Shakti Pumps (India) Limited (SHAKTIPUMP) Stock - Complete Technical Analysis - Sep 12, 2024

Shakti Pumps (SHAKTIPUMP) Stock Analysis: Key Support & Resistance Levels September 2024

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions.

Shakti Pumps (India) Limited (SHAKTIPUMP) is currently trading at 4,295, reflecting a notable 15.37% drop from its 52-week high of 5,075.45, reached on August 6, 2024. This stock is performing exceptionally well compared to its 52-week low of 730.2, showing an impressive gain of 488.25%.

Technical Indicators:

MACD: The MACD shows a positive level, indicating bullish momentum.

RSI: Currently at a neutral level, suggesting the stock is neither overbought nor oversold.

ADX: A relatively low ADX points to weak trend strength, implying market indecision.

Stochastic %K: This value suggests the stock is neither overbought nor oversold, aligning with RSI observations.

Stochastic RSI: The low reading implies the stock may be in a corrective phase or facing weak bullish momentum.

Momentum: Negative momentum indicates downward pressure.

CCI: A significantly negative value highlights the potential for oversold conditions.

Awesome Oscillator: Negative values suggest bearish momentum.

Moving Averages:

The stock is trading below its short-term moving averages (10, 20, and 30-day), indicating recent weakness.

The long-term moving averages (50, 100, 200-day) are below the current price, supporting the possibility of further upside if the price stabilizes.

Pivot Points:

Support: Key support levels are around 4,075.95 (Classic S1) and 4,389.57 (Camarilla S1). These levels could offer buying opportunities if the stock pulls back.

Resistance: Watch for resistance near 4,575.7 (Classic Pivot) and 4,946.73 (Woodie R1). Breaking these levels could signal further upside potential.

Chart Pattern:

The current candle is a Spinning Top, reflecting indecision in the market. This suggests that both buyers and sellers are currently unsure of the stock's direction, highlighting the potential for a period of consolidation or reversal.

Overall, Shakti Pumps is showing mixed signals with its current technical indicators and price action. Traders should be cautious and watch for confirmation of a trend reversal or continuation from the key support and resistance levels mentioned.