Vedant Fashions Limited (MANYAVAR) Stock - Complete Technical Analysis - Nov 29, 2024

Vedant Fashions (MANYAVAR) Stock Analysis Key Levels & Bullish Momentum Explained

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.

Vedant Fashions Limited (MANYAVAR) continues its upward journey, up over 61% from its 52-week low. The stock's recent rally shows strength, with higher highs and higher lows observed over the last five sessions. RSI around 62 confirms a healthy uptrend without entering overbought territory, while the Bull Bear Power indicator emphasizes bullish dominance. Momentum indicators, including the CCI and Momentum itself, point to positive price acceleration, supported by the stock trading above key SMAs and EMAs, particularly the 50-day and 100-day levels, confirming the bullish bias.

Price action suggests that the 1450 level is a key resistance zone, aligning with historical price levels and pivot points. Should this be breached, the next target could be around 1480 or higher. On the downside, support levels near 1380-1400 are critical, acting as a buffer against sharp corrections. The Ichimoku Base Line provides an additional layer of support at 1351, indicating that the long-term trend remains intact. Traders should be mindful of stochastic indicators signaling potential profit-booking, but the overall outlook remains bullish.