ANDHRA PAPER LIMITED (ANDHRAPAP) Stock - Complete Technical Analysis - Nov 01, 2024

Andhra Paper Limited Technical Analysis Key Support & Resistance Levels for Traders

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.

Andhra Paper Limited (ANDHRAPAP) has shown a blend of bullish and bearish signals in recent sessions. Currently priced at 102, the stock is nearing a resistance at 105, highlighted by a "Shooting Star" pattern, which often signals a reversal. However, the recent "Three White Soldiers" bullish pattern suggests there's buying interest that could push the price above this resistance if volume supports. RSI is neutral, showing no clear overbought or oversold condition, while the ADX at 26 suggests moderate trend strength. MACD is slightly negative, indicating a cautious outlook, yet it could shift positive if momentum increases.

On the moving average front, the short-term EMAs are supporting current price levels, hinting at short-term stability. For swing traders, key support at 99 and resistance at 107 could guide trading decisions. Breaching 107 could signal further gains, while a break below 99 may indicate a pullback. Fundamentally, ANDHRAPAP's attractive P/E of 8.16 and high ROCE of 24.7% underscore its value proposition. However, technical cues should be watched closely to confirm any strong directional move. Traders should keep an eye on breakout points, especially with the stock near significant levels.