Nilkamal Limited (NILKAMAL) Stock - Complete Technical Analysis - Oct 31, 2024

Nilkamal Limited Stock Analysis: Key Support & Resistance Levels Revealed

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. In our detailed technical analysis of Nilkamal Limited, we observe the stock trading at 1946, which is significantly below its 52-week high of 2425. The recent bearish engulfing pattern suggests a potential shift in momentum.

Support and resistance levels are crucial to note; immediate support lies at around 1837.28, while resistance can be observed at 1994.23.

The MACD indicates positive momentum, but caution is warranted as the RSI stands at 57.2, indicating that the stock is approaching overbought territory. Furthermore, the ADX reading at 23.06 implies that the current trend lacks strength.

Analyzing the last five trading days, we see the stock opened at 1960 on October 31, tested a low of 1938.85, and closed slightly lower at 1946.40. This suggests market indecision, but the significant price movements also point towards volatility.

Overall, traders should be vigilant about key levels and monitor for any signs of a trend reversal. Watch for fluctuations between these support and resistance points as the market determines its next move.