Hind Rectifiers Limited (HIRECT) Stock - Complete Technical Analysis - Oct 03, 2024

Hind Rectifiers Technical Analysis Trading Insights & Key Levels

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, Hind Rectifiers Limited is trading at 897.95, showing resilience as it sits 11.32% below its 52-week high of 1012.6, reached on August 26, 2024, and a remarkable 169.65% above its 52-week low of 333.0 on October 5, 2023. Recent trading activity reveals a fluctuating pattern with significant volatility. For instance, the stock opened at 862.45 today, with a low of 862.45 and a high of 905.00, closing at 897.95. This suggests a potential recovery phase following previous price drops, particularly from the high of 920.00 on October 1, 2024, where it encountered resistance, leading to a drop in prices over the next trading sessions.

From a technical standpoint, the Average Directional Index indicates a trend strength of 17.62, suggesting a weak trending environment. However, the Relative Strength Index sits at 54.93, indicating that the stock is in a neutral position, not yet overbought or oversold. The Stochastic Oscillator indicates a possible overbought condition at 75, while the Stochastic RSI at 88.63 supports this view. Moreover, the MACD level of 5.76 shows bullish momentum, which may support further upward movement if sustained.

In terms of moving averages, the stock is currently above the short-term Exponential Moving Averages, which suggests a bullish trend in the short term. The Hull Moving Average and Ichimoku Base Line also indicate strong support near 895.22 and 898.28, respectively. Traders should be mindful of the Classic Pivot Point around 874.02, as a decline below this level could signal a change in sentiment.

Recent price trends show that after a sharp rise, the stock experienced corrections, indicating volatility, and traders should keep an eye on potential price gaps as these could signify stronger movements. The current Average True Range indicates a heightened volatility environment, which traders can capitalize on for potential reversals.

Overall, investors should watch for sustained movements above the 900 mark to capitalize on bullish sentiment, while keeping an eye on support levels around 874 for any signs of reversal.