Niraj Cement Structurals Limited (NIRAJ) Stock - Complete Technical Analysis - Sep 23, 2024

Niraj Cement Technical Analysis: Is the Bull Run Sustainable NSE 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. Today, we're diving into the technical analysis of Niraj Cement Structurals Limited, trading at 67. The stock is experiencing a robust upward trend, highlighted by a strong MACD and a bullish momentum indicator. The current Relative Strength Index (RSI) suggests that the stock is nearing overbought territory, which traders should monitor closely.

Key support levels to watch are around 62, where we see strong backing from the 20-day EMA and significant historical support. Should the price drop below this level, the next major support is at approximately 58. On the resistance front, immediate resistance is observed at 70, closely followed by the 74.9 level, which marks the 52-week high. A breakout above this high could signal further bullish momentum.

The Average Directional Index (ADX) indicates a strong trend, reinforcing the likelihood of continued price movement in the current direction. Traders should keep an eye on volume trends and momentum indicators for potential entry and exit points. Overall, Niraj Cement shows promise, but caution is advised as the stock approaches resistance levels.