Utkarsh Small Finance Bank Limited (UTKARSHBNK) Stock - Complete Technical Analysis - Sep 10, 2024

Utkarsh Small Finance Bank Stock Analysis Key Support & Resistance Levels 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. Utkarsh Small Finance Bank Limited is currently trading at 48, which is about 29.7% below its 52-week high of 68.3, recorded on February 8, 2024. The stock is 7% above its 52-week low of 44.85, hit on March 14, 2024.

Technical indicators suggest a bearish outlook for the stock in the short term. The Average Directional Index (ADX) is low, indicating a weak trend. The Relative Strength Index (RSI) is in the oversold region, which could signal a potential reversal or a continuation of the current downtrend. The Stochastic %K and Stochastic RSI are both at low levels, reflecting oversold conditions and potential for a rebound.

The MACD is negative, further supporting the bearish trend. The Awesome Oscillator and Bull Bear Power also show negative values, reinforcing the downtrend. Additionally, the Commodity Channel Index (CCI) and Williams Percent Range are both in the negative territory, indicating weak momentum and selling pressure.

The stock is trading below its key moving averages, including the 10-day, 20-day, and 50-day Exponential and Simple Moving Averages, suggesting resistance at these levels. The Ichimoku Base Line and Volume Weighted Moving Average are also above the current price, adding to the resistance sentiment.

Chart patterns show that the stock recently formed a Doji and a Spinning Top, indicating market indecision. The Inside Candle pattern observed on September 9, 2024, with a tight range, suggests consolidation within this period, but the direction is yet to be determined.

Support levels are around 47.5 to 48, with potential further support near 45.7. Resistance is expected around 49 to 50, where the stock might face selling pressure.

In summary, Utkarsh Small Finance Bank Limited is experiencing a bearish trend with significant resistance overhead. Traders should watch for potential rebounds at key support levels or a confirmation of further downside if the resistance levels hold.