Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Sep 27, 2024

Surya Roshni Technical Analysis: Is the Bullish Trend Sustainable

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. Surya Roshni Limited is currently trading at 728.15, showing resilience as it hovers 13.49% below its 52-week high of 841.65, reached in January 2024, and 61.52% above its 52-week low of 450.80. The stock's P/E ratio stands at 21.9, indicating a potentially overvalued status relative to its earnings, while a book value of 199 suggests a solid foundation for value investors.

From a technical standpoint, the presence of a Doji and a Spinning Top candlestick pattern highlights indecision in the market, signaling traders to exercise caution. The RSI is approaching overbought territory at 66.36, which could indicate a possible pullback. However, MACD shows bullish momentum with a positive level, and the Awesome Oscillator confirms a continuing upward trend.

In terms of support and resistance, immediate support is observed around 692, where the 10-day EMA lies, while resistance is evident at around 750, coinciding with classic pivot resistance. The bullish sentiment is reinforced by the Momentum indicator, which is indicating strong upward movement, along with the CCI significantly above 100, suggesting that the stock is in the overbought territory.

Investors should keep an eye on the ADX, which is at 22, signaling a weak trend but with potential for momentum shifts. With the ATR indicating increased volatility, traders may consider a cautious approach while monitoring price action around the identified levels. Overall, Surya Roshni Limited presents a mixed but cautiously optimistic technical outlook for traders.