Mayur Uniquoters Ltd (MAYURUNIQ) Stock - Complete Technical Analysis - Sep 13, 2024

Mayur Uniquoters Ltd Technical Analysis: Key Support and Resistance Levels NSE Stock Insights

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.

Mayur Uniquoters Ltd is currently trading at 610.05, showing some consolidation just below its recent high of 700. The stock is moving within a narrow range, highlighted by an inside candle pattern, which suggests indecision in the market. This is further supported by the Spinning Top formation, indicating a balance between buyers and sellers. With the Average Directional Index (ADX) showing low strength, we can infer a lack of strong trend momentum at the moment. The Relative Strength Index (RSI) suggests the stock is neither overbought nor oversold, offering potential for movement in either direction depending on market sentiment. MACD indicates some bearish momentum, but it's not overly strong, signaling that the selling pressure is mild.

Momentum indicators, such as Stochastic %K and the Williams Percent Range, show the stock is near oversold levels, which could attract buyers if the price approaches key support levels. Awesome Oscillator reflects bearish sentiment, but with weakening power, suggesting the downside may be limited. Moving averages reflect the stock trading slightly below its short- and medium-term averages, which could act as resistance on the way up. The stock has found some support around the 600 level, which coincides with its recent low. A break below this support could open up further downside potential, while resistance levels around 630-650 could cap the upside in the near term. Traders should watch for a potential breakout from this range for clearer direction.