Shilpa Medicare Limited (SHILPAMED) Stock - Complete Technical Analysis - Oct 29, 2024

Shilpa Medicare Limited: Technical Analysis & Key Levels to Watch NSE Stock 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. Shilpa Medicare Limited's current trading price of 799.75 reflects a challenging environment, being 16.65% below its recent peak of 959.5, yet 155.39% above its 52-week low of 313.15. The presence of a spinning top and doji patterns today signals indecision in the market, suggesting that traders should remain cautious. The ADX reading of 19.95 indicates a weak trend, while the RSI at 45.58 shows the stock is nearing neutral territory.

Recent trading sessions revealed significant volatility, particularly the sudden drop to a low of 788.5 today, which offers a key support level. A notable resistance zone is observed near 820. The bearish MACD combined with a low Stochastic oscillator points towards potential overselling conditions. This suggests that if Shilpa Medicare can reclaim the 820 level, we may see a reversal or upward movement. However, if the price falls below 788.5, it may trigger further selling.

Traders should keep an eye on these critical levels for potential trading opportunities in the upcoming sessions. A breakout above resistance or a bounce from support could indicate the next trend direction.