Sanghvi Movers Limited (SANGHVIMOV) Stock - Complete Technical Analysis - Oct 11, 2024

Technical Analysis of Sanghvi Movers Limited: 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. Sanghvi Movers Limited is currently trading at 382.30, a significant 48.85% below its 52-week high of 747.48, recorded in May 2024, and 23.32% above its 52-week low of 310.00 from October 2023. The stock exhibits a mixed sentiment based on technical indicators. The MACD is negative, suggesting bearish momentum, while the RSI indicates that the stock is approaching oversold territory.

In terms of support and resistance levels, immediate support is observed around the classic pivot S1 at 375.37 and a stronger level at 344.38. Resistance can be noted at the classic pivot R1 around 445.49, with additional pressure around the Exponential Moving Averages (20) at 396.39.

The price trend has seen fluctuations, with the recent trading activity revealing a sudden drop from a high of 401.40 on October 10 to the current level. This could indicate a potential reversal, particularly as the stock has shown volatility with price surges and drops recently. The average directional index suggests a strong trend, further implying that traders should be cautious of sudden movements. The price gap between the recent close and the exponential moving averages may provide trading opportunities, especially for those watching for rebounds at key support levels.

Overall, while the stock shows potential for recovery, traders should monitor the RSI for confirmation of reversal signals and watch for any sudden changes in volume to gauge momentum shifts. Keeping an eye on these indicators could aid in making informed trading decisions.