ELGIRUBCO Important Support and Resistance Intraday Tomorrow, Weekly, Monthly Prediction
In trading, it's important that you do your homework by marking possible demand and supply levels on charts every day before the market opens. So if you will trade elgirubco tomorrow, these are its important support and resistance levels which will act as profit booking levels.
Note that these daily levels are valid for Thu 07 November 2024. Make sure you mark these levels on the stock chart of Elgi Rubber Company Limited. Also check its technical forecast for tomorrow.
Intraday Support Levels for ELGIRUBCO
| Level | Value |
|---|---|
| Support 1 (S1) | 126.02 |
| Support 2 (S2) | 120.63 |
| Support 3 (S3) | 113.67 |
Tomorrow, ₹126.02 will act as the first strong support level for ELGIRUBCO. However, if it fails to sustain above Support 1, it may result in further downfall in stock reaching down to ₹113.67. These S&R levels can also be used as entry, targets and stop loss. Intraday traders can sell ELGIRUBCO when it closes below ₹126.02 and aim for ₹120.63 as the initial and ₹113.67 as the secondary profit booking level.
Resistance Levels for Tomorrow
| Level | Value |
|---|---|
| Resistance 1 (R1) | ₹138.37 |
| Resistance 2 (R2) | ₹145.33 |
| Resistance 3 (R3) | ₹150.72 |
If ELGIRUBCO moves upwards, it may face resistance at ₹138.37, and if the stock breaks out, the next resistance level will be ₹145.33.
ELGIRUBCO (Elgi Rubber Company Limited) Weekly Support and Resistance Levels
| Type | Level | Value |
|---|---|---|
| Support | S1 | ₹86.23 |
| Support | S2 | ₹80.11 |
| Support | S3 | ₹75.23 |
| Resistance | R1 | ₹97.23 |
| Resistance | R2 | ₹102.11 |
| Resistance | R3 | ₹108.23 |
Considering downside probability, if ELGIRUBCO experiences selling pressure and starts trending lower, the first key level will be at ₹86.23. If the price breaks below that, it will show strong bearishness in the stock, and ELGIRUBCO will find its next support at ₹80.11 followed by ₹75.23 as 3rd support for the week. It is most unlikely that the stock will fall further down Support 3, as the selling pressure gradually reduces over time and new buyers enter the market to push the price further up.
Now, let's talk about the upside/bullish expectations. If ELGIRUBCO starts rallying this week, it might face some resistance at the first support of ₹97.23. If the price manages to break through Support1 level convincingly, the stock will continue its upward movement towards ₹102.11 and even ₹108.23 as the last support for this week.
ELGIRUBCO Monthly Resistance and Supports
| Level | Value |
|---|---|
| Monthly Support 1 (S1) | ₹81.68 |
| Monthly Support 2 (S2) | ₹71.01 |
| Monthly Support 3 (S3) | ₹57.03 |
| Monthly Resistance 1 (R1) | ₹106.33 |
| Monthly Resistance 2 (R2) | ₹120.31 |
| Monthly Resistance 3 (R3) | ₹130.98 |
Considering the downside view on monthly charts, if ELGIRUBCO starts showing signs of weakness and declines, the first major support level will be ₹81.68. If the price breaks below that, the second support for the month will be ₹71.01 and ₹57.03 as the third support.
However, if the bulls take control and ELGIRUBCO starts rallying, the first key resistance level to watch will be ₹106.33. If the price can push through that convincingly, it sets up a potential challenge of the higher resistance levels at ₹120.31 and ₹130.98.
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Summary of Key Levels for ELGIRUBCO
-
Daily Levels:
- Support at: ₹126.02
- Resistance at: ₹138.37
- Support at: ₹86.23
- Resistance at: ₹97.23
- Support at: ₹81.68
- Resistance at: ₹106.33