Balkrishna Industries Limited (BALKRISIND) Stock - Complete Technical Analysis - Sep 04, 2024

"Balkrishna Industries Stock Analysis: Key Support

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.

Balkrishna Industries Limited (BALKRISIND) is currently trading at 2,955. The technical indicators present a mixed picture for the stock.

Support and Resistance Levels:

Immediate Support: The stock is finding support around the Exponential Moving Average (20) at 2,923. This level is crucial for holding the current uptrend.

Immediate Resistance: Resistance is noted near the Ichimoku Base Line at 3,064. A break above this level could signal a potential upward move.

Technical Indicators:

MACD: The MACD line is below the signal line, indicating bearish momentum. This suggests that the stock may face some downward pressure in the near term.

RSI: The Relative Strength Index is at 50.44, showing that the stock is in a neutral zone, with neither overbought nor oversold conditions.

ADX: The Average Directional Index is at 29.39, suggesting a strong trend. However, the direction of the trend is not clearly indicated.

Stochastic Indicators: The Stochastic %K is at 92.19 and the Stochastic RSI Fast is at 100.0, indicating that the stock is potentially overbought and may experience a pullback.

Awesome Oscillator: The value is negative, which supports the bearish momentum seen in the MACD.

Bollinger Bands: The stock is approaching the upper Bollinger Band, suggesting that it may be reaching overbought conditions.

Moving Averages:

Short-Term MAs: The Exponential Moving Average (10) is at 2,889.8 and the Simple Moving Average (10) is at 2,868.3, indicating short-term support levels.

Medium-Term MAs: The Exponential Moving Average (50) is at 2,982.66 and the Simple Moving Average (50) is at 3,069.54, which could act as key resistance levels.

Long-Term MAs: The Exponential Moving Average (200) at 2,758.08 provides a long-term support base.

Pivot Points:

Classic Pivot Point: 2,985.93

Woodie Pivot Point: 2,949.44

The stock appears to be at a crucial juncture with significant resistance at higher levels and support at the lower moving averages. Traders should watch for a breakout above resistance levels or a decline below key support to gauge future price movements.