INOX India Limited (INOXINDIA) Stock - Complete Technical Analysis - Oct 18, 2024

INOX India Limited Technical 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. In today's analysis of INOX India Limited (INOXINDIA), we observe that the stock is currently trading at 1146.75, reflecting a substantial drop of approximately 23.90% from its 52-week high of 1506.9, recorded on July 8, 2024. Conversely, the stock has increased about 43.07% from its 52-week low of 801.55 set on January 24, 2024.

Recent trading activity indicates a downward trend, with notable fluctuations in the last five trading sessions. The stock reached a high of 1160.0 and a low of 1134.55, showcasing volatility. The last closing price of 1146.75 suggests market indecision, as evidenced by the formation of a Doji and a Spinning Top pattern.

Analyzing technical indicators, we note that the MACD is currently negative, signaling bearish momentum, while the RSI is around the neutral zone, indicating a balanced trend. Stochastic %K shows a potential buying opportunity, being above 60, while the ADX indicates weak trend strength, reinforcing market uncertainty.

Support levels are identified around the 1135 mark, corresponding with recent lows, while resistance is projected around 1160, aligning with prior highs. The classic pivot point at 1164.88 serves as a critical level for traders to monitor.

In summary, traders should look for confirmation of a trend reversal at these key levels. A close above resistance could attract bullish interest, while a failure to maintain support may lead to further declines. It's essential to observe volume trends and overall market sentiment moving forward.