Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Nov 22, 2024

Surya Roshni Stock Analysis Technical Outlook, Key Levels & Trading Insights Nov 2024

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. Surya Roshni Limited (SURYAROSNI) stock has been under pressure, currently trading at 565.05, 32.86% off its 52-week high. The stock has formed a bearish "Evening Star" pattern, a potential reversal signal. Over the last few days, we saw significant volatility with price fluctuations between 550-570. The support at 550 is critical, with price bounces around this level indicating potential short-term opportunities for traders. Resistance levels near 577 and 650 are crucial to watch for any rebounds or breaks.

The MACD is in the negative zone, confirming downward momentum, and the RSI has reached oversold levels, hinting at possible price stabilization. However, the current trend shows more downside risk, especially if the stock fails to hold above 550. The ADX is moderately above 20, indicating a potential trend but without strong directional momentum. Therefore, caution is recommended, with traders looking for confirmation of trend reversals or additional downward movement before making significant moves.

A risk-reward strategy could be beneficial for those looking to trade within the 550-600 range. If the stock breaks below 550, the next significant support lies near 525. Traders should also watch for any bullish crossovers in technical indicators like the MACD for signs of a potential reversal.