Entertainment Network (India) Limited (ENIL) Stock - Complete Technical Analysis - Nov 01, 2024

Entertainment Network (India) Ltd (ENIL) Stock Analysis: Key Support & Resistance Levels

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.

ENIL is trading at 193.18, which is about 46% below its 52-week high, reflecting sustained bearish sentiment. The recent price action shows indecisiveness, as highlighted by the Doji and Spinning Top patterns, which often suggest a potential trend reversal or sideways consolidation. The 200-day SMA at 244.42 acts as a significant resistance, indicating that a reversal to long-term bullishness may only occur with a price breakout above this level. The recent drop below the 20 and 50-day EMAs reinforces short-term bearishness, though support around 165-185 could provide a floor if prices continue to slide.

Momentum indicators are mixed. The RSI at 44.99 and Momentum at -6.92 indicate limited buying interest at current levels. MACD levels are also negative, suggesting a lack of upward momentum, with no bullish crossover in sight. The Commodity Channel Index (CCI) is at -35.88, and Stochastic RSI is above the 60 level, hinting that buyers may start to show interest if the price nears support levels.

In terms of pivots, support at 165-185 could play a pivotal role in keeping prices afloat, while resistance at 200-226 may prove challenging without stronger volume and momentum. The low ADX at 18.9 suggests weak trend strength, potentially leading to choppy or range-bound trading. For a bullish reversal, traders should look for sustained volume above 200. A breach below 185 may, however, indicate further downside. Observing these levels along with momentum oscillators can help traders manage risk effectively.