Radico Khaitan Limited (RADICO) Stock - Complete Technical Analysis - Sep 18, 2024

Radico Khaitan Technical Analysis: Bullish Trend & Key Levels to Watch NSE Stock Analysis

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 Radico Khaitan Limited (RADICO). The stock is currently trading at 2,255, which is approximately 3.03% below its 52-week high and 97.62% above its 52-week low.

Support and Resistance Levels:

Support Levels: The key support levels are around 2,046, based on the Classic Pivot and Fibonacci Pivot, and 1,850 from the Camarilla and Woodie Pivots. A drop below these levels may see further support around 1,721 and 1,500.

Resistance Levels: The immediate resistance is seen at the Classic Pivot R1 of 2,069 and the Woodie Pivot R1 at 2,155. Higher resistance can be found at 2,196 (Fibonacci Pivot R2) and 2,544 (Classic Pivot R3).

Technical Indicators:

MACD: The MACD shows a strong bullish signal, indicating upward momentum.

RSI: The RSI is in the overbought zone, suggesting the stock may be due for a consolidation or a pullback.

ADX: The ADX indicates a strong trend with momentum favoring the current direction.

Stochastic Oscillator: Both the Stochastic %K and the Stochastic RSI are in the overbought region, supporting the bullish trend but also highlighting potential for short-term corrections.

Moving Averages: The stock is trading above its short-term moving averages (10-day, 20-day) and is also well above its longer-term averages (50-day, 100-day, 200-day), showing a strong bullish trend.

Ichimoku Base Line: The price is above the Ichimoku Base Line, reinforcing the bullish outlook.

Chart Patterns:

The stock has formed a bullish continuation pattern known as "Three White Soldiers," which generally indicates a strong continuation of the current uptrend.

Additional Observations:

ATR: The Average True Range shows increased volatility, suggesting traders should be prepared for potential price swings.

Awesome Oscillator: This oscillator indicates a strong bullish momentum.

In summary, Radico Khaitan Limited is displaying strong bullish characteristics with significant support and resistance levels to watch. Traders should be aware of the overbought indicators, which might signal short-term consolidation or a pullback before continuing the upward trend.