Shankara Building Products Limited (SHANKARA) Stock - Complete Technical Analysis - Sep 13, 2024

Shankara Building Products Stock Analysis: Bearish Signals & Potential Reversal 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.

Technical Analysis of Shankara Building Products Limited (SHANKARA)

Shankara Building Products Limited is currently trading at 572, which is notably below its 52-week high of 834.75, reflecting a decline of 31.49%. The stock is also 1.80% above its 52-week low of 561.8.

Support and Resistance Levels: The stock is facing immediate resistance around the 20-day EMA at 593.23 and the 50-day EMA at 623.46. On the downside, the recent support can be observed near the 10-day EMA at 581.85 and the Hull Moving Average at 573.25.

Technical Indicators:

MACD: Currently in negative territory, indicating bearish momentum.

RSI: At 35.96, suggests that the stock is in the oversold zone and may be due for a bounce.

ADX: The ADX at 27.36 indicates a strong trend, though the stock's direction remains bearish.

Stochastic %K: At 27.26, reinforcing the oversold condition.

Stochastic RSI: Fast RSI is at 64.95, showing some strength but not enough to counter the bearish trend.

Commodity Channel Index (CCI): At -125.31, suggests that the stock is in an oversold condition.

Awesome Oscillator: Negative at -36.04, reflecting bearish momentum.

Williams %R: At -80.63, indicating oversold conditions.

Ultimate Oscillator: At 27.81, confirms the stock is in an oversold state.

Bull Bear Power: Negative at -20.76, suggesting bearish strength.

Chart Patterns: An Inside Candle pattern was observed on 12-Sep-2024, indicating a potential period of consolidation or a reversal in trend. The stock traded within the range of 585.0 (high) and 569.5 (low) for two days following this pattern.

Conclusion: Given the current technical indicators, the stock is displaying strong bearish signals but is in an oversold state which may present a potential buying opportunity if other conditions align. Traders should watch for any signs of reversal or consolidation near the support levels before making further investment decisions.