SKF India Limited (SKFINDIA) Stock - Complete Technical Analysis - Oct 24, 2024

SKF India Limited Technical Analysis Support & Resistance Levels Explained

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. SKF India Limited is currently experiencing a period of price consolidation with a closing price of 5,167.65. The stock shows a significant divergence from its 52-week high, being about 29.69% lower, and it sits 28.40% above its 52-week low. The latest trading day exhibited signs of indecision with both a Doji and Spinning Top candle patterns, suggesting uncertainty among traders.

Technical indicators reveal that the Average Directional Index (ADX) is at a low value, which indicates a lack of a strong trend. The RSI is nearing oversold levels, hinting at potential for a bounce back. The MACD's negative value reflects bearish momentum, with the MACD line below the signal line, which may suggest further downside risk. The moving averages indicate bearish sentiment as the current price is below the 10-day and 20-day EMAs.

Support levels to keep an eye on are around 5,215.6 and 4,995.0, where buying interest could emerge if the stock pulls back. Resistance levels are established at the recent high of 5,257.05, with further resistance around the 5,400 mark. Over the past five trading sessions, the stock has seen notable fluctuations, highlighting increased volatility with the Average True Range showing rising levels.

Traders should be cautious and watch for breakouts or reversals as the stock remains in a pivotal price zone, making it essential to stay updated with ongoing market movements and shifts in sentiment.