Tata Elxsi Limited (TATAELXSI) Stock - Complete Technical Analysis - Nov 28, 2024

Tata Elxsi Stock Analysis Key Support & Resistance Levels Technical Indicators Breakdown

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. Technical Overview of Tata Elxsi Limited (TATAELXSI)

Tata Elxsi Limited is currently trading at 6,757, which is showing a 26.55% decline from its 52-week high, while it remains 7.49% above its 52-week low. Let's break down the technical indicators, chart patterns, and the stock's price trend.

Support and Resistance Levels:

Support Levels: The immediate support level is found around 6,585-6,590, with the Classic Pivot S1 (6,585.97) aligning with this level.

Resistance Levels: Resistance is seen near the 6,800-6,820 range, where the Exponential Moving Average (50) and Classic Pivot R1 (7,742.37) are situated.

Candlestick Patterns:

Doji and Spinning Top Patterns: On Nov-28, 2024, Tata Elxsi formed both a Doji and a Spinning Top candlestick. These patterns point to indecision in the market, suggesting a potential price reversal or consolidation phase.

Price action over the past 5 days shows fluctuations, with prices moving between lows of 6,497.60 to highs of 6,879.00.

Momentum and Indicator Signals:

RSI: The Relative Strength Index (RSI) is at 45.62, signifying a neutral market.

MACD: The MACD is currently negative, indicating weak bearish momentum.

ADX: The Average Directional Index (ADX) stands at 17.14, showing a lack of strong market direction.

Stochastic RSI: The Stochastic RSI is at 87.22, signaling that the stock may be overbought and might see a pullback.

Volatility and ATR Analysis:

The ATR has been high in the last 14 days, indicating substantial volatility. The stock has been experiencing significant price swings, suggesting the potential for sudden price movements.

Conclusion: The stock is currently in a consolidation phase, with support levels at 6,585-6,590 and resistance near 6,800-7,000. Although Tata Elxsi is not showing strong directional momentum, technical indicators suggest it may move sideways or slightly reverse if it hits the support zone.