3M India Limited (3MINDIA) Stock - Complete Technical Analysis - Oct 15, 2024

3M India Stock Analysis: Support, Resistance, and Key Levels Explained

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.

3M India Limited (3MINDIA) Stock Technical Analysis:

The current price of 3M India stands at 33,998, which is 16.79% below its 52-week high of 40,856.5 and 19.30% above the 52-week low of 28,498.95. The stock has shown some volatility in the recent trading sessions, with sudden price drops and surges indicating potential market uncertainty.

Support and Resistance Levels:

Immediate support can be identified around 32,770 based on Classic Pivot S1 and Fibonacci S1, with stronger support at 31,707 and 28,907. These levels suggest potential areas where buyers might step in if the price declines further.

Resistance is prominent at 35,570 and 37,307, aligning with Classic Pivot R1 and R2. If the stock can break above these levels, the next challenge will be around 40,107.

Moving Averages and Trend:

The stock is trading below its Simple Moving Averages (50-day and 100-day) of 35,412 and 36,129, respectively, indicating a bearish trend in the short term. However, it remains close to the 200-day SMA of 33,839, which could act as a major support level.

The Exponential Moving Averages (10-day, 20-day, and 50-day) also show the price below key levels, confirming a downtrend. The Ichimoku Base Line at 34,786 further adds to the bearish sentiment, with the stock struggling to close above it.

Technical Indicators:

MACD is negative, suggesting that the bearish momentum continues, while the RSI at 41.76 reflects a neutral to slightly oversold condition, hinting at potential consolidation before the next move.

ADX shows weak trend strength, as the value remains under 20, indicating a lack of strong directional movement.

The Stochastic Oscillator and Williams Percent Range point to oversold conditions, which may lead to a near-term reversal if buyers step in.

The Awesome Oscillator is negative, supporting the bearish outlook in the current trend.

Volatility:

The Average True Range (ATR) of around 2,650-2,850 reflects significant price fluctuations, indicating that the stock has been volatile recently, with the potential for sharp moves either way.

Conclusion:

The stock is in a short-term downtrend with resistance levels to break before a bullish reversal can be confirmed. Watch for price action around 34,000 as a key psychological level, and monitor support near 32,770 for potential entry points. Technical indicators suggest the stock may be consolidating after recent drops, so a break above resistance could signal a bullish reversal.