Marksans Pharma Limited (MARKSANS) Stock - Complete Technical Analysis - Oct 18, 2024

Marksans Pharma Stock Analysis: Key Support & Resistance Levels Explained

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 this technical analysis of Marksans Pharma Limited, trading at 281.80, we observe some significant patterns. The doji and spinning top indicate market indecision, highlighted by the Average Directional Index (ADX) around 31, suggesting strong trends but cautioning about potential volatility. The Relative Strength Index (RSI) at 49.05 shows the stock is in neutral territory, providing space for price movements either way. The Stochastic Oscillator indicates potential for upward movement, with a %K reading of 41.42, while the MACD remains positive, signaling bullish momentum.

Support and resistance levels are crucial in this context, with a classic pivot point at 288.01 and resistance at 306.29, while key support is seen at 247.21. Marksans is trading 14.29% below its 52-week high of 328.8, reached last month, and is 189.17% above its 52-week low of 97.45, showing a strong recovery. Sudden price drops on October 17th and 18th highlight notable volatility trends.

In summary, Marksans is at a critical technical junction. Watch the support at 247.21 and resistance at 306.29 closely, while keeping an eye on the ADX and RSI for momentum signals.