3M India Limited (3MINDIA) Stock - Complete Technical Analysis - Oct 23, 2024

3M India Stock Analysis: Key Support, Resistance & Volatility 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. 3M India Limited (3MINDIA) is trading at 33,872, down from its 52-week high of 40,856.5, reflecting a corrective phase with the potential for continued volatility. Over the last five days, the stock saw notable price fluctuations, and traders should be aware of the following technical factors:

Support and Resistance Levels:

Immediate Support: 33,577 (Camarilla S1).

Critical Support: 32,770 (Classic Pivot S1).

Immediate Resistance: 34,347 (Camarilla R2).

Major Resistance: 35,570 (Classic R1).

Technical Indicators:

MACD remains in bearish territory, indicating downward momentum.

RSI at 42.36 shows the stock is not yet oversold but is moving toward that zone.

ADX at 20.25 suggests a weak trend, meaning theres no strong directional movement.

Stochastic %K at 31.55 indicates an oversold condition, which may provide buying opportunities.

Moving Averages: The stock is currently below all short-term and mid-term moving averages (SMA and EMA), particularly the 50-day SMA at 34,958 and the 100-day SMA at 36,225, pointing to a bearish trend. However, the 200-day EMA at 33,837 offers crucial support, and a close below this level could trigger a further decline.

Trend and Momentum: The Awesome Oscillator and Momentum indicators suggest the stock is losing momentum, which aligns with the broader trend of price declines. However, traders should be prepared for a possible reversal if support levels hold.

Reversals and Volatility: The current ATR of 2,650 indicates the stocks high volatility, and traders should watch for sudden reversals around support and resistance zones. Price gaps from previous trading sessions also highlight potential areas for sudden price action.