss of 51100. 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.  

 

CNX-NIFTY PROBABLE RANGE FOR -26.7.2024.

 

 CNX-NIFTY

CLOSE ON 25.7.2024:-24406.10

The possible range for the day is between 24460----24352, if it moves above 24460 and sustain then the upside target for the day could be 24514---24568---24622, if it moves above 24622 and sustain then it can sharply move up further. Similarly break below 24352 can pull it down to 24298---24244---24190, it can bounce back from any of these points but sustained break below 24190 may accelerate the fall.

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

         

   

CNX- BANK NIFTY PROBABLE RANGE FOR -26.7.2024.

 

CNX- BANK NIFTY

CLOSE ON 25.7.2024:-50888.75

The possible range for the day is between 51000-----50776, if it moves above 51000 and maintain then the upside target for the day could be 51111---51223---51335, if it moves above 51335 and sustain then it can sharply move up further. Similarly break below 50776 can pull it down to 50664----50552----50440, it can bounce back from any of these points but break below 50440 may accelerate the fall.

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