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 Reliance Industrial Infrastructure Limited (RIIL). Currently trading at 1,192, the stock shows a variety of technical signals and chart patterns.
Starting with support and resistance levels, we see several key pivots. The classic pivot point is at 1,319.22, with resistance levels at 1,436.88 (R1), 1,559.67 (R2), and 1,800.12 (R3). Support levels are identified at 1,196.43 (S1), 1,078.77 (S2), and 838.32 (S3). Camarilla pivots suggest immediate resistance at 1,336.14 (R1) and 1,358.18 (R2), with support at 1,292.06 (S1) and 1,270.02 (S2). Fibonacci pivots place resistance at 1,411.07 (R1) and 1,467.81 (R2), while support levels are at 1,227.36 (S1) and 1,170.62 (S2). Woodie pivots show key resistance at 1,445.23 (R1) and 1,563.84 (R2), with support at 1,204.78 (S1) and 1,082.94 (S2).
Moving on to moving averages, the stock is trading below most key averages: the Exponential Moving Average (EMA) for 10 days is at 1,207.18, while the 200-day EMA stands at 1,237.17. The Simple Moving Averages (SMA) also show the stock trading below the 10-day SMA of 1,210.77 and 200-day SMA of 1,287.79, indicating a bearish trend.
In terms of momentum indicators, the MACD shows a negative reading, suggesting a bearish momentum. The RSI is at 42.15, indicating that the stock is approaching oversold conditions, but it's not yet in the extreme oversold zone. The ADX at 23.01 implies a moderate trend strength. The Stochastic RSI is quite high at 84.19, suggesting that the stock might be in an overbought condition.
The Average True Range (ATR) is showing a high volatility period, with recent values fluctuating around 196.59, which indicates potential for significant price swings. The Commodity Channel Index (CCI) is negative at -22.3, supporting the bearish sentiment. The Awesome Oscillator is also negative, reinforcing the bearish outlook.
Overall, the technical analysis indicates that RIIL is currently in a bearish trend, trading below its key moving averages and showing a variety of bearish indicators. Traders should keep an eye on the support levels for potential entry points, while resistance levels may act as potential targets for price recovery.
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