Sundram Fasteners Limited (SUNDRMFAST) Stock - Complete Technical Analysis - Sep 26, 2024

Sundram Fasteners Limited Technical Analysis: Bullish Trends Ahead

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.

Welcome to the technical analysis of Sundram Fasteners Limited. Currently, the stock is trading at 1,406, which positions it 6.58% below its 52-week high of 1,505.95, achieved on July 18, 2024. The stock is also trading 40.26% above its 52-week low of 1,003.05 from March 15, 2024.

Examining the indicators, the Average Directional Index (ADX) indicates a strong trend, while the Relative Strength Index (RSI) suggests that the stock is approaching neutral territory. The Stochastic %K is in the mid-range, indicating a balanced momentum. The MACD shows bullish momentum, signaling potential upward movement.

From a moving averages perspective, both the Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) are displaying a bullish trend as the price remains above key averages, specifically the 10-day and 20-day EMAs. Notably, the Ichimoku Base Line is positioned well, suggesting support at lower levels.

Additionally, the recent inside candle pattern, observed on September 24, indicates a period of consolidation, with a parent high of 1,424.8 and a low of 1,380. This consolidation may set the stage for a breakout, especially if the stock price breaks above the high.

Support levels can be seen around 1,380 and 1,373, while resistance levels are identified at 1,424 and potentially at 1,505 if the momentum continues. With a strong Bull Bear Power and Awesome Oscillator, the overall sentiment remains positive.

In summary, Sundram Fasteners Limited shows promising technical signals with the potential for an upward trend, making it an interesting stock for traders to watch closely.