Grasim Industries Limited (GRASIM) Stock - Complete Technical Analysis - Nov 27, 2024

Grasim Industries Technical Analysis Price, Resistance, Support Levels November 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.

Grasim Industries Limited (GRASIM) is currently priced at 2,621.90, which is 8.89% below its 52-week high of 2,877.75 and 34.23% above the 52-week low of 1,953.25. The stock has shown some volatility in recent sessions, with the latest price action forming a Spinning Top candlestick, indicating market indecision. A Bullish Harami pattern has also emerged, which could suggest potential upward movement, but the indecisive nature of the market means caution is needed.

Looking at technical indicators, the stock is in neutral territory with an RSI of 51.72, but the MACD is in negative territory at -22.37, signaling potential bearish momentum. The Stochastic RSI at 95.3 suggests the stock is overbought in the short term, potentially indicating a correction. The ADX is at 27.21, implying a moderate strength in the current trend. On the moving average front, the stock is below the 50-day and 100-day SMAs, indicating short-term weakness, but it remains above the long-term 200-day SMA, showing longer-term bullishness.

Resistance is seen near the 2,821 level, with further resistance around 2,946. Immediate support lies around 2,582, with stronger support at 2,469. Traders should look for price action to break above the 2,649 level for a potential bullish signal or below 2,595 for further downside. Given the mixed signals from various indicators, it's important to wait for confirmation before making any trading decisions.