Jayaswal Neco Industries Limited (JAYNECOIND) Stock - Complete Technical Analysis - Nov 22, 2024

Jayaswal Neco Industries Stock Analysis - Key Support and Resistance Levels Explained

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. Jayaswal Neco Industries Limited (JAYNECOIND) stock is currently trading at 39.9, which is down 39.02% from its 52-week high. The stock has recently experienced some volatility, showing weakness in momentum, with the RSI below 40, suggesting a bearish trend. The MACD is negative, confirming the downtrend, and the ADX reading of 29.83 signals that there is some directional movement, but the stock remains under pressure.

Looking at the chart, the stock is bouncing between 39.5 and 37.65 levels, indicating these as key support zones. If the price moves below 39.5, it could test the 37.65 low again. However, if it breaks through the resistance around 40.79, there is potential for a short-term rally towards 42.02, and possibly higher towards 44-45.

With weak indicators like the Stochastic RSI, Awesome Oscillator, and Momentum, the stock is expected to remain under pressure in the short term. Traders should be cautious of further downside until a confirmation of reversal or breakout above the key resistance levels.