Uniparts India Limited (UNIPARTS) Stock - Complete Technical Analysis - Sep 12, 2024

Uniparts India Ltd Stock Analysis: Bearish Reversal or Bullish Bounce Key Support & Resistance Lev

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.

Uniparts India Limited (UNIPARTS) is currently trading at 488.85, which is 23.40% below its 52-week high of 638.15 and 7.68% above its 52-week low of 454.0. The stock has recently formed a Shooting Star candlestick pattern, signaling a potential bearish reversal, and a Bullish Harami pattern, which could indicate a reversal to the upside.

Support and Resistance Levels:

Immediate Support: The stock has solid support near the 464.72 level, aligning with Classic Pivot S1 and Camarilla S1. A drop below this could lead to further support at 438.48, Classic Pivot S2.

Immediate Resistance: Resistance levels are at 519.57, which is the Classic Pivot R1, and 495.98, Camarilla R1. A breakout above these levels could see the stock testing the Fibonacci R1 level of 514.29 and potentially moving towards higher resistance levels.

Technical Indicators:

MACD: The MACD is currently below the signal line, suggesting bearish momentum.

RSI: The Relative Strength Index is hovering around neutral, indicating neither overbought nor oversold conditions.

ADX: With an ADX reading below 20, the trend strength is weak, suggesting a lack of strong directional movement.

Stochastic Oscillator: The Stochastic %K is near neutral, but the Stochastic RSI is higher, hinting at potential buying pressure.

Moving Averages: The stock price is below most major moving averages, including the 50-day and 200-day EMAs, indicating a possible bearish trend. The price is also below the Ichimoku Base Line, reinforcing the bearish outlook.

Chart Patterns: The Shooting Star and Bullish Harami patterns present a mixed outlook. The Shooting Star indicates a possible bearish reversal, while the Bullish Harami suggests a potential reversal to the upside, making the market outlook somewhat ambiguous.

Additional Observations:

Average True Range (ATR): ATR levels are showing increased volatility, which could impact price swings in either direction.

Volume Weighted Moving Average (VWMA): Currently at 491.19, this indicates that the stock might face resistance near this level.

Overall, traders should watch key support and resistance levels closely, along with monitoring the technical indicators for shifts in momentum. The mixed signals from candlestick patterns and technical indicators suggest that caution is warranted, with potential for both bullish and bearish moves.