Just Dial Limited (JUSTDIAL) Stock - Complete Technical Analysis - Oct 11, 2024

Just Dial Stock Analysis: Potential Bearish Reversal & Key Support Levels 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.

Just Dial Limited is currently trading at 1308.85, a significant position that places it approximately 5.43% below its recent 52-week high of 1383.95, reached on August 21, 2024. This indicates a strong upward momentum over the past year, with the stock having rallied an impressive 88.05% from its 52-week low of 696.00 on November 17, 2023.

In recent trading sessions, a notable bearish reversal pattern emerged in the form of a shooting star, suggesting a potential price retracement. The stock opened at 1270.00, reached a high of 1395.00, and closed at 1308.85. This sharp movement highlights the increased volatility and potential for price fluctuations, which traders should monitor closely.

Analyzing the technical indicators reveals some key insights. The Average Directional Index (ADX) is relatively low, suggesting a weak trend. However, the RSI is approaching overbought territory at 64.99, indicating that a correction may be imminent. The Stochastic %K also reflects this potential reversal at 78.76, further confirming overbought conditions.

Price trends show a recent upward trajectory, with the stock managing to close higher than the previous days, although recent highs have been met with selling pressure. The classic pivot point for the stock is at 1198.2, which aligns well with recent price action and support levels. Resistance levels are clearly defined, and traders should pay attention to the 1358.2 resistance level, which, if broken, could lead to a continuation of the upward movement.

In terms of volatility, the Average True Range (ATR) shows significant fluctuations over the past weeks, suggesting traders remain alert to sudden price drops or surges. Investors should be cautious, especially with the stock facing resistance around the recent highs.

In summary, Just Dial Limited has shown remarkable growth over the last year, but the recent bearish reversal signals a potential correction. Traders are advised to keep a close eye on the resistance at 1358.2 and support around 1198.2. Managing risk through stop-loss orders is recommended as the stock navigates through these volatile conditions.