Bajaj Consumer Care Limited (BAJAJCON) Stock - Complete Technical Analysis - Oct 29, 2024

Bajaj Consumer Care Stock Analysis: Key Support & Resistance, Trend Insights & Trading Signals

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 trading at 221, Bajaj Consumer Care faces a bearish momentum reflected in its MACD and Momentum indicators, both of which show a negative trend. The RSI at 34 hints at an oversold condition, while ADX at 42 suggests strong trend strength. The stock has remained below key moving averages, with EMAs pointing downward, further confirming bearish sentiment. Volume decline and Awesome Oscillator also reinforce a cautious stance as the stock trends near its recent lows.

Price action reveals consolidation within the 215230 range, which includes potential support at 215, a critical level aligning with Fibonacci and Woodie pivots. This range has been tested multiple times, hinting at a build-up. Should the stock breach 230, we may see an attempt to break the downward trend, but as of now, it remains resistant to upward momentum. Given the inverted hammer pattern and Stochastic indicators, a minor recovery could occur, but overall sentiment remains bearish. Investors should watch for movements within this range for signs of a rebound or further decline, especially with the broader trend strength intact.