Sundaram Finance Limited (SUNDARMFIN) Stock - Complete Technical Analysis - Oct 15, 2024

Sundaram Finance Limited: Technical Analysis and Trading Insights for October 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. Sundaram Finance Limited is currently trading at 5,078, which is notably 8.27% below its 52-week high of 5,535.85, achieved on September 27, 2024, and 72.56% above its 52-week low of 2,942.7 recorded on October 26, 2023. The stock is experiencing some volatility, as indicated by the recent inside candle pattern identified on October 11, where the parent high was 5,238.25 and the low was 5,020.55, with the stock trading within this range for three days.

Recent trading activity shows a pattern of fluctuations with notable price movements: the stock opened at 5,125 on October 15, experienced a low of 5,045, and reached a high of 5,189.90 before closing at 5,077.90. The previous day, on October 14, the stock opened at 5,063.25 and closed at 5,106.40, with a range that also included significant lows and highs. This consistent variability indicates a potential trading range and the possibility of reversals.

In terms of technical indicators, the MACD shows a bullish crossover, and the RSI is hovering around neutral territory at 51.66, suggesting potential upward momentum if buying pressure increases. The Average Directional Index (ADX) is at 38.84, indicating a strong trend. The stock's support level is near 5,020, while resistance is seen around 5,238, making these critical levels to watch. Given the recent momentum and potential for price recovery, traders should consider the buying opportunities near the support level while closely monitoring the resistance for breakout signals.