Havells India Limited (HAVELLS) Stock - Complete Technical Analysis - Oct 14, 2024

Havells India Limited: Technical Analysis & Key Levels to Watch Oct 2024

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.

Analyzing Havells India Limited, we note the current price is 1940.25, which positions the stock at 7.87% below its 52-week high of 2106.00, reached on September 23, 2024, and 57.38% above its 52-week low of 1232.85 from November 1, 2023.

Support and Resistance Levels:

The immediate support level can be identified at around 1879.30 based on classic pivot analysis, while resistance is seen at 2126.25. Additionally, the Ichimoku Base Line indicates potential resistance around 1982.53. These levels provide traders with crucial points for decision-making.

Technical Indicators:

The MACD shows a negative reading, indicating a bearish sentiment in the short term.

RSI is hovering at 46.2, suggesting that the stock is neither overbought nor oversold, but leaning toward a neutral position.

The Stochastic oscillator indicates oversold conditions with a value of 19.22, hinting at potential upward momentum if buying interest returns.

The ADX reading at 20.82 reflects a weak trend, indicating indecisiveness in price movement.

Candlestick Patterns:

Currently, we see a Doji pattern which signifies market indecision, and a Bullish Harami formation indicates a potential reversal pattern. The recent Spinning Top also confirms this indecision, suggesting traders should remain cautious.

Price Trends and Volatility:

Over the past five trading sessions, the stock has demonstrated a range-bound movement with highs and lows indicating a struggle to break above key resistance levels. The average true range (ATR) indicates volatility, reflecting fluctuations around 134.26, suggesting potential for price reversals.

Gap Analysis:

The stock has shown a gap from the previous sessions where significant price movement occurred, especially on October 9, where it hit a high of 1971.80 before closing lower at 1928.70, confirming the presence of selling pressure.

In conclusion, Havells India Limited presents a mixed outlook with key technical indicators showing potential for upward movement, yet recent price patterns indicate indecision. Traders should monitor price action around the identified support and resistance levels for potential trade opportunities.