Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Nov 14, 2024

Surya Roshni Limited Technical Analysis: Key Support and Resistance Levels to Watch November 2024

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. Surya Roshni Limited (SURYAROSNI) is currently experiencing a sharp decline, trading 26.49% below its 52-week high of 841.65. Recent price movements have shown a sharp volatility spike, with a sudden drop to 576.55 on November 14, following a high of 676.40 on the same day. This suggests a possible short-term correction, with the stock still holding up well above its 52-week low of 467.55. The Relative Strength Index (RSI) below 40 signals bearish momentum, while the MACD level remains negative, indicating continued downward pressure in the near term.

Despite the bearish signals, the stock is supported by its 200-day Exponential Moving Average (EMA) near the 624 level, which could act as a key support zone. The stock is trading below its short-term EMAs, including the 10-day and 50-day, reinforcing the bearish short-term outlook. However, the Average Directional Index (ADX) of 16.8 points to a lack of clear trend strength, suggesting the possibility of a consolidation phase.

Resistance levels are seen near 672, with a break above this area potentially signaling a reversal. Support is located around 601, and the stock's movement within this range will be crucial to determine its next directional move. With a dividend yield of just 0.40% and relatively strong fundamentals such as a 20.8% ROCE, this stock offers a mix of short-term volatility and long-term growth potential. Traders should monitor key levels closely for potential reversal signals, but be cautious of further downside if the support levels fail to hold.