EID Parry India Limited (EIDPARRY) Stock - Complete Technical Analysis - Dec 02, 2024

EID Parry India Limited Stock Analysis: Key Support, Resistance & Technical Indicators December 2

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. EID Parry India Limited (EIDPARRY) is currently trading at 877.45, showing solid growth over the past year, with the stock being 70.05% above its 52-week low. The stock's bullish movement is backed by a number of technical indicators suggesting an upward trend. The RSI of 62.16 indicates that the stock is in a healthy bullish phase, with potential for more upward movement. The Stochastic %K of 81.39 signals that the stock is approaching overbought territory, but it could continue to rise if the bullish trend holds. Additionally, the MACD at 16.01 supports the idea of ongoing bullish momentum.

Recent price action has been volatile, especially on December 2, where the stock surged from a low of 849.10 to a high of 888.00, closing at 877.45. This intraday movement suggests the potential for rapid reversals, which makes the stock appealing for short-term traders. Furthermore, the presence of a Piercing Pattern on the chart suggests the possibility of a bullish reversal, providing a favorable environment for those looking to enter at current levels.

Traders should keep an eye on support levels around 844.24 and 830.83, while resistance levels are located at 918.7 and 979.75. The stock's volatility, as indicated by its ATR, suggests that traders should be cautious of sudden price movements, and keep an eye on these key levels for potential breakouts or reversals.