Kansai Nerolac Paints Limited (KANSAINER) Stock - Complete Technical Analysis - Sep 05, 2024

Kansai Nerolac Paints Stock Analysis Support, Resistance

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.

Kansai Nerolac Paints Limited is currently trading at 310.25, marking a significant 13.17% drop from its 52-week high of 357.3, reached on December 27, 2023. On the flip side, it's 23.19% above its 52-week low of 251.85, observed on June 4, 2024. The stock has recently formed an inside candle pattern, with trading confined between a high of 314.2 and a low of 282.3 over the past 27 days.

Technically, the stock is positioned near its exponential and simple moving averages, suggesting a current price that is slightly above the 10-day EMA but below the longer-term EMAs and SMAs, indicating a bearish trend in the short to medium term. The MACD shows a positive level, indicating upward momentum, while the RSI and Stochastic indicators suggest that the stock is in an overbought condition, possibly signaling a short-term pullback. The Average Directional Index is relatively low, which implies weak trend strength, and the Commodity Channel Index, along with the Awesome Oscillator, further confirms the stock's strong bullish momentum. However, the Williams Percent Range indicates overbought conditions.

Support levels are identified around the classic pivot support levels and Camarilla pivot support levels, with significant support likely near 284.33 and 294.21. Resistance is expected near the classic and Camarilla pivot resistance levels, with potential resistance around 309.33 and 301.08. The ATR shows a high level of volatility, suggesting that the stock might experience considerable price swings in the near term. Overall, the technical indicators present a mixed picture with bullish momentum but potential overbought conditions, indicating that traders should be cautious and watch for potential corrections or consolidations around the current price levels.