Pokarna Limited (POKARNA) Stock - Complete Technical Analysis - Sep 02, 2024

Pokarna Stock Analysis: Bullish Trend with Key Support

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 Pokarna Limited (POKARNA). The current trading price stands at 942.55. The stock shows a strong bullish trend but with some mixed signals.

Support and Resistance Levels:

Support Levels: The stock has solid support at the Classic Pivot S1 of 759.53 and further support at Camarilla S1 of 906.9. The Fibonacci Pivot S1 at 763.75 also aligns closely with these levels.

Resistance Levels: The immediate resistance is seen at the Classic Pivot R1 of 1047.53. Camarilla R1 is at 959.7, and the Fibonacci R1 is at 983.78, indicating potential resistance zones.

Chart Patterns:

Doji (Indecision): This pattern, with an open at 938.95, high at 958.0, low at 922.0, and close at 942.55, signifies market indecision.

Bullish Harami: This pattern follows a previous bearish day, indicating potential reversal or a bullish trend continuation. Yesterday's candle was a bearish day, and today's candle shows a smaller body, suggesting indecision but with bullish potential.

Technical Indicators:

MACD: The MACD shows a strong bullish signal, suggesting upward momentum.

RSI: With the RSI near 66.71, the stock is in the bullish territory but approaching overbought conditions.

Stochastic Oscillator: The Stochastic %K is at 80.36, which indicates the stock may be overbought.

ADX: The ADX at 51.41 signifies a strong trend, with the stock in a strong bullish trend.

Ichimoku Base Line: The Ichimoku Base Line at 844.0 is below the current price, indicating support.

Moving Averages: The stock is trading above its shorter-term EMAs and SMAs, which are bullish indicators. The EMA (10) is at 903.59, and the SMA (10) is at 901.07.

Additional Observations:

Volume Weighted Moving Average (20): At 894.53, which is below the current price, suggesting bullish momentum.

Average True Range (ATR): The ATR values indicate moderate volatility, with recent values around 150.44.

In summary, Pokarna Limited (POKARNA) is in a strong bullish trend, with various support levels offering good entry points if the stock retraces. Resistance levels should be watched closely for potential selling opportunities. The technical indicators suggest a strong upward momentum but also point towards overbought conditions, so traders should be cautious of potential pullbacks.