Sanghvi Movers Limited (SANGHVIMOV) Stock - Complete Technical Analysis - Nov 22, 2024

Sanghvi Movers Limited Stock Technical Analysis Key Support & Resistance Levels SANGHVIMOV

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. The technical setup of Sanghvi Movers Limited (SANGHVIMOV) provides a mixed outlook. With the stock currently priced at 313.10, it is trading significantly lower than its 52-week high, suggesting it's been under pressure but remains relatively close to the 52-week low. This could suggest a potential for a short-term reversal as it's currently hovering above its support levels, but the bearish trend remains intact.

The Relative Strength Index (RSI) below 30 at 27.88, along with the Stochastic Oscillator near 5, indicates that the stock is oversold and may be poised for a short-term rebound. However, it's important to note that the stock is trading below key moving averages, including the 10-day, 50-day, and 200-day averages, reinforcing the idea of a downtrend.

Volatility appears moderate, with the Average True Range (ATR) reflecting notable fluctuations, suggesting that traders may experience price swings in either direction. Recent days show the stock testing lower levels of around 302, with minor resistance at 320. If the stock manages to break above this level, it could attempt a retest of higher resistance near 350 to 380.

In conclusion, the stock is at a critical juncture where it could either consolidate or show a short-term bounce from the support zone around 302. Given the oversold conditions, it may be a good idea for short-term traders to watch for a reversal, but caution is needed due to the persistent bearish trend. Keep an eye on key resistance around the 320 level, with further upside possible towards 350-380.