Bharat Rasayan Limited (BHARATRAS) Stock - Complete Technical Analysis - Oct 11, 2024

Bharat Rasayan Limited (BHARATRAS) Technical Analysis: Potential Reversal Ahead

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.

Technical Analysis for Bharat Rasayan Limited (BHARATRAS)

As of October 11, 2024, Bharat Rasayan Limited is trading at 11,594.80, representing a significant 18.83% decline from its 52-week high of 14,284.50, reached on September 9, 2024. Conversely, it is up 39.15% from its 52-week low of 8,332.75, recorded on March 13, 2024.

Support and Resistance Levels:

Support Levels:

The immediate support level can be identified at the Classic Pivot S1 of 10,083.40.

Additional support can be observed at the Fibonacci Pivot S1 of 10,950.26 and further down at the Woodie Pivot S1 of 9,733.22.

Resistance Levels:

The nearest resistance is indicated at the Classic Pivot P of 12,183.95.

A stronger resistance level can be noted at the Fibonacci Pivot R1 of 13,417.64 and the Woodie Pivot R1 of 12,962.77.

Technical Indicators:

MACD: Currently negative, indicating bearish momentum.

RSI (14): At 45.76, suggesting the stock is approaching an oversold condition, which may indicate a reversal.

Stochastic RSI: A high value of 82.52 hints at overbought conditions, suggesting potential price corrections.

ADX (14): At 29.82, implies a developing trend, but the strength is not yet very strong.

Chart Patterns and Observations:

An Inverted Hammer pattern has been formed, signaling a potential bullish reversal, although its reliability is lower due to the market context.

Price Trends: The stock has recently experienced fluctuations, with the latest five days showing mixed trading activity, including a significant drop from the previous session's high of 11,683.00 to the current level.

Volatility: The Average True Range (ATR) suggests significant price movement potential. The recent price fluctuations indicate the market's volatility, which may provide trading opportunities for investors.

Gaps in Price: The stock experienced a gap between its low of 10,700.00 and high of 11,498.00 on October 8, indicating strong buying interest or selling pressure.

In conclusion, while BHARATRAS is currently in a corrective phase, the indicators suggest that it could be approaching a reversal point. Traders should keep an eye on the resistance levels for potential breakout opportunities, while support levels will be critical in assessing downside risk.