SBI Cards and Payment Services Limited (SBICARD) Stock - Complete Technical Analysis - Oct 15, 2024

SBI Cards Stock Analysis: Key Support & Resistance Levels Revealed

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.

Today, SBI Cards and Payment Services Limited (SBICARD) is trading at 739.05, representing a 9.59% decline from its 52-week high of 817.4 reached on September 13, 2024, and a 14.06% increase from its 52-week low of 647.95 on June 4, 2024. The stock shows signs of bullish momentum with a hammer pattern indicating potential reversal; the open was at 741.50, and it reached a high of 741.95 before closing at 739.05.

In terms of technical indicators, the Average Directional Index (ADX) at 24.1 suggests a developing trend, while the Relative Strength Index (RSI) at 41.53 indicates the stock is currently in neutral territory, suggesting it may not be oversold yet. The Stochastic %K is at 15.41, reflecting oversold conditions, which may provide buying opportunities for traders. However, the MACD level at -7.76 signifies bearish momentum.

Support levels are identified around 725.07, backed by Classic Pivot S1, and 676.43 as a strong support area. Resistance levels are seen at 771.23, the Classic Pivot point, and 819.87 at R1. Price trends show an inside candle pattern with a parent high of 751.0 and a low of 724.9, indicating a consolidation phase as the stock traded within this range for the past seven days. The volatility is represented by an ATR of approximately 81.11, indicating average price movements which could lead to potential breakouts.

Overall, traders should keep a close eye on these levels while being cautious of sudden price movements and use risk management strategies. The stock's current positioning suggests that while there may be opportunities for recovery, close monitoring of market conditions is essential for optimal entry and exit points.