Schaeffler India Limited (SCHAEFFLER) Stock - Complete Technical Analysis - Sep 04, 2024

Schaeffler India Limited 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. Analyzing Schaeffler India Limited stock, currently priced at 3,829, we observe a mixed technical outlook. Support levels are notably strong around 3,722, supported by classic pivot and Fibonacci analysis. Resistance appears to be forming near 4,223, with additional pressure points around 4,505. The stock's Relative Strength Index (RSI) is in the oversold territory, indicating potential for a price rebound if buying interest returns. The Moving Average Convergence Divergence (MACD) is bearish, suggesting a downtrend may persist. The Average Directional Index (ADX) is low, indicating a weak trend and potential for increased volatility. Stochastic indicators also reflect a strong oversold condition, suggesting a possible turnaround. The Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs) are all above the current price, providing resistance. Specifically, the 50-day EMA at 4,043 and the 200-day EMA at 3,698 could act as key resistance levels. Overall, the technical indicators suggest a cautious approach, with potential buying opportunities if the stock shows signs of stabilizing above key support levels.