SKF India Limited (SKFINDIA) Stock - Complete Technical Analysis - Nov 19, 2024

SKF India Technical Analysis Support, Resistance & Market Trends SKFINDIA Stock Analysis

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. SKF India Limited (SKFINDIA) Technical Analysis Breakdown

SKF Indias stock is trading at a current price of 4662.10, which is significantly lower than its 52-week high of 7350, reflecting a bearish sentiment. Recent price fluctuations indicate significant volatility. A key support level can be identified around the 4,442-4,450 range, while the resistance is seen at 4,769.

The Average Directional Index (ADX) shows a strong trend but the Relative Strength Index (RSI) is currently below 34, suggesting that the stock is oversold. The negative MACD indicates the bearish momentum may continue, but the price at this level might also present an entry point for contrarian traders.

Looking at the Exponential and Simple Moving Averages, the stock is trading below these averages, confirming a short-term downtrend. The Stochastic Oscillator and Commodity Channel Index (CCI) are signaling continued selling pressure, with negative momentum reflected in the Awesome Oscillator and Momentum indicators.

If the stock fails to break above the 4,769 resistance, it may continue to consolidate within its current range. However, a breakthrough above 4,769 could signal a potential for bullish movement. On the downside, breaking support at 4,442 would bring the next critical support levels into focus at 4,200 or even lower.

Traders should closely monitor the price action around these levels. The stock is currently in a downtrend, but caution should be exercised as any signs of reversal could offer lucrative entry points for those looking to invest for the medium to long term.