TVS Srichakra Limited (TVSSRICHAK) Stock - Complete Technical Analysis - Oct 11, 2024

TVS Srichakra Stock Analysis: Insights on Support, Resistance, and Price Trends

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. TVS Srichakra Limited is currently trading at 4,068, which is 20.18% below its 52-week high of 5,097 reached on November 29, 2023. The stock has shown a recent performance of being 15.09% above its 52-week low of 3,535.05 from June 4, 2024. The recent candlestick pattern observed is an inside candle formed on October 9, 2024, with a parent high of 4,160.75 and a low of 3,948.10. The stock traded within this range for three days, indicating potential consolidation.

From a technical perspective, the Average Directional Index (ADX) is at 22.19, suggesting a weak trend. The Relative Strength Index (RSI) is at 36.15, indicating that the stock may be in the oversold territory, which could hint at a potential reversal. The Stochastic oscillator shows a reading of 25.44, supporting the notion of a possible price bounce.

The MACD is negative, indicating bearish momentum, while the Awesome Oscillator is also in the negative, further emphasizing the current downtrend. The stock is trading below several key moving averages, including the 10, 20, and 50-day EMAs, which are all above the current price. The exponential and simple moving averages are confirming bearish pressure as well.

Analyzing recent price action, the stock has experienced volatility, particularly evident from the last five days where the low of 4,060.10 and high of 4,100.80 on October 11 suggest a range-bound movement, with price fluctuations becoming apparent. A gap exists from the open price of 4,124.25 on October 9 to the subsequent low of 3,948.10, indicating a sudden drop in prices.

Traders should be cautious as the stock exhibits characteristics of potential volatility, and the presence of key support at 4,019.1 and resistance at 4,553.65 should be closely monitored. Overall, TVS Srichakra Limited is in a corrective phase, and any sign of bullish reversal could indicate a buying opportunity, but it's essential to wait for confirmation before making trades.