Rane Holdings Limited (RANEHOLDIN) Stock - Complete Technical Analysis - Oct 01, 2024

Rane Holdings Technical Analysis: Will the Stock Break Out or Drop NSE 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, let's delve into the technical analysis of Rane Holdings Limited, currently trading at 2,020. This stock is experiencing significant volatility, having traded 17.84% below its 52-week high of 2,458.70, reached on September 9, 2024, and is 98.03% above its 52-week low of 1,020.10, recorded on March 13, 2024.

Analyzing the price action, we note the formation of a Doji and a Spinning Top pattern, indicating indecision among traders. The recent Bearish Harami pattern suggests potential weakness, emphasizing caution for bullish traders. The last five trading days saw a price range of 2,004.55 to 2,049.00, with the most recent candle closing at 2,020.15, which shows a slight decrease.

In terms of support and resistance levels, the classic pivot point stands at 2,145.17, with immediate resistance at 2,340.33 and further resistance levels at 2,653.87 and 3,162.57. On the downside, support can be found at 1,831.63, with additional levels at 1,636.47 and 1,127.77, indicating potential areas to watch for price reversals.

Examining the indicators: the ADX is at a strong 34.11, reflecting a strong trend in the market, while the RSI is at 46.63, suggesting the stock is approaching neutral territory. The Stochastic oscillator shows an extremely low reading of 8.59, indicating that the stock is oversold, potentially setting up for a reversal. Additionally, the MACD line is above the signal line, suggesting a bullish momentum shift.

The price trends show that the stock has made sudden price surges recently, with gaps in price action visible during the last trading days. The volatility, indicated by the Average True Range (ATR), currently at around 68, suggests traders should expect sharp movements.

In conclusion, Rane Holdings Limited is currently in a consolidation phase with critical support and resistance levels to watch. Traders should be vigilant for potential breakouts or breakdowns in the coming days, especially considering the current patterns and technical indicators.