BSE Limited (BSE) Stock - Complete Technical Analysis - Sep 05, 2024

BSE 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.

Technical Analysis for BSE Limited (BSE)

The BSE Limited (BSE) stock, currently trading around 2,891, shows a complex technical landscape. The Relative Strength Index (RSI) indicates that the stock is nearing overbought conditions, suggesting a potential for price consolidation or pullback. The Average Directional Index (ADX) is moderate, suggesting a current trend is present but not extremely strong.

In terms of moving averages, the stock is trading above its shorter-term Exponential Moving Averages (EMAs) and Simple Moving Averages (SMAs), reflecting a strong upward momentum. The 10-day EMA and SMA are positioned higher than longer-term moving averages, indicating a bullish short-term outlook. The stock is significantly above its 200-day SMA, suggesting a long-term bullish trend.

Support and resistance levels are key to understanding potential price movements. Immediate support is observed around 2,702, aligning with the Volume Weighted Moving Average and classic pivot support levels. The next significant support zone is around 2,475.83, which could act as a major support if the stock faces a significant pullback. On the resistance side, the stock faces immediate resistance at 3,019.73 (classic pivot R1) and further resistance around 3,206.82 (classic pivot R2). The 52-week high of 3,264.70 indicates the upper boundary of the stock's recent trading range.

The MACD line is above the signal line, suggesting a positive trend, while the Awesome Oscillator supports the bullish momentum with a positive reading. The Commodity Channel Index (CCI) is high, signaling that the stock may be overbought. The Hull Moving Average (HMA) and Ichimoku Base Line both suggest that the stock has strong support levels underneath, and the average true range (ATR) indicates high volatility.

Overall, the BSE stock is in a bullish phase with strong support levels below and significant resistance above. Traders should watch for potential price corrections towards support levels while keeping an eye on resistance levels for potential breakout opportunities.