Nestle India Limited (NESTLEIND) Stock - Complete Technical Analysis - Nov 07, 2024

Nestle India Technical Analysis Key Support & Resistance Levels NESTLEIND Stock Breakdown

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 - Key Support & Resistance Levels

Nestle India (NESTLEIND) is witnessing significant market action with a price of 2,263. Below are the key points to watch for:

Support and Resistance:

Support: The recent low of 2,241.70 (Nov-07-2024) suggests that if the stock moves toward this level again, it may find strong support. A break below this could lead to testing the next support at 2,227.

Resistance: The immediate resistance is at 2,284.85. If the price manages to break this level, we could see the stock testing higher levels, such as 2,400.

Moving Averages and Indicators:

The stock is trading below key moving averages, which suggests a bearish trend. The 50-day and 100-day SMAs are acting as resistance, with the stock consistently trading below these levels.

RSI shows that the stock is in oversold territory, indicating a potential reversal. The Stochastic RSI being high suggests that we might be in an overbought situation in the short term.

Trend Indicators:

MACD remains in negative territory, reinforcing the bearish trend, but watch out for any potential bullish crossovers.

ADX indicates a strong trend but with the current direction being negative. A change in direction might be seen if the stock breaks key resistance levels.

Pattern Analysis:

The Spinning Top pattern formed indicates indecision, as evidenced by the narrow price range today. This suggests that traders are hesitant, and we may see volatile price action in the coming days.

Volatility and Range:

With an ATR of around 1,395, the stock is showing high volatility. This can be beneficial for short-term traders but requires caution due to the increased risk.

Pivot Points:

The Classic Pivot points suggest a price range between 2,082 and 2,576 as immediate support and resistance levels.

Conclusion:

Nestle India (NESTLEIND) is in a consolidation phase, trading near support at 2,241. Volatility is high, and traders should monitor resistance at 2,284 and key support levels. Be cautious of possible reversals, as indicated by the oversold RSI.