Vedant Fashions Limited (MANYAVAR) Stock - Complete Technical Analysis - Oct 08, 2024

Vedant Fashions Limited: Technical Analysis & Price Forecast - October 2024

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, Vedant Fashions Limited is trading at 1326.60, showing a bullish momentum after a recent price surge from a low of 1246.90. The stock is currently 10.84% below its 52-week high of 1487.90, reached on December 8, 2023, and 49.72% above its 52-week low of 886.05 on April 15, 2024. The price action indicates a strong recovery, particularly as it closed higher than its opening price today, suggesting renewed buying interest.

The recent days trading patterns reveal a notable bullish engulfing pattern, indicating potential upward momentum. This is supported by the MACD, which is positioned favorably, reflecting upward momentum. However, the RSI at 57.71 suggests that the stock is approaching overbought territory, while the Stochastic indicator is below 40, hinting at a potential correction if it does not gain sufficient strength.

In terms of support and resistance, immediate support can be observed around 1304.13, while resistance levels are established near 1417.47. The classic pivot point at 1316.73 suggests a critical level to monitor. With an ADX of 31.06, the trend strength is strong, indicating that this upward move could continue if buying pressure persists. The volatility, as indicated by the Average True Range, suggests the potential for price fluctuations, and traders should remain cautious of sudden reversals.

Overall, traders should watch for price action around the support and resistance levels mentioned, with particular attention to the price behavior following todays bullish trend. A decisive break above resistance could provide a good entry point for bullish positions, while a drop below the support level may signal a short-term bearish trend.