Home First Finance Company India Limited (HOMEFIRST) Stock - Complete Technical Analysis - Oct 11, 2024

Technical Analysis of Home First Finance: Key Levels & Insights for Traders

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.

Home First Finance Company India Limited is currently trading at 1216.65, which is approximately 12.05% below its recent 52-week high of 1383.30. The stock has shown strong recovery, being 56.65% above its 52-week low of 776.65. Recently, the stock price experienced a notable surge, reaching a high of 1383.30 on October 9, 2024, before retracting sharply over the following days.

The last five trading days reveal a pattern of volatility, with a significant drop from 1309.00 to 1216.65. The opening price of 1235.00 today reflected a bearish sentiment, with a low of 1206.00, indicating potential support at this level. Resistance can be observed at the recent high of 1383.30, while classic pivot points suggest important levels around 1204.88.

The average directional index (ADX) at 38.81 signals a strong trend; however, the relative strength index (RSI) at 51.04 indicates that the stock is neither overbought nor oversold, suggesting a consolidation phase. The MACD level shows bullish momentum, yet recent negative momentum readings could indicate a reversal. The moving averages support the stocks price action, particularly the 50-day moving average at 1160.54, which may serve as a critical support zone.

In summary, traders should watch for a break below 1200, which could signal further weakness, while a rise above 1300 could lead to a test of resistance near 1380. The current market conditions present both risks and opportunities, and close monitoring of price action around these levels is advised.