Parag Milk Foods Limited (PARAGMILK) Stock - Complete Technical Analysis - Sep 30, 2024

Unlocking Insights: Parag Milk Foods Limited Stock Analysis Technical Overview

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.

Parag Milk Foods Limited (PARAGMILK) is currently trading at 192.48, indicating a significant divergence from its 52-week high of 289.75, reflecting a drop of approximately 33.57%. The stock has shown resilience, trading about 28.49% above its 52-week low of 149.8. The latest candlestick pattern is a spinning top, signaling market indecision, with an open of 191.58, high of 197.03, low of 190.54, and a close of 192.48.

The stock's P/E ratio stands at 22.8, suggesting it may be moderately valued compared to its earnings. With a book value of 77.4, it offers a reasonable valuation relative to its price. The current dividend yield of 0.26% adds an extra layer of appeal for income-focused investors. Key indicators such as the RSI, currently at 58.99, indicate that the stock is in a neutral zone, while the MACD is showing a bearish crossover, which could signal a short-term pullback.

Support levels to watch include 180.26 (Classic Pivot S1) and 169.66 (Classic Pivot S2), while resistance can be identified at 203.2 (Classic Pivot R1) and 215.54 (Classic Pivot R2). The average directional index (ADX) of 15.64 suggests a weak trend, implying that traders should be cautious of potential volatility. The stochastic oscillator is at 65.79, indicating that the stock is approaching overbought territory, which might warrant profit-taking. In conclusion, traders should closely monitor price movements around the identified support and resistance levels for potential trading opportunities.