Kalyani Steels Limited (KSL) Stock - Complete Technical Analysis - Oct 21, 2024

Kalyani Steels Technical Analysis: Bearish Trends & 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. Kalyani Steels Limited, currently priced at 795, is witnessing a substantial 26.59% drop from its 52-week high of 1083 and a remarkable 87.72% rise from its low of 423.5. The stock has shown significant volatility, which presents both opportunities and risks for traders.

Recent trading reveals a bearish engulfing pattern, suggesting a continuation of downward momentum. The stock opened at 823.15, reached a high of 826.55, and closed lower today at 795. This indicates consistent selling pressure in the market.

Key support levels can be found around 764, based on classic pivot points, which traders should watch closely. Conversely, the stock is trading below several moving averages, including the 10-day and 20-day EMAs at approximately 822.42 and 826.59, respectively, indicating potential resistance.

Analyzing technical indicators, the RSI signals that the stock is oversold, hinting at a possible rebound. However, the MACD remains negative, suggesting that bearish momentum may continue. The ADX value below 20 indicates a lack of strong trend, implying a potential range-bound movement.

In conclusion, KSL exhibits a bearish trend with support at 764 and resistance levels near 822.42. Traders should remain vigilant and closely monitor these levels while considering the stock's recent volatility.