Ujjivan Small Finance Bank Limited (UJJIVANSFB) Stock - Complete Technical Analysis - Oct 10, 2024

Ujjivan Small Finance Bank Technical Analysis: Bearish Trends and 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, Ujjivan Small Finance Bank Limited (UJJIVANSFB) is trading at 40.43, which indicates a notable distance from its 52-week high of 63.0, marking a 35.83% decline. Conversely, the stock is just above its 52-week low of 39.0, suggesting it is currently positioned at 3.67% higher than that low.

Recent price action reveals some bearish patterns, notably the Bearish Engulfing and Evening Star formations, which signal potential trend reversals. The stock opened today at 41.40, reaching a high of 41.65 and closing lower at 40.43, indicating selling pressure. The last five days show fluctuations, with the stock oscillating around the 40.0 mark, highlighting a lack of decisive momentum. Notably, the most significant price drop was observed on October 7, when the stock plummeted from 41.00 to a close of 39.56, suggesting market volatility.

In terms of technical indicators, the MACD is showing bearish momentum, while the RSI is at 40.78, indicating the stock is nearing the oversold territory. The ADX reading of 34.11 signifies a strong trend, although the current momentum seems to lean toward selling.

Support levels are observed at 39.0 and 38.59, providing potential buying opportunities should the price dip further. Resistance is present at the 41.74 level and above, indicating the need for a strong catalyst to breach this range convincingly. Overall, the combination of bearish patterns, weakened momentum indicators, and the proximity to critical support levels calls for cautious trading strategies in UJJIVANSFB, with a focus on potential rebound opportunities near support.