Aditya Birla Fashion and Retail Limited (ABFRL) Stock - Complete Technical Analysis - Oct 24, 2024

ABFRL Stock Analysis: Oversold Bounce Ahead Key Support and 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. ABFRL is trading below key moving averages, pointing to continued bearish pressure. The MACD indicator reflects weakening momentum, while RSI nearing 37 suggests the stock is in oversold territory, creating opportunities for a rebound. ADX is low, signaling a lack of strong trend, so traders may expect sideways movement in the short term. The Awesome Oscillator and Momentum indicators further highlight the weak price action. Support is holding at 300, with a significant resistance zone between 325 and 335. A sustained break below support may take the stock lower towards 277. Short-term traders should monitor momentum shifts and prepare for volatile movements, while long-term investors can watch for entry points around support levels.