3M India Limited (3MINDIA) Stock - Complete Technical Analysis - Sep 17, 2024

3M India Stock Analysis: Bearish Patterns and Key Levels to Watch in September 2024

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.

3M India Limited (3MINDIA) is currently trading at 35,726.60, which is approximately 12.56% below its 52-week high of 40,856.50 and 25.36% above its 52-week low of 28,498.95.

Technical Analysis:

Support and Resistance Levels:

Immediate Support: 35,264.78 (Volume Weighted Moving Average) and 35,232.00 (Classic Pivot S1)

Immediate Resistance: 36,796.88 (Classic Pivot P) and 38,815.77 (Classic Pivot R1)

Trend Indicators:

MACD: Currently in a bearish phase, indicating potential downward momentum.

RSI: At neutral levels, suggesting the stock may be in consolidation or transitional phases.

ADX: Low, indicating a weak trend, which may mean the stock is currently consolidating or experiencing a sideways movement.

Moving Averages:

Short-Term Trend: The stock is below the 10-day and 20-day Exponential Moving Averages (EMA), suggesting bearish short-term sentiment.

Medium-Term Trend: Trading slightly below the 50-day EMA but above the 100-day EMA, indicating mixed signals in the medium term.

Long-Term Trend: Above the 200-day EMA, signaling long-term bullishness, though recent trends show some weakening.

Chart Patterns and Indicators:

Bearish Engulfing Pattern: Recently observed, indicating potential for a short-term decline.

Stochastic RSI: Significantly high, suggesting overbought conditions which could lead to a correction.

ATR: Relatively high, indicating increased volatility which could lead to larger price swings.

Summary: The stock is currently experiencing some bearish pressure, as indicated by the Bearish Engulfing pattern and negative MACD. Short-term traders might see some resistance around 36,796.88, with immediate support around 35,264.78. With high volatility and mixed moving average signals, caution is advised for those trading in the short-term, while long-term investors might find opportunities if the stock consolidates and holds above critical support levels.