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Anant Raj Limited (ANANTRAJ) Stock - Complete Technical Analysis - Sep 27, 2024
Anant Raj Stock Analysis Breakout Potential & Key Support Levels Explained NSE Insights
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. Anant Raj Limited (ANANTRAJ) is currently trading at 721.55, just 3.66% below its 52-week high of 749, showing strong bullish momentum over the last year. The stock has had a significant rally, being 237.73% above its 52-week low of 213.65. From a technical perspective, the inside candle pattern observed recently suggests consolidation, indicating a potential breakout once the price moves outside the 684.05 to 749 range. Traders should watch closely for any volume increase around these levels.
Key indicators signal bullish strength: The RSI is in the overbought zone, which indicates the stock may face short-term selling pressure. However, with the ADX showing strong trend strength, any corrections might just be temporary pullbacks. The MACD remains positive, signaling continued upward momentum, while the Awesome Oscillator shows bullish crossover. Momentum and Bull Bear Power also suggest the bulls are in control, with the Williams Percent Range indicating the stock is in overbought territory.
Moving averages show strong support levels near 700, 660, and 640, acting as key areas to watch for possible rebounds. The stock is well above its long-term averages, particularly the 200-day exponential moving average, which rests around 442, suggesting that the long-term trend remains intact.
Given the high Stochastic %K, the stock might experience some sideways action or minor corrections before further upward movement. The ATR suggests decent volatility, and traders should use this to adjust stop-loss levels. Overall, traders should look for a breakout above 749 for further bullish momentum, with immediate support around 684 and stronger support near 640.
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