Safari Industries (India) Limited (SAFARI) Stock - Complete Technical Analysis - Sep 20, 2024

Safari Industries Stock Analysis: Key Support & Resistance Levels Revealed

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 Safari Industries (India) Limited, currently trading at 2,470. The stock has shown strong performance recently, with a 5.58% decline from its 52-week high of 2,613.75, and it sits 49.69% above its 52-week low of 1,648.6.

The Average Directional Index (ADX) is quite strong, indicating a strong trend presence. The Relative Strength Index (RSI) is near the midpoint, suggesting that the stock is neither overbought nor oversold. The Stochastic %K is also indicating a balanced position, while the Stochastic RSI points to a relatively lower momentum.

On the moving average front, the stock is trading below the short-term Exponential Moving Averages but above the longer-term averages, which suggests a potential for upward movement if it breaks resistance levels. Notably, the current price is positioned just above the Ichimoku Base Line, further confirming bullish potential.

Key support is located at around 2,342, while resistance can be expected near 2,657. Watch these levels closely; a break above the resistance could signal a rally, while a drop below support might suggest caution.

The Awesome Oscillator and Bull Bear Power indicators are also favorable, indicating positive momentum. Overall, Safari Industries seems to have solid fundamentals, supported by high ROCE and ROE figures, but traders should keep an eye on price movements relative to the identified support and resistance levels for potential entry or exit points.