Sharda Motor Industries Limited (SHARDAMOTR) Stock - Complete Technical Analysis - Oct 21, 2024

Sharda Motor Industries: Is a Reversal Coming Technical Analysis & Key Levels to Watch

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. Sharda Motor Industries Limited is experiencing notable volatility as it trades at 2,144.50. The formation of a spinning top candlestick pattern indicates indecision in the market, highlighting potential reversal points. Currently, the stock is significantly below its 52-week high of 2,952.1 and above its 52-week low of 864.6. The Average Directional Index (ADX) at 37.2 suggests a strong trend, while the Relative Strength Index (RSI) at 30.64 indicates oversold conditions, prompting caution among traders.

Key moving averages such as the 10-day SMA at 2,143.57 and the 20-day SMA at 2,275.02 suggest a bearish trend, with the stock struggling to maintain above these averages. Key support levels are identified at classic pivot S1 at 2,292.72 and classic pivot S2 at 2,158.48, which traders should monitor closely. A decline below these levels may trigger further bearish momentum.

Resistance levels remain a critical focus, with the classic pivot P at 2,506.33 serving as a significant barrier for upward movement. The Stochastic indicators show a recent bullish crossover, yet the Awesome Oscillator reflects a bearish sentiment, urging traders to adopt a wait-and-see approach before initiating new positions.

In conclusion, the immediate support at 2,158.48 and resistance at 2,506.33 are pivotal for determining future price action, with heightened volatility suggesting traders should remain vigilant for breakout opportunities.