Bajaj Electricals Limited (BAJAJELEC) Stock - Complete Technical Analysis - Oct 18, 2024

Bajaj Electricals Stock Analysis Oversold & Key Support Levels Buy Opportunity

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. Bajaj Electricals Limited (BAJAJELEC) is currently trading at 860, which is 24.88% below its 52-week high and 4.87% above its 52-week low. The stock is in a bearish phase with key technical indicators reflecting this sentiment. The RSI indicates the stock is oversold, which may attract buying interest soon. The MACD shows a bearish crossover, reinforcing the downside momentum. The ADX signals a weak trend, lacking directional strength. Moving averages, such as the 20-day and 50-day EMAs, are positioned above the current price, serving as resistance points. Recent sessions have shown a consistent drop from the 900 level, following a clear downtrend. Stochastic indicators nearing zero further confirm the oversold conditions. Key support is seen at the 820 level, with potential resistance around 900. Should the stock manage to break above 900, it could mark the beginning of a reversal, while a breakdown below 820 may lead to further declines.