Mishra Dhatu Nigam Limited (MIDHANI) Stock - Complete Technical Analysis - Oct 25, 2024

MIDHANI Stock Analysis: Bearish Trends and Key Levels to Watch

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. Mishra Dhatu Nigam Limited (MIDHANI) is currently trading at around 319, showing a significant decline from its 52-week high of 547.5. Recent price actions reveal the stock opened at 333, with a daily low of 313.30 and a high of 334.65, closing at 318.90. The trend is bearish, especially after a steep fall from highs in the past week.

The technical indicators paint a mixed picture. The RSI at 20.82 indicates an oversold condition, suggesting a possible rebound, while the MACD at -16.88 highlights a bearish trend. The ADX is strong at 40.66, confirming the ongoing downward momentum. Additionally, the stock has shown volatility, with significant price movements observed.

Key support lies at 319, with resistance emerging near 355. Traders should keep an eye on these levels. If the price maintains above 319, it might present a buying opportunity, but a breach below this level could lead to further declines. The ATR suggests that volatility remains elevated, so traders should exercise caution and monitor volume for confirmation of any price reversals.