DCM Shriram Industries Limited (DCMSRIND) Stock - Complete Technical Analysis - Sep 13, 2024

DCM Shriram Industries Stock Analysis: Key Support & Resistance Levels Technical Review 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. DCM Shriram Industries Limited (DCMSRIND) is currently trading at 200, which is 17.66% below its 52-week high of 242.5, suggesting a recent pullback from higher levels. The stock is performing well above its 52-week low of 116.25, indicating strong relative strength.

The classic pivot point is at 205.72, which could act as a key resistance level if the stock price rises. On the downside, the nearest support levels are around 188.55 and 174.83, which might come into play if the price declines.

Technical indicators reveal a mixed scenario. The Average Directional Index (ADX) is quite low, signaling a weak trend. The RSI is near neutral, implying no extreme overbought or oversold conditions. The MACD is slightly bearish, suggesting potential downward pressure. The Stochastic RSI, however, indicates overbought conditions, which could signal a potential reversal or pullback. The Awesome Oscillator supports this bearish view, while the Commodity Channel Index is neutral.

Recent patterns show an Inside Candle on 10-Sep-2024, which often suggests consolidation or indecision. The stock has traded within this range for several days, indicating a period of stability or potential breakout.

Overall, DCMSRIND appears to be consolidating with mixed technical signals. Key levels to watch are the resistance at the classic pivot point and the support levels below. Traders should be cautious of potential volatility and monitor these levels for any significant price action.