Sanghi Industries Limited (SANGHIIND) Stock - Complete Technical Analysis - Sep 30, 2024

Sanghi Industries Limited: Technical Analysis & Trading Insights for Smart Investors

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.

Sanghi Industries Limited is currently trading at 84.52, a significant distance of 45.82% below its 52-week high of 156, reached on January 15, 2024, while being only 1.95% above its 52-week low of 82.9 from March 20, 2024. The stock has displayed a Spinning Top candlestick pattern today, indicating market indecision, with an open of 84.15, a high of 85.39, a low of 83.59, and a close of 84.52.

From a technical perspective, the Average Directional Index (ADX) is at 14.86, suggesting a weak trend, while the Relative Strength Index (RSI) is at 35.93, indicating that the stock is approaching oversold conditions. The Stochastic %K is at 9.26, further confirming the bearish momentum. The MACD is negative, sitting at -1.78, which suggests continued selling pressure.

Key support levels to watch include the Classic Pivot S1 at 86.0 and S2 at 83.28, while the resistance is identified around the Classic Pivot P at 91.22 and R1 at 93.94. The Exponential Moving Averages (EMA) indicate that the stock is trading below short- to long-term averages, suggesting a bearish trend. Specifically, the stock is trading below the 10-day EMA at 85.12 and the 20-day EMA at 86.46.

Investors should keep an eye on the stock's ability to maintain above the critical support at 83.28. If the price falls below this level, further downside could be anticipated. Conversely, a break above the 10-day EMA could signal a potential reversal. Overall, traders should exercise caution due to the current market indecision and the bearish indicators present.