Nestle India Limited (NESTLEIND) Stock - Complete Technical Analysis - Nov 05, 2024

Nestle India Stock Analysis: Is a Reversal on the Horizon NESTLEIND Update

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. Nestle India Limited (NESTLEIND) Technical Analysis

Current Price Overview

Nestle India is currently priced at 2,262.45, reflecting a notable gap from its 52-week high of 2,778.00. The stock remains above its recent low of 2,216.00, indicating a range-bound movement that could lead to price consolidation.

Support and Resistance Levels

Key Support: 2,236.30 (today's low), with potential S1 at 2,208.26 and S2 at 2,091.02.

Key Resistance: 2,267.90 (today's high), with R1 at 2,576.63, presenting strong overhead resistance.

Trend Analysis

Recent price trends demonstrate a lack of bullish momentum despite the bullish Harami pattern suggesting a possible reversal. The stock has shown recent resistance near 2,287.00, indicating selling pressure.

Volatility and Price Movement

With the ATR at 1,395.72, expect increased volatility. The stock's momentum appears negative, with MACD levels suggesting potential bearish pressure, but the low RSI indicates oversold conditions.

Chart Patterns and Observations

The current price action and formation of a Bullish Harami present a potential entry point for bullish traders, especially if the stock can sustain above the immediate resistance level of 2,267.90.

In summary, Nestle India Limited is presenting a mixed outlook. The bullish reversal pattern could set the stage for a rebound if the stock can break through established resistance levels.