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Mishra Dhatu Nigam Limited (MIDHANI) Stock - Complete Technical Analysis - Nov 22, 2024

MIDHANI Stock Analysis: Key Support & Resistance Levels Technical Insights for Traders

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. Mishra Dhatu Nigam Limited (MIDHANI) is currently trading at 311.4, experiencing a significant decline from its 52-week high of 547.5. Despite recent volatility, with price swings between 308 and 317, the stock seems to be caught in a consolidation phase. The formation of a Doji and Spinning Top candle on November 22nd signals indecision in the market, suggesting a pause before any major move. This is supported by technical indicators showing a bearish trend, with the MACD and Momentum remaining negative.

The RSI at 35.3 and Stochastic %K at 18.82 indicate oversold conditions, suggesting a potential for a price bounce or reversal in the short term. However, the average true range (ATR) is hovering around 9.1, suggesting that volatility remains moderate, and there could be further price action within a narrow range unless a significant catalyst appears.

Key support for MIDHANI is at 305-310, and a fall below this level could push the stock closer to its 52-week low. Resistance is seen near the 325-340 region. The stock is currently at an interesting juncture, and traders should watch for a breakout or breakdown from these key levels. For now, the stock's downside risk appears capped by strong support, and an upside could be seen if it crosses the 320-325 zone.





 

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