Havells India Limited (HAVELLS) Stock - Complete Technical Analysis - Sep 24, 2024

Havells India Limited Technical Analysis Stock Forecast & Trends

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, well analyze Havells India Limited (HAVELLS), currently trading at 2068.15, just 1.80% below its 52-week high of 2106.0, reached on September 23, 2024. This stock has shown remarkable resilience, sitting 67.75% above its 52-week low of 1232.85 from November 1, 2023.

From a technical standpoint, the Average Directional Index (ADX) indicates a strong trend at 35.8, while the Relative Strength Index (RSI) at 72.38 suggests that the stock is currently in overbought territory. This is further supported by a high Stochastic %K of 89.91 and a Stochastic RSI Fast level of 95.05, indicating potential reversal points in the near term.

Moving averages show a bullish scenario with the stock trading above both the 10-day and 20-day exponential moving averages. However, the presence of an Evening Star candlestick pattern could signal a bearish reversal. This pattern forms when the stock trades higher in the preceding days but then closes lower, hinting at waning momentum. The bullish momentum indicator is currently at 145.7, showcasing strong buying pressure, yet caution is warranted given the bearish reversal signal.

Additionally, the stock has formed an Inside Candle pattern recently, suggesting that traders should be alert to potential volatility as the market decides its next direction. Support can be found around the classic pivot levels, particularly near 1982.83 and 1873.97, while resistance is observed at around 2066.32.

Overall, traders should remain vigilant, considering both bullish and bearish signals, and monitor key support and resistance levels to navigate this stock effectively.