Schaeffler India Limited (SCHAEFFLER) Stock - Complete Technical Analysis - Nov 28, 2024

Schaeffler India Stock Analysis: Key Support, Resistance & Trading Insights 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. Schaeffler India Limited (SCHAEFFLER), currently at 3,552, has been trading below its 52-week high of 4,951, yet is still showing positive movement with a rise of 30.26% from its 52-week low of 2,727. Recent price action reveals some volatility, with sharp fluctuations in the past few days. The stock has shown a consistent pattern of higher lows, with key support levels forming near 3,485. The next level of resistance to watch is at 3,590-3,650, as the price action has recently struggled to break above this range.

From a technical standpoint, indicators like the MACD are slightly negative but not overly bearish, suggesting a possible consolidation phase rather than a strong downward move. The RSI sits at 51.15, showing no extreme overbought or oversold conditions, meaning the stock could remain range-bound in the short term. However, the Stochastic RSI and CCI readings indicate potential overbought conditions, warning of a potential price pullback if the stock tests higher resistance levels.

With ATR values showing increased volatility, traders should be prepared for more price swings, especially near key support and resistance levels. Keep an eye on the stock's ability to hold above the support zone at 3,485, as a break below this could lead to further downside. A strong move above 3,590 could open the door for a potential rally, but watch for signs of exhaustion at higher levels.