Dalmia Bharat Sugar and Industries Limited (DALMIASUG) Stock - Complete Technical Analysis - Aug 30, 2024

Dalmia Bharat Sugar (DALMIASUG) Stock Analysis: Support, Resistance

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.

Let's dive into the technical analysis of Dalmia Bharat Sugar and Industries Limited (DALMIASUG). Currently, the stock is trading at 468, showing a 6.20% decline from its 52-week high of 499 and a 38.46% increase from its 52-week low of 338.

Support and Resistance Levels:

Support Levels: The key support levels are around 408.33 (Classic Pivot), 397.67 (Camarilla S2), and 386.60 (Fibonacci S1). These levels could provide potential buying opportunities if the stock price starts to decline.

Resistance Levels: Major resistance is observed at 465.23 (Classic Pivot R2), 494.85 (Woodie R3), and 522.13 (Classic Pivot R3). The stock may face challenges breaking through these levels.

Technical Indicators:

MACD: The MACD line is positive, indicating a bullish trend.

RSI: The Relative Strength Index (RSI) is at 70.75, suggesting the stock is in the overbought territory, which might indicate a possible pullback soon.

Stochastic Oscillator: Both the Stochastic %K and Stochastic RSI are in the overbought zone, which aligns with the RSI, reinforcing the potential for a short-term price correction.

ADX: The Average Directional Index (ADX) is at 17.5, showing a weak trend strength.

Awesome Oscillator: At 29.93, the Awesome Oscillator is positive, indicating the momentum remains bullish.

CCI: The Commodity Channel Index (CCI) is at 198.98, reflecting strong upward momentum but also suggests overbought conditions.

Moving Averages: The stock is trading above all its major moving averages, with the price significantly higher than the 50-day and 200-day EMAs, which is a positive sign. However, the close proximity of the price to the exponential moving averages indicates potential volatility.

ATR: The Average True Range (ATR) is showing significant volatility, with recent values trending higher. This suggests that the stock could experience substantial price swings.

Pivot Points:

Classic Pivot: 408.33

Camarilla Pivot: 408.33

Fibonacci Pivot: 408.33

Woodie Pivot: 408.97

In summary, while DALMIASUG is showing strong bullish signs with its current price trading above key moving averages and positive momentum indicators, the stock is in the overbought zone according to RSI and Stochastic Oscillator readings. Traders should be cautious of potential short-term corrections and watch for price action around key support and resistance levels.