Maharashtra Scooters Limited (MAHSCOOTER) Stock - Complete Technical Analysis - Oct 18, 2024

Maharashtra Scooters Stock Analysis Key Support & Resistance Levels Trade Strategy

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. Maharashtra Scooters Limited (MAHSCOOTER) is trading at 11,594, reflecting bullish momentum as it remains above critical moving averages. Price action has been volatile, with fluctuations between 10,999 and 11,980, but the stock has managed to stay resilient. Currently, it's 9.34% below its 52-week high, indicating potential for further upside. Technical indicators such as MACD and RSI suggest upward pressure, while ADX confirms the presence of a trend. Meanwhile, Stochastic Oscillator and Williams %R hint at a possible pullback or consolidation, giving traders an opportunity to enter on dips.

Support levels are observed around the 10,500 to 11,000 zone, while resistance near the 12,000 level could be tested soon. If the stock breaks above 12,000, it may rally further. Traders should be cautious of high volatility, as indicated by the ATR, but can look for opportunities in price retracements. In the bigger picture, MAHSCOOTER's recovery from its 52-week low suggests sustained bullish strength, but the high P/E ratio signals that the stock is expensive, requiring careful risk management.