Kalyani Steels Limited (KSL) Stock - Complete Technical Analysis - Oct 11, 2024

Kalyani Steels Limited Technical Analysis: Key Levels & 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.

Kalyani Steels Limited (KSL) is currently trading at 834.35, which reflects a notable position22.96% below its 52-week high of 1083.0 reached on July 12, 2024, while also being 97.01% above its 52-week low of 423.5 from October 25, 2023. This stock exhibits an inside candle pattern formed on October 7, 2024, where the parent high and low were established at 902.0 and 800.1, respectively, indicating potential price consolidation.

Analyzing the price movements over the last five days, there are key observations. On October 11, the stock opened at 822.75, with a low of 817.05 and a high of 838.50, closing at 834.35. This price action illustrates a slight recovery from the recent low levels. Sudden price drops were noted on October 7, where the stock fell from a high of 902.0 to 808.80, representing a significant volatility moment. The recent trend showcases a series of lower highs and higher lows, hinting at a consolidation phase.

Regarding technical indicators, the Average Directional Index (ADX) stands at 17.14, suggesting a weak trend currently, while the RSI at 50.96 indicates that the stock is neither overbought nor oversold, suggesting a neutral sentiment. The Stochastic RSI reflects a level of 24.58, indicating potential bullish reversal signals when it crosses back above the oversold territory. Additionally, the MACD shows a positive divergence, which may signal future bullish momentum.

Investors should watch the resistance level around 843, derived from the 10-day simple moving average, and the support level is established at 800. Maintaining above this critical support could open up upside potential, with targets set at around 918, aligning with pivot resistance levels. Overall, KSL shows mixed signals and should be monitored closely for breakout opportunities above recent highs or further consolidation below support levels.