Sharda Motor Industries Limited (SHARDAMOTR) Stock - Complete Technical Analysis - Oct 29, 2024

Sharda Motor Industries Stock Analysis: Trends, Support & Resistance Insights

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.

The current trading price of Sharda Motor Industries Limited, at 2,074.75, reflects a notable distance from its 52-week high of 2,952.10, indicating substantial resistance levels. Recently, the stock opened at 2,048.60, reached a low of 2,017.10, and a high of 2,092.10, showcasing considerable price fluctuation and indicating ongoing volatility.

Technical indicators reveal a strong trend indicated by the ADX, while the RSI suggests oversold conditions, which may pave the way for a potential upward reversal. The Stochastic oscillator further corroborates this perspective, hinting at possible short-term price recovery.

Recent price movements have established support levels near 2,017 and 2,058, while resistance is anticipated around 2,094 and 2,150. A breakthrough above the 2,094 resistance could trigger a move towards higher price levels.

Furthermore, the stock demonstrates notable gaps in its price action, particularly in the past week, presenting potential trading opportunities. Given the current volatility, as indicated by the ATR, traders should remain vigilant for any sudden price movements. With solid financial metrics such as ROCE and ROE supporting the fundamentals, traders should consider these insights when strategizing their entry points in this dynamic market.