The Anup Engineering Limited (ANUP) Stock - Complete Technical Analysis - Sep 27, 2024

Anup Engineering Limited Stock Analysis: Key Support, Resistance, and Breakout Levels

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.

The Anup Engineering Limited (ANUP) is currently trading at 2,220, which is about 7.79% below its 52-week high. This shows some correction from recent highs, yet it remains well above its 52-week low, indicating strong bullish momentum over the past year.

From a technical perspective, the Relative Strength Index (RSI) stands at 55, indicating the stock is in a neutral zone without being overbought or oversold. However, with Momentum in the negative, some selling pressure may be present in the short term. The MACD shows a positive trend, supporting the bullish stance, though there could be signs of consolidation as the stock approaches key resistance levels.

Looking at the trend strength, the Average Directional Index (ADX) suggests a weak trend with a value of 23. The stock may continue sideways for a while before making a decisive move. The Moving Averages indicate mixed signals: short-term exponential moving averages are around the current price, while the longer-term averages suggest a steady uptrend, providing solid support at lower levels.

Key support levels to watch are around the 2,1002,080 zone, supported by both moving averages and pivot levels, while resistance is seen near 2,240 and 2,250, which aligns with multiple technical factors including the Volume Weighted Moving Average. A breakout above these levels could propel the stock higher towards its recent highs.

In summary, ANUP appears to be consolidating within a range after a strong bullish move. A break above resistance could lead to further upside, while holding the key support levels will be crucial to maintain its upward trend.