Bajaj Hindusthan Sugar Limited (BAJAJHIND) Stock - Complete Technical Analysis - Nov 14, 2024

Bajaj Hindusthan Sugar Stock Analysis - Support, Resistance, MACD & RSI Breakdown Trading Insight

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. Bajaj Hindusthan Sugar Limited (BAJAJHIND) has recently formed a shooting star pattern, signaling a bearish reversal at the 31.80 resistance level. The stock is currently priced at 30.91, which is near the lower end of its recent price range. The Exponential Moving Averages (EMAs) suggest a downtrend, with the stock trading below key levels like the 50 and 100-period EMAs. The MACD, which has been negative, indicates that selling pressure may persist.

However, there is some potential for support in the 30.30-30.50 range, where the stock has bounced previously. Additionally, the Relative Strength Index (RSI) is at 33, which shows that the stock is oversold, hinting at a possible reversal. The formation of a Bullish Harami pattern adds some potential for upward movement if the stock manages to stay above the support levels.

Traders should closely watch if the price breaks above the 31.80 resistance, as that could confirm a bullish trend. On the downside, if the stock fails to maintain its support near 30.30, it could move further south to test the 29.00-28.50 range. Thus, key levels for traders to monitor are 31.80 for resistance and 30.30-30.50 for support.