Shalimar Paints Limited (SHALPAINTS) Stock - Complete Technical Analysis - Sep 13, 2024

Shalimar Paints Technical Analysis: Key Levels and Indicators Explained NSE Stock Analysis

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.

Shalimar Paints Limited (SHALPAINTS) is currently trading at 144.85, showing a notable distance of 35.38% below its 52-week high of 224.15 and a 9.65% gain above its 52-week low of 132.1. The stock's technical indicators present a mixed picture, indicating both opportunities and caution for traders.

Support and Resistance Levels: The stock's key support levels are positioned around 140.63 and 135.2, with critical resistance levels at 149.15 and 161.22. The current price is near its Classic Pivot Point of 140.63, suggesting that this level is pivotal for determining short-term trends.

Technical Indicators:

RSI is at 58.59, indicating that the stock is neither overbought nor oversold, but leaning towards a potential buying zone.

MACD is negative, showing a bearish crossover, which could suggest a downward trend in the short term.

ADX is at 16.24, pointing to a weak trend strength, which may imply that the market is currently lacking a strong directional bias.

Stochastic RSI is high at 85.22, indicating that the stock might be in an overbought condition, hinting at a possible short-term pullback.

Awesome Oscillator is negative, confirming bearish momentum in the market.

Moving Averages:

Exponential Moving Averages (EMA) show a bearish setup as shorter-term EMAs (10, 20, and 30-day) are below longer-term EMAs (50, 100, and 200-day).

Simple Moving Averages (SMA) follow a similar trend with shorter-term SMAs below the longer-term SMAs.

The Hull Moving Average and Ichimoku Base Line are above the current price, indicating resistance levels to watch for.

Chart Patterns:

Doji and Spinning Top patterns are present, signaling indecision in the market. This could mean potential volatility or a consolidation phase ahead.

Volatility:

The Average True Range (ATR) is relatively high, suggesting increased volatility, which could lead to larger price swings in either direction.

In summary, SHALPAINTS is currently navigating through a period of indecision with mixed technical signals. Traders should watch for breaks above or below key support and resistance levels to gauge the next directional move.