Bajaj Electricals Limited (BAJAJELEC) Stock - Complete Technical Analysis - Sep 20, 2024

Bajaj Electricals Technical Analysis: Key Resistance & Support Levels BAJAJELEC Stock 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. Bajaj Electricals Limited (BAJAJELEC) is currently trading at 986.60, about 14% below its 52-week high of 1148.0 and 20% above the 52-week low of 820.15. The stock has shown a consolidation phase recently, with an Inside Candle pattern indicating indecision in the market. The support zone is around 970, with resistance levels approaching 1008. A Bearish Harami pattern suggests potential downside pressure.

In terms of technical indicators, the RSI hovers near 50, suggesting neutral momentum, while the ADX value of 17.58 indicates a weak trend. MACD shows mild bullish momentum, but Stochastic levels hint at a possible sideways movement. With the stock trading near its 50 and 100-day EMAs, its a crucial juncture for traders, signaling a breakout or further consolidation.

Awesome Oscillator remains positive, but Momentum is in the negative, signaling caution. The ATR indicates relatively high volatility. The stock has recently moved below its short-term Hull Moving Average, adding weight to a cautious outlook.

Key observation: Watch out for the price approaching resistance near 1008, with a potential retracement towards support at 970 if selling pressure increases. A breakout above 1008 could indicate bullish sentiment, but traders should be wary of the weak ADX trend.