Foseco India Limited (FOSECOIND) Stock - Complete Technical Analysis - Sep 13, 2024

Foseco India Stock Analysis: Bearish Trend, Key Support & Resistance Levels NSE 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.

Foseco India Limited (FOSECOIND) is currently trading at 4,630, which is approximately 14.31% below its 52-week high of 5,426, and 63.02% above its 52-week low of 2,852.

Technical Indicators:

Moving Averages: The stock is positioned below its short-term Simple Moving Averages (SMA) of 10, 20, and 30 periods, indicating a bearish trend. The Exponential Moving Averages (EMA) also reflect a similar trend with the stock trading below the 10, 20, and 50-period EMAs. The 100 and 200-period EMAs are positioned lower, indicating a potential support zone.

Relative Strength Index (RSI): The RSI is at 41.11, suggesting that the stock is in a neutral to bearish zone. An RSI below 50 indicates weaker momentum, and the stock is approaching oversold conditions.

MACD: The MACD level is negative, reflecting bearish momentum. This is a sign that the stock may continue to face selling pressure in the near term.

Stochastic Indicators: Both the Stochastic %K and Stochastic RSI are indicating oversold conditions, which might suggest a potential reversal if buying interest picks up.

Average True Range (ATR): The ATR values indicate volatility with recent numbers ranging between 186.15 and 231.47. This high volatility may present both opportunities and risks for traders.

Ichimoku Cloud: The stock is trading below the Ichimoku Base Line, which suggests a bearish trend. This technical tool helps identify potential support and resistance levels.

Support and Resistance Levels:

Immediate Support: Around 4,550 (near the 50-period EMA and Classic Pivot S1).

Strong Support: Around 4,200 (near Fibonacci S1 and Woodie S2).

Immediate Resistance: Around 4,750 (near the 10-period EMA and Classic Pivot P).

Strong Resistance: Around 5,000 (near the 20-period EMA and Fibonacci R1).

Summary:

Foseco India Limited is currently in a bearish trend with several indicators suggesting potential continued weakness. The stock is trading below key moving averages and the Ichimoku Base Line, indicating that resistance levels might be hard to breach in the near term. However, with oversold conditions in the stochastic indicators and a high ATR suggesting volatility, there might be short-term trading opportunities if the stock shows signs of reversing. Traders should watch key support levels around 4,550 and 4,200, and be cautious of resistance around 4,750 and 5,000.