Indian Card Clothing Company Limited (INDIANCARD) Stock - Complete Technical Analysis - Sep 23, 2024

Indian Card Clothing Stock Analysis: Key Levels to Watch

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 for Indian Card Clothing Company Limited. Currently, the stock is trading at 275, showing a bearish trend as it's 22.29% below its 52-week high of 353 and 22.62% above its 52-week low of 223. The stock's P/E ratio stands at 11.2, indicating it may be undervalued compared to its earnings.

Analyzing key indicators, the Average Directional Index (ADX) is relatively low at 14.25, suggesting weak trend strength. The Relative Strength Index (RSI) is at 43.08, which is in the neutral zone, hinting at a possible reversal if it moves towards overbought levels. The Stochastic indicator is quite low at 14.2, signaling potential upward movement. However, the MACD is negative, indicating bearish momentum.

Chart patterns show a Bullish Harami, which typically indicates a potential reversal. The inside candle pattern observed suggests indecision among traders, with the stock trading within the range of 270.1 to 284.05 over the past couple of days. Support is seen around 254.6, while resistance lies at 305.25.

Moving averages reveal that the stock is below several key averages, including the 10-day EMA at 280.63 and the 20-day SMA at 284.45, reinforcing the bearish sentiment. The Ultimate Oscillator shows weakness at 33.24, indicating that the stock may face challenges in gaining upward momentum.

Traders should monitor these levels closely. A break above resistance could signal a buying opportunity, while a dip below support may suggest exiting positions. Overall, Indian Card Clothing presents a cautious outlook, and traders should prepare for possible volatility.