Schaeffler India Limited (SCHAEFFLER) Stock - Complete Technical Analysis - Nov 08, 2024

Schaeffler India Stock Analysis Technical Indicators and Support-Resistance Levels NSE 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. Lets dive deeper into the technical analysis of Schaeffler India Limited (SCHAEFFLER) stock.

Schaeffler India is currently trading at 3483.35, which places it well below its 52-week high, reflecting its recent underperformance. Despite this, the stock is still above its 52-week low, showing it has managed to hold some value amidst recent price movements.

In the short-term, the stock has exhibited some volatility. Over the past few days, weve witnessed significant price action, with a drop from a high of 3570.0 on November 7th to 3420.05 on November 8th, before closing at 3483.35. This indicates an unstable market environment, with quick price changes.

When looking at momentum indicators, the MACD is in negative territory, confirming a bearish sentiment. However, the RSI (Relative Strength Index) is below 40, suggesting that the stock might be oversold. A reversal or upward correction is possible, especially considering that both the Stochastic and Stochastic RSI are in the oversold zone.

The Average Directional Index (ADX) currently reads 30.47, showing some trend strength but not a particularly strong one. This indicates that while the stock is trending, the trend is not yet strong enough to suggest a strong continuation.

Key technical levels to monitor: On the downside, the next support level lies around 3420.05, with additional support seen at the 3200-3250 region. On the upside, resistance can be seen in the range of 3570-3620, with any move beyond this point indicating bullish potential.

In summary, Schaeffler India is in a corrective phase, but with oversold indicators suggesting a potential reversal. Traders should keep an eye on the support levels, and a reversal above resistance could signal a rally in the short term.