Havells India Limited (HAVELLS) Stock - Complete Technical Analysis - Oct 22, 2024

Havells India Technical Analysis: Navigating the Current Market Trends

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 Havells India Limited, we observe a bearish trend as the stock trades at 1,770, down from its recent high. The stock's price action has been characterized by lower highs and lower lows, and it appears to be consolidating after facing resistance around the 1,800 level.

The last trading day showed a volatile session, with an open at 1,812.70, a low of 1,761.50, and a high of 1,819.45. This suggests that while there is selling pressure, support may be found around 1,745 and 1,700. The Relative Strength Index has dropped to 29.81, indicating oversold conditions, which could suggest a possible bounce back. However, the MACD indicates ongoing bearish momentum, and the ADX reading of 23.93 implies that the trend lacks strength, indicating possible sideways movement ahead.

Investors should keep an eye on support levels at 1,745 and 1,700, while resistance may be found at 1,800 and 1,850. Overall, while the bearish trend continues, oversold indicators may offer a buying opportunity for those looking for a reversal.