MEDICO 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 medico tomorrow, these are its important support and resistance levels which will act as profit booking levels.

Note that these daily levels are valid for Mon 22 July 2024. Make sure you mark these levels on the stock chart of Medico Remedies Limited. Also check its technical forecast for tomorrow.

Intraday Support Levels for MEDICO

Level Value
Support 1 (S1) 35.66
Support 2 (S2) 34.56
Support 3 (S3) 33.01

Tomorrow, ₹35.66 will act as the first strong support level for MEDICO. However, if it fails to sustain above Support 1, it may result in further downfall in stock reaching down to ₹33.01. These S&R levels can also be used as entry, targets and stop loss. Intraday traders can sell MEDICO when it closes below ₹35.66 and aim for ₹34.56 as the initial and ₹33.01 as the secondary profit booking level.

Resistance Levels for Tomorrow

Level Value
Resistance 1 (R1) ₹38.31
Resistance 2 (R2) ₹39.86
Resistance 3 (R3) ₹40.96

If MEDICO moves upwards, it may face resistance at ₹38.31, and if the stock breaks out, the next resistance level will be ₹39.86.

MEDICO (Medico Remedies Limited) Weekly Support and Resistance Levels

Type Level Value
Support S1 ₹35.25
Support S2 ₹33.74
Support S3 ₹31.37
Resistance R1 ₹39.13
Resistance R2 ₹41.50
Resistance R3 ₹43.01

Considering downside probability, if MEDICO experiences selling pressure and starts trending lower, the first key level will be at ₹35.25. If the price breaks below that, it will show strong bearishness in the stock, and MEDICO will find its next support at ₹33.74 followed by ₹31.37 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 MEDICO starts rallying this week, it might face some resistance at the first support of ₹39.13. If the price manages to break through Support1 level convincingly, the stock will continue its upward movement towards ₹41.50 and even ₹43.01 as the last support for this week.

MEDICO Monthly Resistance and Supports

Level Value
Monthly Support 1 (S1) ₹35.79
Monthly Support 2 (S2) ₹30.79
Monthly Support 3 (S3) ₹26.79
Monthly Resistance 1 (R1) ₹44.79
Monthly Resistance 2 (R2) ₹48.79
Monthly Resistance 3 (R3) ₹53.79

Considering the downside view on monthly charts, if MEDICO starts showing signs of weakness and declines, the first major support level will be ₹35.79. If the price breaks below that, the second support for the month will be ₹30.79 and ₹26.79 as the third support.

However, if the bulls take control and MEDICO starts rallying, the first key resistance level to watch will be ₹44.79. If the price can push through that convincingly, it sets up a potential challenge of the higher resistance levels at ₹48.79 and ₹53.79.

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Summary of Key Levels for MEDICO

    Daily Levels:
    • Support at: ₹35.66
    • Resistance at: ₹38.31
    Weekly Levels:
    • Support at: ₹35.25
    • Resistance at: ₹39.13
    Monthly Levels:
    • Support at: ₹35.79
    • Resistance at: ₹44.79