PI Industries Limited (PIIND) Stock - Complete Technical Analysis - Nov 08, 2024

PI Industries Technical Analysis: Resistance, Support, and Key Levels to Watch NSE Stock Insights

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. For those looking at PI Industries Limited (PIIND) for potential entry or exit points, heres a detailed technical analysis based on the recent price action and key indicators.

At the current price of 4,562, PIIND is trading 5.03% below its 52-week high of 4,804 and 41.69% above its 52-week low of 3,220. The recent price movement suggests the stock is currently in a correction phase after testing highs near 4,700-4,800. On November 8, the stock opened at 4,710, hit a high of 4,715, but closed at 4,562, showing a bearish reversal. This suggests that the stock is facing resistance near the 4,710-4,800 levels, which could be a strong area of supply.

Technically, the stock is experiencing some mixed signals. The RSI at 53 shows that its in a neutral zone, not too overbought or oversold. The MACD remains above the signal line, suggesting some bullish momentum, but the momentum appears to be weakening, as seen in the narrowing gap between the MACD and the signal line. Additionally, the ADX value of 19.03 indicates a weak trend, which could mean the stock is in a consolidation phase before making a stronger directional move.

Several bearish chart patterns have emerged recently, including a Bearish Engulfing pattern and an Evening Star, which often signal reversals. This suggests that the stock could face downward pressure and may retrace toward key support levels. The primary support zone lies between 4,500 and 4,400, with 4,500 acting as a critical short-term support level. If the stock breaks below this range, we could see a deeper correction towards 4,200.

In summary, PI Industries is showing signs of weakness in the short term, with resistance around 4,700-4,800 and support around 4,500-4,400. Traders should keep an eye on these levels for possible breakouts or pullbacks, as the stock navigates through a neutral to bearish phase.