Devyani International Limited (DEVYANI) Stock - Complete Technical Analysis - Oct 17, 2024

Devyani International Stock Analysis: Key Levels and Trends for Traders

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. Devyani International Limited (DEVYANI) is currently trading at 176.48, reflecting a significant drop of approximately 20.77% from its 52-week high of 222.74. The stock's price trend over the past week indicates volatility, with a peak at 182.59 and a low of 175.35. The Average Directional Index (ADX) suggests a moderately trending market at 23.93, while the Relative Strength Index (RSI) of 40.87 indicates that the stock is nearing oversold territory, potentially signaling a buying opportunity.

Looking at the moving averages, the stock is below the Exponential Moving Averages (EMA) of 10, 20, and 50 periods, which are around 181.78, 184.88, and 183.82 respectively. This could indicate a bearish trend in the short to medium term. Additionally, the MACD shows a bearish crossover with a level of -2.73, reinforcing the potential for further downside in the near term.

Support levels are evident around 172.90, as suggested by the Classic Pivot S1, and 150.04, which may provide strong buying interest if the price approaches these levels. On the upside, resistance is expected near 197.82 (Classic Pivot) and 220.68 (R1), where sellers could emerge.

Recent trading patterns also show sudden price drops, notably with a close of 176.48 today after peaking at 182.59. This suggests potential profit-taking by investors. The Stochastic Oscillator and Williams Percent Range indicate oversold conditions, which may lead to a reversal in the upcoming sessions.

Overall, traders should monitor support at 172.90 and look for bullish signals if prices consolidate above this level, while being cautious of resistance around 197.82.