Suprajit Engineering Limited (SUPRAJIT) Stock - Complete Technical Analysis - Sep 10, 2024

Suprajit Engineering Stock Analysis: Key Levels & Market Insights Technical Review September 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. Suprajit Engineering Limited is currently trading at 554, which is approximately 13% below its 52-week high of 639.6, achieved on August 16, 2024. The stock is up about 56% from its 52-week low of 353.75, recorded on October 26, 2023.

The technical outlook for Suprajit Engineering suggests a complex market scenario. Resistance levels are anticipated around 570 to 585, with a key hurdle at 585 based on recent price action and various moving averages. Support is strong near the 530 to 550 zone, which aligns with the stock's recent trading range and key moving averages.

Technical indicators present a mixed picture. The RSI is in neutral territory, suggesting balanced market sentiment, while the MACD is negative, hinting at potential downward pressure. The ADX is moderate, indicating a weak to moderate trend strength. The Stochastic and Commodity Channel Index are also neutral, suggesting that the stock might be consolidating without clear overbought or oversold conditions. The Awesome Oscillator and Momentum are slightly negative, reinforcing the current consolidation phase.

The Average True Range indicates moderate volatility, reflecting the stock's recent price movements. The Bull Bear Power shows a positive trend, suggesting some bullish potential. Additionally, the Ichimoku Base Line and other moving averages provide mixed signals, with some resistance around the current price level.

In summary, Suprajit Engineering Limited is currently navigating a consolidation phase with key resistance and support levels to monitor. Traders should watch for potential breakouts or breakdowns around these levels for clearer directional signals.