RITES Limited (RITES) Stock - Complete Technical Analysis - Nov 11, 2024

RITES Stock Technical Analysis: Bearish Trend & Key Support Levels - What's Next Partha Kuchana -

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. RITES Limited (RITES), currently priced at 276.60, has dropped significantly from its 52-week high of 412.98, reflecting a bearish market sentiment. The stock has shown lower highs and lower lows over recent days, with a bearish continuation signal from the Three Black Crows pattern. The Relative Strength Index (RSI) is in the oversold zone, potentially signaling a short-term reversal, but with the MACD in negative territory and the Momentum indicator showing a loss of upward strength, the downside pressure remains significant.

The Average Directional Index (ADX) at 23.48 suggests weak directional movement, indicating no strong trend but also a lack of upward momentum. Resistance remains strong around the 295-300 level, while key support can be found at 264.87 and 229.08, based on Classic and Fibonacci Pivots, respectively. If RITES breaks below these support levels, further downside risks are likely.

For traders, the immediate strategy should focus on the support zones for potential entry points, while closely monitoring for any reversal signs. Until a clear breakout above 295 is achieved, the stock may continue to face downward pressure.