Religare Enterprises Limited (RELIGARE) Stock - Complete Technical Analysis - Nov 22, 2024

Religare Enterprises Technical Analysis: Price Action, Support, Resistance, and Key Indicators RE

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. Religare Enterprises Limited (RELIGARE) is currently trading at 247.17, significantly lower than its 52-week high of 297.6, reflecting a notable decline of around 17%. However, it remains well above its 52-week low of 201.6, trading approximately 22.6% higher.

The stock is facing some technical challenges at the moment. Its immediate support is at 245, with another level around 241. Resistance is expected near 250, and further strength will be seen if it crosses 255, suggesting potential for a rally if this level holds.

The indicators provide mixed signals. The ADX reading of 33.57 points to a strong trend, though the RSI of 43.25 shows that the stock is neither oversold nor overbought. The negative MACD suggests bearish momentum, indicating potential weakness in the near future. Conversely, the Stochastic RSI shows the stock is in overbought territory, which may indicate a short-term pullback or consolidation.

Market sentiment is reflected in the spinning top candle formed today, signaling indecision in the market. The Awesome Oscillator and CCI are both bearish, adding to the concern of weakening bullish strength.

With these factors in mind, investors should be cautious around the 245-250 range, with traders looking for confirmation of a breakout or breakdown before entering new positions.