Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Oct 28, 2024

Suprajit Engineering: Technical Analysis & 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. Currently priced at 486, Suprajit Engineering Limited exhibits a complex technical landscape. The stock has encountered significant resistance near its 10-day and 20-day EMAs, with the market displaying indecision as evidenced by a Doji candle formation on October 28. This comes after a Bullish Harami pattern, hinting at a possible reversal, but traders should proceed with caution as the RSI suggests the stock is oversold. The negative MACD reinforces this bearish momentum, even as the ADX signals potential trend strength.

Key support levels lie around 474 and 472, while resistance appears near 503 and 509. With an ATR indicating heightened volatility, traders should remain alert to rapid price movements. Additionally, the stock's current price is 24% below its 52-week high, suggesting potential upside. A breakout above 494.5 would be critical, potentially indicating a bullish shift in market sentiment and paving the way for further upward movement.