Dhanuka Agritech Limited (DHANUKA) Stock - Complete Technical Analysis - Nov 14, 2024

Dhanuka Agritech Technical Analysis: Key Levels & Market Trends (Nov 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. Dhanuka Agritech Limited (DHANUKA) stock is currently priced at 1,527.15, down 20.7% from its 52-week high of 1,925.80, indicating potential resistance at the higher levels. Despite the decline, it remains up by 77.5% from the 52-week low of 860.35, showing resilience.

Technical indicators indicate a mixed sentiment. The Relative Strength Index (RSI) is neutral at 47.66, suggesting no strong momentum in either direction. The Average Directional Index (ADX) is low at 14.72, indicating weak trend strength. The Stochastic Oscillator sits at 58.14, indicating some buying interest, though not yet strong enough for a clear breakout.

The Spinning Top candlestick pattern today reflects indecision in the market. The price action today has been erratic, with a small range between the high of 1,545.7 and the low of 1,503.05. This suggests that there is no immediate strong trend.

Support is near the 1,500 level, with the next support around 1,450, while resistance is at 1,550. If the price can break the 1,550 resistance, it may target the 1,600 to 1,625 range. However, if it falls below 1,500, there may be further downside toward 1,400 levels.

On the moving average front, the stock is currently above key short-term EMAs (10-day and 20-day), signaling a slightly positive short-term trend. However, it's trading below the longer-term 200-day EMA of 1,434.59, suggesting that a more robust long-term bullish trend is still not in place.

In conclusion, the stock seems to be in a consolidation phase, with limited momentum. Traders should watch for a breakout above 1,550 for potential gains or a fall below 1,500, which could lead to further downside correction. The ATR suggests that volatility is moderate, so caution is advised in this range-bound market.