Geojit Financial Services Ltd. (NSE: GEOJITFSL) - 20th Aug 2024
Key Support Levels:
3-Year High Support: The stock has taken support above its 3-year high, which is around ₹102.70. This level has proven to be crucial for the stock, acting as a strong support zone.
200-Day EMA Support: The 200-day EMA is currently positioned at approximately ₹88.11, offering a robust long-term support level. This moving average has historically acted as a floor for the stock price, preventing further decline.
Resistance Levels:
Immediate Resistance: The immediate resistance is near the ₹115 level, where the stock has faced selling pressure in the past. A break above this level could lead to a retest of higher resistance zones.
Major Resistance - All-Time High: The major resistance is the all-time high at ₹147.05. A breakout above this level could signal the continuation of the long-term bullish trend.
Market Outlook:
The chart suggests that the stock has found strong support above its 3-year high, which could act as a launching pad for the next upward move. The 200-day EMA at ₹88.11 provides additional support, making this level critical for long-term investors.
Potential Upward Move:
The chart indicates a potential upward trajectory, with the possibility of retesting and breaking the ₹147.05 all-time high. If the stock maintains its support above ₹102.70 and gains momentum, the next target could be around ₹130-₹135 in the short to medium term.
Downside Risk:
On the downside, if the stock fails to hold the support at ₹102.70, it could test the 200-day EMA around ₹88.11. A break below this level would be a bearish signal, potentially leading to a more extended downtrend.
Trading Strategy:
For Bulls: Consider entering on a breakout above ₹115, with a target near ₹130-₹135 and a stop-loss below ₹102.70.
For Bears: Consider shorting if the stock breaks below ₹102.70, with a target near the 200-day EMA at ₹88.11, keeping a stop-loss above ₹115.
3-Year High Support: The stock has taken support above its 3-year high, which is around ₹102.70. This level has proven to be crucial for the stock, acting as a strong support zone.
200-Day EMA Support: The 200-day EMA is currently positioned at approximately ₹88.11, offering a robust long-term support level. This moving average has historically acted as a floor for the stock price, preventing further decline.
Resistance Levels:
Immediate Resistance: The immediate resistance is near the ₹115 level, where the stock has faced selling pressure in the past. A break above this level could lead to a retest of higher resistance zones.
Major Resistance - All-Time High: The major resistance is the all-time high at ₹147.05. A breakout above this level could signal the continuation of the long-term bullish trend.
Market Outlook:
The chart suggests that the stock has found strong support above its 3-year high, which could act as a launching pad for the next upward move. The 200-day EMA at ₹88.11 provides additional support, making this level critical for long-term investors.
Potential Upward Move:
The chart indicates a potential upward trajectory, with the possibility of retesting and breaking the ₹147.05 all-time high. If the stock maintains its support above ₹102.70 and gains momentum, the next target could be around ₹130-₹135 in the short to medium term.
Downside Risk:
On the downside, if the stock fails to hold the support at ₹102.70, it could test the 200-day EMA around ₹88.11. A break below this level would be a bearish signal, potentially leading to a more extended downtrend.
Trading Strategy:
For Bulls: Consider entering on a breakout above ₹115, with a target near ₹130-₹135 and a stop-loss below ₹102.70.
For Bears: Consider shorting if the stock breaks below ₹102.70, with a target near the 200-day EMA at ₹88.11, keeping a stop-loss above ₹115.
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