Nazara Technologies Limited (NAZARA) Stock - Complete Technical Analysis - Sep 27, 2024

Nazara Technologies Limited Technical Analysis: Key Levels to Watch

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.

Nazara Technologies Limited (NAZARA) is currently trading at 980.35, which is 12.23% below its 52-week high of 1117.0, achieved on September 19, 2024. The stock shows a notable increase of 65.74% from its 52-week low of 591.5, recorded on May 27, 2024.

From a technical perspective, the Average Directional Index (ADX) at 28.61 indicates a strengthening trend. However, the Relative Strength Index (RSI) is sitting at 48.2, suggesting that the stock is neither overbought nor oversold. The Stochastic %K is at 35.35, also indicating a neutral momentum.

In terms of moving averages, the stock is currently trading below its short-term Exponential Moving Averages (EMA), indicating a bearish sentiment in the immediate term. The 10-day EMA is at 1010.39, while the 20-day EMA is at 998.89, reflecting resistance levels that could limit upward movement in the near future. Conversely, the 50-day SMA is at 953.77, establishing a potential support level.

The Classic Pivot Point stands at 952.92, suggesting that if the price breaks below this level, we may see further declines, potentially testing lower support levels like 870.93. Conversely, if NAZARA manages to break above the resistance level at around 1010.68, we may see a retest of the 52-week high.

In summary, traders should watch for breakouts or breakdowns around these key levels. Given the current technical indicators, Nazara Technologies Limited is positioned for potential volatility, and careful monitoring is advised as we approach critical support and resistance points.