Nestle India Limited (NESTLEIND) Stock - Complete Technical Analysis - Sep 03, 2024

Nestle India Stock Analysis: Key Support

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. Nestle India Limited's stock (NESTLEIND) shows a mixed technical picture as of the latest analysis. The current price sits around the key pivot level of 2507.38, indicating a pivotal point for traders. The Exponential Moving Averages (EMAs) across various periods are close to each other, suggesting a consolidation phase, with the 10-period EMA at 2514.58 and the 200-period EMA at 2476.56. The Simple Moving Averages (SMAs) also reflect this consolidation, with the 10-period SMA slightly above the current price at 2521.14, and the 200-period SMA at 2520.14.

The MACD line is below the signal line, indicating potential bearish momentum, while the RSI is near neutral at 53.25, suggesting neither overbought nor oversold conditions. The ADX shows a low value of 13.72, pointing to a weak trend. On the other hand, the Stochastic %K and Stochastic RSI are both around the mid-range, indicating a balanced market condition.

Support levels are evident around the Classic Pivot S1 at 2449.72 and further below at the Fibonacci S1 level of 2465.86, while resistance can be encountered at the Classic Pivot R1 level of 2558.42 and the Fibonacci R1 level of 2548.91. The ATR indicates moderate volatility, with recent high values pointing to the potential for larger price swings.

In summary, NESTLEIND appears to be in a consolidation phase with key technical indicators providing a balanced outlook. Traders should watch for significant price movements around the pivot levels to gauge future trends.