Info Edge (India) Limited (NAUKRI) Stock - Complete Technical Analysis - Oct 07, 2024

NAUKRI Stock Technical Analysis Key Support, Resistance & Price Action

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.

Info Edge (India) Limited (NAUKRI) is currently trading at 7,986.45, showing a minor pullback of 3.88% from its 52-week high of 8,308.9. The stock is displaying resilience, as it's 101.07% above its 52-week low of 3,972.05, highlighting a strong recovery over the past year.

The technical indicators suggest a mixed sentiment. The MACD is trending positive, indicating potential upward momentum, but with caution as the RSI hovers around 55.3, signaling a neutral zone. The ADX stands at 27.17, which shows a moderately trending market, but not strong enough to suggest a clear direction. This is further confirmed by the Awesome Oscillator being positive at 401.17, indicating bullish strength, though with reduced momentum.

On the moving averages front, the stock is trading just below the 10-day EMA of 8,055.34 and slightly above the 20-day SMA of 7,921.57. This indicates a consolidation phase where the price is fluctuating around short-term averages, creating potential entry or exit points depending on future price action.

From a pattern perspective, the Bearish Engulfing and Evening Star patterns suggest that the recent upward momentum could be facing resistance. These bearish reversal patterns combined with the Stochastic RSI at 19.8 further emphasize the need for caution, signaling potential for a short-term pullback.

The Support Levels are well-defined, with the first major support around 7,489, derived from the classic pivot points. In case of a further downturn, 7,494 (Fibonacci S1) acts as a secondary support level. On the upside, the stock is currently struggling to break past the Resistance Levels of 8,255 (Fibonacci R1) and 8,486 (Pivot R1), both of which could cap further gains unless there is a strong breakout.

Overall, the stock is consolidating with slight bearish tendencies, and traders should watch for a clear breakout or breakdown. Volatility, as indicated by the ATR, is high, reflecting potential price swings.

Recommendation: For short-term traders, a cautious approach is advised given the bearish patterns and key resistance levels. For long-term investors, the strong bounce from the 52-week low and resilience in the face of volatility suggest that the stock could present buying opportunities if it maintains support near the 7,489 level.