Banco Products (I) Limited (BANCOINDIA) Stock - Complete Technical Analysis - Sep 10, 2024

Banco Products (I) Ltd: Technical Analysis & Key Levels - Is It a Buy Now Partha Kuchana

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 Analysis of Banco Products (I) Limited (BANCOINDIA) Stock

The current price of Banco Products (I) Limited is 676.05, which is trading 15.40% below its 52-week high of 799.15, and 64.59% above its 52-week low of 410.75.

Support and Resistance Levels:

Immediate Support: The stock has strong support around the 663.1 level, observed from the recent inside candle pattern. Further support is likely around the 621.08 level, based on classic pivot calculations.

Immediate Resistance: The stock faces resistance near 683.5, as per the recent inside candle pattern. Key resistance levels also align with the classic pivot R1 of 751.53.

Technical Indicators:

MACD: Currently negative, suggesting a potential bearish phase.

RSI: At 48.81, indicating a neutral to slightly bearish momentum.

ADX: Low at 13.05, suggesting a weak trend.

Stochastic Oscillator: %K at 38.65 and Stochastic RSI at 40.23, both in the neutral zone.

Moving Averages: The stock is trading below the 10-day EMA and SMA but above longer-term moving averages, which could suggest a short-term weakness against a longer-term uptrend.

Pivot Points: Classic pivot points indicate that the stock is near the pivot P level of 694.27.

Chart Patterns:

Bullish Harami: Recently observed, which might indicate a potential reversal or a bullish trend reversal.

Observations: The Average True Range (ATR) for the stock is 25.50, suggesting moderate volatility. The recent inside candle pattern shows that the stock has been trading within a tight range of 663.1 to 683.5 for the past two days, indicating a consolidation phase.

Conclusion: The stock is currently consolidating and facing resistance near 683.5, with immediate support around 663.1. The technical indicators suggest a neutral to slightly bearish sentiment, with a weak trend as indicated by the ADX. Watch for potential breakouts or further consolidation around these levels.