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 a detailed technical analysis of Vedant Fashions Limited, commonly known as Manyavar, currently trading at 1332.15. This stock is showing some significant technical indicators worth noting.
The Average Directional Index (ADX) is at 33.52, indicating a strong trend, while the Relative Strength Index (RSI) is at 65.81, suggesting that the stock is nearing overbought conditions. The Stochastic %K is at 67.68, reinforcing this view. However, the MACD level at 38.35 indicates bullish momentum.
In terms of chart patterns, we've identified a Doji candle that reflects indecision in the market, with today's trading showing an open of 1330, a high of 1338.75, a low of 1315, and a close at 1332.15. The presence of a Bullish Harami pattern suggests potential for upward movement, as it indicates a reversal after a downtrend.
Support levels can be observed around 1307, which aligns with recent lows, while the immediate resistance level stands at 1376.8, as indicated by the recent price action. Furthermore, the stock is trading significantly above its 52-week low of 886.05, indicating a strong recovery and bullish sentiment over the longer term.
Volume Weighted Moving Average (VWMA) and several Moving Averages confirm an upward trend as the stock price remains above the key averages. Additionally, the presence of an Inside Candle pattern suggests a period of consolidation, with three days of trading within the parent range of 1376.8 and 1307.
Traders should watch for a breakout above the resistance level for potential gains, while a drop below the support level could signal a reversal. Overall, the indicators point toward a bullish outlook for Manyavar, but caution is advised given the overbought conditions reflected in the RSI and Stochastic readings.
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