Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Oct 11, 2024

Suprajit Engineering Stock Analysis: Key Levels and Trends to Watch

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 Suprajit Engineering Limited (SUPRAJIT). Currently trading at 505.40, this stock is experiencing a notable price action characterized by a Doji and a Spinning Top pattern, indicating indecision in the market. With the Relative Strength Index (RSI) at a low level, the stock could be signaling oversold conditions, suggesting a potential reversal. The Average Directional Index (ADX) indicates a trend strength of 25.69, which suggests a weak trend, while the MACD level is negative, reinforcing the bearish momentum.

Support levels can be identified around 495.47, indicating a significant area for potential price rebounds. On the other hand, resistance is seen near the classic pivot point of 527.58 and the 100-day Exponential Moving Average (EMA) around 511.32. The 52-week high of 639.6 on August 16, 2024, and the 52-week low of 353.75 on October 26, 2023, illustrate the stock's volatility, currently trading approximately 20.98% below its high and 42.87% above its low.

In the last five trading days, the stock has shown slight fluctuations, with notable highs reaching 512.95 and lows dipping to 486.00. The Average True Range (ATR) indicates relatively high volatility, hinting at potential price swings. Traders should closely monitor the current candle's closing price, which indicates indecision and could influence future price movements. Overall, while there are signals of indecision and potential reversals, traders should remain cautious and consider the identified support and resistance levels for better entry and exit strategies.