Bajaj Hindusthan Sugar Limited (BAJAJHIND) Stock - Complete Technical Analysis - Oct 11, 2024

Bajaj Hindusthan Sugar Stock Analysis: Support & Resistance Levels Uncovered

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.

Bajaj Hindusthan Sugar Limited is currently trading at 38.7, which is 16.03% below its 52-week high of 46.1, recorded on July 31, 2024, and 72.04% above its 52-week low of 22.5, reached on October 26, 2023. The stock has shown some volatility in recent days, particularly with a notable price drop from a high of 40.75 to a close of 37.87 on October 7, which may indicate a reversal pattern forming.

The recent price action indicates a bearish trend with lower highs and lower lows, as seen in the last five trading days. The stock opened at 39.13 on October 11, but experienced a low of 38.43 during the session, showcasing weakness. The Average Directional Index (ADX) is at 13.59, suggesting a lack of strong trend momentum.

The MACD level is negative, indicating potential bearish momentum. Additionally, the RSI is at 44.19, which is near the neutral zone, suggesting that the stock is neither overbought nor oversold but could face downward pressure if it moves lower. The Stochastic indicators also support this view, with the %K at 22.91, hinting at bearish momentum.

Key support levels to watch are around 38.75, which is the S1 pivot point, and further down at 34.77. Resistance is seen near the recent high of 40.75 and the pivot point at 41.31. Traders should be cautious, especially if the price closes below 38.75, which may trigger further declines. The market seems to be uncertain, with volumes suggesting consolidation before a breakout, either upward or downward. Hence, its crucial for traders to keep an eye on these levels and consider entry and exit strategies accordingly.