Shankara Building Products Limited (SHANKARA) Stock - Complete Technical Analysis - Sep 02, 2024

Shankara Building Products Stock Analysis - Key Support

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.

Shankara Building Products Limited (SHANKARA) Technical Analysis

Shankara Building Products is currently trading at 601.80, which is significantly below its 52-week high of 920.0, showing a 34.70% decrease. On the upside, it's trading 4.62% above its 52-week low of 574.25.

Support and Resistance Levels:

Support Levels: The stock has key support around 552.17 (Classic Pivot S1), 505.73 (Classic Pivot S2), and 390.78 (Classic Pivot S3). Additionally, support can also be observed near 577.53 (Camarilla Pivot S2) and 566.99 (Camarilla Pivot S3).

Resistance Levels: Key resistance levels are around 667.12 (Classic Pivot R1), 735.63 (Classic Pivot R2), and 850.58 (Classic Pivot R3). Resistance is also seen at 664.59 (Fibonacci Pivot R1) and 691.72 (Fibonacci Pivot R2).

Technical Indicators:

MACD: The MACD is currently negative, indicating bearish momentum.

RSI: With an RSI of 39.65, the stock is in the oversold region, suggesting potential for a reversal.

ADX: At 27.56, the ADX indicates a strong trend, but it is essential to watch for changes in direction.

Stochastic: The stochastic indicator shows a reading of 43.3, reflecting that the stock is not yet in the overbought or oversold zone. The stochastic RSI Fast is very high, signaling potential overbought conditions.

Moving Averages:

Short-Term: The stock is trading slightly above its 10-day EMA of 601.1 but below its 20-day EMA of 612.83, indicating a short-term downtrend.

Medium-Term: The 50-day EMA is 641.84, while the 100-day EMA is 664.38, suggesting that the stock is below these key moving averages.

Long-Term: The 200-day EMA stands at 685.33, which is significantly above the current price, reflecting a long-term downtrend.

Chart Patterns:

Doji and Spinning Top: The recent candlestick patterns, including a Doji and a Spinning Top, indicate indecision in the market, suggesting that traders are uncertain about the direction of the stock.

Additional Observations:

Volume Weighted Moving Average (VWMA): The stock is trading just below the 20-day VWMA of 608.08, which indicates a bearish sentiment.

Average True Range (ATR): The ATR values suggest that the stock has been experiencing high volatility.

In conclusion, Shankara Building Products is currently experiencing a downtrend with key support and resistance levels outlined. The technical indicators and moving averages suggest cautious trading, with potential reversal points to watch for.