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 technical analysis of Tamilnad Mercantile Bank Limited, currently trading at 425, we see a spinning top candle indicating indecision. Immediate support levels are found at 418.9 and 365.9, while resistance lies at 471.9. The RSI at 26.73 suggests oversold conditions, but the negative MACD indicates bearish control. The ADX at 48.57 shows a strong trend, though direction remains ambiguous. The recent price action reveals a downtrend with increased volatility, highlighted by a drop from 428.5 to 418.1 today. Traders should stay alert to support levels and look for reversal signals before entering positions. With the market showing uncertainty, patience could be key.
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