Shalimar Paints Limited (SHALPAINTS) Stock - Complete Technical Analysis - Nov 01, 2024

Will Shalimar Paints (SHALPAINTS) Reverse from Here Key Technical Analysis

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.

Shalimar Paints (SHALPAINTS) is showing signs of consolidation, trading near 116.67 with significant resistance at 135. Recent price movements indicate a potential reversal, with today's price hitting a high of 117. Key indicators reveal a mixed trend, as ADX stands strong, showing solid momentum, while the RSI remains near 41.04, signaling that buyers have yet to fully control the trend. The MACD level is in the negative, suggesting continued bearish pressure in the near term, though Stochastic RSI hints at an oversold zone, which may invite buying interest soon.

Moving averages display a bearish crossover, with EMAs and SMAs positioning below 200-day levels, highlighting underlying bearish momentum. Short-term volatility reflected in ATR remains elevated, suggesting traders should brace for price swings. Immediate support is seen around 118, with further support near 96 if selling pressures increase. For bullish traders, a sustained breakout above 135 could serve as a bullish signal, potentially shifting the trend to the upside. Patience is advised, as the market currently waits for clearer direction, with caution around key support and resistance levels to avoid getting caught in false breakouts.