Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Sep 20, 2024

Surya Roshni Stock Analysis: Will the Bullish Trend Continue

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. Surya Roshni Limited is currently trading at 656.75, showing a 21.97% decline from its 52-week high of 841.65 and a significant 45.69% increase from its 52-week low of 450.80. The stock's P/E ratio stands at 19.7, with a book value of 199, indicating a fair valuation relative to its earnings. The dividend yield is modest at 0.38%, while ROCE and ROE are robust at 20.8% and 16.2%, respectively.

In terms of technical indicators, the Average Directional Index (ADX) is low, suggesting a lack of strong trends, currently at 17.44. The Relative Strength Index (RSI) is neutral at 50.51, indicating that the stock is neither overbought nor oversold. The MACD is positive, suggesting potential bullish momentum. The Stochastic indicators show values indicating a slightly bearish sentiment, while the Awesome Oscillator supports a bullish bias.

The classic pivot point sits at 650.1, with the stock trading just above this level, which may act as a support zone. The presence of a bullish Harami candlestick pattern suggests potential upward momentum, although today's Spinning Top pattern indicates indecision in the market.

Key support levels can be identified around 650 and 575, while resistance is expected at around 750. If the stock breaks above the resistance at 670.4, it may open up further upside potential. Conversely, a break below 650 could lead to additional downside.

In summary, while Surya Roshni shows promise with bullish patterns and solid fundamentals, traders should be cautious due to current market indecision and the lack of a strong trend. Monitoring these key levels will be essential for informed trading decisions.