Avenue Supermarts Limited (DMART) Stock - Complete Technical Analysis - Oct 22, 2024

In-Depth Technical Analysis of Avenue Supermarts (DMART) Stock Key Levels & Insights

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. Avenue Supermarts Limited is showcasing signs of indecision in the market as it trades at 4005.20, significantly below its recent high of 5484.85. The stock's current position shows a bearish outlook, being 26.98% below its peak and only 10.64% above its lowest point of 3620.00.

Analyzing the technical indicators reveals a low RSI, indicating oversold conditions, which might attract buying interest if the stock stabilizes. The MACD remains negative, and bearish momentum signals a lack of upward movement in the short term, while the ADX indicates a strong trend presence.

Today's candlestick patternsa Doji and a Spinning Topsuggest market indecision, with a trading range from 3965.90 to 4057.00, closing at 4005.20. This indecision is crucial as it may lead to a breakout, thus warranting close monitoring for directional confirmation in subsequent sessions.

Support levels are critical at the Classic Pivot S1 near 4869.92, and the next level at S2 around 4643.53, whereas resistance is anticipated at R1 close to 5403.77. With the average true range signaling considerable volatility, traders should adopt strict risk management measures. Overall, Avenue Supermarts Limited requires careful attention, as the market may present trading opportunities amidst the current volatility and indecision.