Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Oct 11, 2024

Shilpa Medicare Limited: Technical Analysis and Trading Insights 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. Shilpa Medicare Limited is currently trading at 872.35, showing a strong rebound from its 52-week low of 296.8, marking a substantial increase of 193.92%. Recently, the stock has demonstrated some volatility, as evident from its price action over the last five days. The latest transaction on October 11, 2024, opened at 861.00, touched a high of 878.00, and closed at 872.35. This indicates a possible bullish sentiment after recent lows around the 750 mark.

Analyzing the technical indicators, the Average Directional Index (ADX) is at 26.28, suggesting a strengthening trend, while the Relative Strength Index (RSI) sits at 59.48, hinting at upward momentum but approaching overbought territory. The Stochastic oscillator is high, suggesting a potential short-term price correction. Meanwhile, MACD indicates positive momentum, indicating potential buying opportunities.

Support levels can be seen around 842, which aligns with the 20-day Exponential Moving Average (EMA), while resistance is likely near 933, coinciding with the Classic Pivot R1 level. This range presents traders with clear price targets for entry and exit strategies.

In summary, the stock is in a strong uptrend, but cautious traders should monitor the RSI and Stochastic indicators for potential corrections. This is an opportune moment to evaluate position sizes and consider taking profits or implementing stop-loss strategies as volatility remains high. The recent price behavior, especially the surge from lower levels, combined with strong bullish indicators, makes SHILPAMED a stock to watch in the coming days.