Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Oct 11, 2024

Surya Roshni Stock Analysis: Key Levels & Trends for October 2024

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. Surya Roshni Limited is currently trading at 722, reflecting a strong position above its 52-week low of 467.55, with a significant 54.45% increase. However, it's also 14.20% below its 52-week high of 841.65, reached earlier this year. The stock has displayed some notable recent price action; on October 11th, it opened at 698.70 and surged to a high of 729.95, indicating a strong bullish sentiment.

Analyzing the technical indicators, we see the RSI at 57.89, suggesting the stock is nearing overbought conditions but still has room for upward movement. The MACD level indicates bullish momentum. The Awesome Oscillator is positive, reinforcing the upward trend. The Average Directional Index (ADX) is relatively low at 18.82, which suggests a weak trend currently but could signal a potential price movement if the stock breaks through key resistance levels.

Support levels are found around 695, which aligns with the Classic Pivot Point. If the price dips below this level, it could test lower support at around 654.35. On the resistance side, the stock faces initial resistance near 760.10, with further resistance at the 800 mark.

Recent price action has shown volatility, particularly with gaps created between the opening and closing prices. The stock has also displayed strong momentum, especially in the last few days, making it essential to monitor closely for potential reversals. Overall, Surya Roshni Limited shows a positive outlook with caution due to its current proximity to overbought territory.