Saregama India Limited (SAREGAMA) Stock - Complete Technical Analysis - Nov 22, 2024

Saregama India Stock Analysis Key Support & Resistance Levels Technical Insights

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. Saregama India Limited (SAREGAMA) is currently trading at 454.50, significantly below its 52-week high of 688.9, but well above its 52-week low of 325.85, showing a decent recovery. Over the past few days, the stock has shown volatility, with price fluctuations ranging from 446.35 to 461.90, suggesting some level of price uncertainty. The stock is currently hovering around the key support zone of 446-448, with resistance near 465-470.

Technical indicators indicate a mixed outlook. The RSI shows the stock is mildly oversold, which could suggest some short-term upside potential. The Average Directional Index (ADX) at 20.04 is relatively low, signaling a lack of strong directional momentum. The MACD is still negative, but the recent price action and the formation of a bullish harami pattern may signal a potential reversal. If the stock can close above 461, it may confirm the bullish reversal and open the way for further gains.

With high volatility and the potential for price swings, traders should monitor these key support and resistance levels closely. The ATR suggests that the stock could continue to experience significant price fluctuations, so it's essential to manage risk and stay alert to any breakout or breakdown from these levels.