Sanofi India Limited (SANOFI) Stock - Complete Technical Analysis - Oct 24, 2024

Sanofi India Limited: Technical Analysis and Market Insights for Traders

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 detailed analysis of Sanofi India Limited, we observe that the stock, currently priced at 6,432, is experiencing significant price fluctuations. Recent trading has seen highs at 6,550 and lows around 6,415, indicating potential resistance at 6,650. Support remains strong at the 6,400 level.

The MACD reveals a bearish trend, supported by the RSI, which signals that the stock is currently oversold. The Stochastic oscillator also reinforces this bearish outlook, suggesting further downside risk. The ADX is low, indicating a weak trend, which could lead to volatility in the stocks price.

Additionally, the stock is trading below both the 10-day and 20-day EMAs, further emphasizing the bearish sentiment. Notably, the distance from the 200-day EMA (5,979) indicates a longer-term downtrend.

Volatility remains high, as shown by the Average True Range (ATR), which indicates traders should remain vigilant for sudden price movements. A break above 6,550 could signal a reversal, while a drop below 6,400 might trigger additional declines. Monitoring volume will be crucial in confirming these price movements.