Saregama India Limited (SAREGAMA) Stock - Complete Technical Analysis - Oct 11, 2024

Saregama India Limited Technical Analysis: Insights for Smart 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.

Let's dive into the technical analysis of Saregama India Limited. Currently trading at 588, SAREGAMA is showing mixed signals on the chart. The stock is 14.70% below its 52-week high of 688.9 and has gained an impressive 89.81% since its 52-week low of 309.6.

In terms of price action over the last week, we see a slight downward trend. The last recorded close of 587.65 came after a brief surge on Oct 8, where it reached a high of 634.85. This was followed by lower highs and lows, indicating potential volatility ahead. The recent open-high-low-close data suggests a narrowing range, hinting at consolidation which could precede a breakout.

Key technical indicators are showing various trends. The Average Directional Index (ADX) is at 29, suggesting a strong trend, while the Relative Strength Index (RSI) is around 52, indicating the stock is neither overbought nor oversold, allowing for possible price action in either direction. The MACD is positive, supporting a bullish sentiment in the near term.

Support levels are seen around 584, confirmed by the recent low, while resistance is likely near the recent high of 634. The 20-day EMA is currently at 584.23, which aligns closely with this support level. The Stochastic indicators suggest a potential upward momentum, as the %K line is above the %D line.

Overall, traders should watch for a breakout above 634 for a potential move toward the next resistance, while a drop below 584 may signal further downside risk. As always, keeping an eye on volume will provide additional context for any price movements.