Aditya Birla Fashion and Retail Limited (ABFRL) Stock - Complete Technical Analysis - Nov 29, 2024

Aditya Birla Fashion & Retail Stock Analysis Technical Insights for Traders ABFRL Stock Trends

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.

Aditya Birla Fashion and Retail Ltd (ABFRL) stock has been witnessing a period of consolidation after a strong rally, trading at 313.75. The stock is currently hovering 13.90% below its 52-week high of 364.4 and 57.86% above its 52-week low. The RSI is neutral at 56.83, indicating no extreme momentum either way. The Stochastic RSI, however, is in an overbought condition at 97.85, which could signal a short-term pullback or reversal. The MACD at -2.21 suggests bearish momentum, but the stock is not yet in a strong downtrend.

Price action has been range-bound, with the stock facing resistance near 316 and finding support around 310. The stock has seen minor fluctuations in recent sessions, such as the move from 311.25 to 316.90 on Nov 29th, ending at 313.75, which signals potential volatility in the near term. The 10-day and 20-day EMAs at 303.71 and 303.53 are providing support, but resistance is seen at 320. Traders should keep an eye on this level for potential breakouts, while key support remains at 310 and further support near 295.

For traders, this range-bound movement suggests that ABFRL could either break upwards to 320 or face a correction back towards the lower support zone at 295. With ATR increasing, volatility remains a factor to consider.