Balkrishna Industries Limited (BALKRISIND) Stock - Complete Technical Analysis - Sep 17, 2024

Balkrishna Industries Technical Analysis: Key Support & Resistance Levels 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. Lets analyze Balkrishna Industries Limited (BALKRISIND) with the latest technical insights. The stock is currently trading at 3,076, which is approximately 8.86% below its 52-week high of 3,375 and 40.21% above its 52-week low of 2,193.8.

Support and Resistance Levels:

Support: The primary support level for BALKRISIND is observed near 2,948. If the price falls below this level, additional support may be found around 2,727 and 2,364.

Resistance: The stock faces immediate resistance at 3,119. Should it surpass this, further resistance can be expected near 3,375 and beyond that, potentially reaching 4,229.

Technical Indicators:

MACD: A positive MACD suggests bullish momentum in the stock.

RSI: The RSI indicates that the stock is in the neutral zone, leaning towards overbought conditions.

Stochastic Oscillator: Both the Stochastic %K and RSI are in overbought territory, which may signal a potential pause or pullback.

ADX: The ADX indicates a strong trend, with a bullish bias currently in play.

Moving Averages: The stock price is trading above its shorter-term moving averages but below the Hull Moving Average, suggesting mixed signals with a generally bullish trend in the shorter term.

Chart Patterns:

The formation of a Doji and a Bullish Harami suggests market indecision and potential for a trend reversal. The Spinning Top also reinforces this uncertainty in the market direction.

In summary, Balkrishna Industries shows a mix of bullish momentum with potential resistance ahead at 3,119 and further levels at 3,375. Traders should watch for potential pullbacks to support levels and be alert for signs of trend reversal indicated by recent chart patterns.