Prataap Snacks Limited (DIAMONDYD) Stock - Complete Technical Analysis - Sep 13, 2024

Prataap Snacks Limited (DIAMONDYD) Technical Analysis: Bearish Signals & Key Support Levels

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. Let's dive into the technical analysis of Prataap Snacks Limited, currently trading at 817. The stock has been experiencing a downtrend from its 52-week high of 1450, reflecting a significant decline of approximately 43.73%. On the other hand, it's 9.26% above its 52-week low of 746.7.

Support and Resistance Levels: The stock is currently hovering near crucial support levels. Recent support has been observed around the 776.62 level, with additional support at 799.51 and 841.6 based on the Classic Pivot, Fibonacci Pivot, and Camarilla Pivot calculations. Resistance levels are currently around 863.28 and 887.51, with higher resistance extending up to 1030.23.

Technical Indicators: The Average Directional Index (ADX) is relatively low at 12.05, suggesting a weak trend strength. The Relative Strength Index (RSI) is at 39.86, indicating that the stock might be approaching oversold conditions. The Stochastic %K and Stochastic RSI are also low, suggesting bearish momentum.

The MACD is in negative territory, reflecting a bearish sentiment, while the Awesome Oscillator and Commodity Channel Index (CCI) further support a negative momentum outlook. The Williams Percent Range and Bull Bear Power are both in the negative zone, reinforcing the bearish trend.

Moving Averages: The stock is trading below its major moving averages. The current price is below the 10-day, 20-day, and 50-day exponential and simple moving averages. This suggests that the stock is in a short-term downtrend. The Ichimoku Base Line at 866.48 and various moving averages point to potential resistance levels.

Chart Patterns: An Inside Candle pattern was observed on September 11, 2024, with a parent high of 822 and a low of 807. This pattern indicates a period of consolidation and potential for a breakout in either direction.

Volatility: The Average True Range (ATR) indicates significant volatility with recent values fluctuating between 76.85 and 105.84. This suggests the stock is experiencing large price swings, which is important for setting stop-loss and target levels.

In summary, Prataap Snacks Limited is currently trading below key moving averages and technical indicators suggest a bearish outlook with potential support around 776.62 and resistance near 863.28. Traders should be cautious of the current market conditions and monitor these levels closely.