Havells India Limited (HAVELLS) Stock - Complete Technical Analysis - Nov 18, 2024

Havells India Stock Technical Analysis Key Support & Resistance Levels Trend Reversal or Continu

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. Havells India Limited (HAVELLS) is currently trading at 1619, having pulled back roughly 23% from its 52-week high of 2106. A recent "Doji" candlestick pattern suggests indecision in the market, and combined with a "Spinning Top" candle, this indicates that the price could either reverse or continue depending on the next few days of trading.

Looking at key indicators, the RSI is in the oversold zone, suggesting the potential for a rebound. However, other indicators such as MACD and Momentum point to continued bearish momentum. The ADX reading above 40 shows a strong trend, but the market's indecision creates a situation where a breakout or breakdown is possible.

Support levels are identified at 1600 and 1598, with additional support at 1559. On the resistance side, 1640-1650 is the first hurdle, followed by stronger resistance around 1700-1750. If the stock breaks above 1640, it may signal a potential upward movement toward 1700. However, failure to do so could lead to further declines.

Traders should remain cautious, watching for signs of a breakout above 1640 or a potential breakdown below 1600 for clues on the next major move.