Vedant Fashions Limited (MANYAVAR) Stock - Complete Technical Analysis - Nov 19, 2024

Vedant Fashions Stock Analysis Support, Resistance & Key Insights for Traders Technical Review

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. Vedant Fashions Limited, known for the Manyavar brand, is experiencing price fluctuations. The stock currently trades at 1,360.75, and after reaching a 52-week high of 1,487.9, its now about 8.5% lower. Recent price action indicates some short-term volatility, with a low of 1,315.60 and a high of 1,370.25 observed in the last few days.

The Relative Strength Index (RSI) suggests a neutral position, while the MACD and Awesome Oscillator indicate that the bulls might have the edge in the short term. However, with an ADX value of 17.74, the trend strength is weak, signaling that we could see sideways movements or potential reversals in the coming days. The Stochastic RSI is in oversold territory, which could point to a potential reversal or pause in momentum.

Support levels are at 1,315 and 1,282, both of which have acted as price floors in recent trading. On the upside, resistance is seen at 1,370 and 1,420. If the stock breaks 1,370, there could be further upside towards 1,420, but if it fails to hold above 1,315, the stock could face downward pressure towards 1,282.

With the Average True Range (ATR) showing higher volatility, investors and traders should keep an eye on these support and resistance zones for potential entry or exit points. While theres potential for further upside if key resistances are broken, the weak trend strength requires caution and confirmation before taking strong positions.