Paras Defence and Space Technologies Limited (PARAS) Stock - Complete Technical Analysis - Oct 31, 2024

Paras Defence Technical Analysis: Key Levels to Watch in 2024

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 analyzing the technical landscape of Paras Defence and Space Technologies Limited, currently trading at 1,042, we see that it is 34.58% below its 52-week high of 1,592.7, which indicates a correction from earlier highs. The stock has bounced back significantly from its 52-week low of 610, showing resilience and an upward trajectory.

Recent trading patterns have shown considerable volatility, especially in the last five days, where price fluctuations reveal a mix of sudden surges and drops. The stock opened today at 1,058.25 and dipped to a low of 1,020, indicating potential support at this lower level. On the upside, resistance can be anticipated around the 1,058 mark, suggesting that it may struggle to maintain gains beyond this point.

Technical indicators paint a nuanced picture: the ADX is above 40, indicating a strong trend, while the RSI is around 49, showing that the stock is in a neutral zonesuggesting that it is neither overbought nor oversold. The Stochastic indicators align similarly, reinforcing the notion of a potential pause in either direction.

In terms of key levels, watch for support around 1,020 and resistance near 1,058. A breach below 1,020 may indicate further declines, while a break above 1,058 could signal a renewed upward trend. As such, traders should be cautious and remain attentive to these pivotal price points to make informed trading decisions.