Suryoday Small Finance Bank Limited (SURYODAY) Stock - Complete Technical Analysis - Oct 01, 2024

Decoding Suryoday Small Finance Bank: Technical Analysis & Price Action Insights

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. Today, Suryoday Small Finance Bank Limited is trading at 179.48, which reflects a notable volatility pattern. Over the past week, the stock showed a slight upward trend initially but has recently experienced a pullback from the highs of 184.49. This recent decline indicates a potential reversal, and traders should pay close attention to the immediate price movements.

The stock is currently 17.56% below its 52-week high of 217.7, achieved earlier this year, and 26.13% above its 52-week low of 142.3, indicating a recovery from its recent lows. The Average Directional Index (ADX) is at 20.04, suggesting a weak trend, which is confirmed by the RSI at 40.02, indicating the stock is neither overbought nor oversold. The MACD remains negative, indicating bearish momentum, while the Stochastic indicators suggest oversold conditions.

Support levels can be identified around 175.8 and 171.07, which aligns with the Classic Pivot S1 and S2, respectively. Resistance is seen at 184.49 and 188.4, corresponding to the recent highs and Classic Pivot R1. The recent price action shows that if Suryoday can hold above 175.8, it may set the stage for a potential rebound; however, if it breaks below this level, further downside may occur.

Overall, the technical indicators suggest that traders should remain cautious, keeping a close watch on the support and resistance levels as they navigate this stock's recent price fluctuations. A strategic approach considering the prevailing momentum and market sentiment could provide opportunities for short-term trades.