Siyaram Silk Mills Limited (SIYSIL) Stock - Complete Technical Analysis - Aug 30, 2024

Siyaram Silk Mills Technical Analysis Key Support

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. Today's analysis of Siyaram Silk Mills Limited (SIYSIL) shows some intriguing technical signals. The stock is currently trading at 487, which is 23.26% below its 52-week high of 635 and 18.97% above its 52-week low of 409. The recent price action includes a bullish Harami pattern, indicating a potential reversal in the near term.

Support and Resistance Levels:

Support Levels: The key support levels are found at 474.83 (Classic Pivot S1), 427.57 (Classic Pivot S2), and 342.62 (Classic Pivot S3).

Resistance Levels: Significant resistance is observed at 559.78 (Classic Pivot R1), 597.47 (Classic Pivot R2), and 682.42 (Classic Pivot R3).

Technical Indicators:

MACD: The MACD is currently negative, suggesting bearish momentum.

RSI: The Relative Strength Index is at 45.59, indicating a neutral stance and potential for either direction.

ADX: The Average Directional Index is at 11.33, showing a weak trend, meaning the stock might be consolidating.

Stochastic Indicators: Both Stochastic %K and Stochastic RSI are in oversold regions, which could signal a potential rebound.

CCI: The Commodity Channel Index is negative, reflecting weak buying interest.

Williams Percent Range: At -63.75, it indicates oversold conditions.

Moving Averages:

Short-Term MAs: The Exponential Moving Averages (10, 20, and 30) are all above the current price, indicating bearish short-term momentum.

Long-Term MAs: The Simple Moving Averages (100 and 200) are also above the current price, reinforcing the bearish trend.

Pivot Points: The price is below the Classic Pivot Point of 512.52, suggesting bearish momentum.

Chart Patterns:

The Bullish Harami pattern observed suggests a possible trend reversal, providing some optimism in the short term.

Volatility:

The Average True Range (ATR) is high, reflecting significant price volatility and potential for sharp moves.

Overall, while the technical indicators show mixed signals, the presence of the bullish Harami pattern and oversold conditions may suggest a potential bounce. However, the current bearish trend indicated by the moving averages and MACD should be watched closely.