ZUARI INDUSTRIES LIMITED (ZUARIIND) Stock - Complete Technical Analysis - Oct 03, 2024

Zuari Industries Limited Technical Analysis: Key Levels & Patterns Explained

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. Currently, ZUARI INDUSTRIES LIMITED is trading at 360.30, which is 14.90% below its 52-week high of 423.4 reached on July 8, 2024, and 164.73% above its 52-week low of 136.1 from October 26, 2023. The stock has recently shown a Doji candlestick pattern, indicating indecision in the market, as well as a Bearish Harami pattern, suggesting potential selling pressure. Today's price action opened at 362.10, with a high of 371.90 and a low of 351.30, closing at 360.30.

From a technical perspective, the Average Directional Index (ADX) is at 14.86, indicating a weak trend. The Relative Strength Index (RSI) at 47.24 suggests the stock is neither overbought nor oversold, which could imply a potential for sideways movement. Additionally, the MACD is negative, reinforcing the idea of downward pressure, while the Stochastic indicator shows values around 36.82, hinting at a possible continuation of the bearish sentiment.

The last few trading days have demonstrated fluctuations with notable price ranges, especially on October 1, where the stock had a high of 372.50 and closed at 370.15. This volatility is further emphasized by the Average True Range (ATR) of 6.42, indicating that traders should be cautious of sudden price movements. Support levels are found at around 331.03 and 306.87, while resistance can be seen near the recent highs around 372.50. Overall, traders should watch for a breakout above 372.50 for bullish confirmation or a drop below 351.30 to confirm a bearish trend.

In summary, ZUARI INDUSTRIES is currently in a consolidation phase with potential for a breakout. Traders should keep an eye on key support and resistance levels while utilizing indicators like MACD and RSI to gauge momentum and possible reversals.