Surya Roshni Limited (SURYAROSNI) Stock - Complete Technical Analysis - Dec 04, 2024

Surya Roshni Limited Stock Analysis: Price Trends, Support & Resistance Levels 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. Surya Roshni Limited (SURYAROSNI) is showing significant volatility with its current price of 574.95, which is nearly 32% below the 52-week high and 23% above the low. This price movement indicates potential for further fluctuations, making it a stock to watch closely for both long-term and short-term trades. Over the last few days, the stock has been moving within a narrow range, highlighting periods of indecisiveness in the market. A significant price drop was seen on Dec 04, 2024, when the stock moved from a high of 592.60 to close at 574.95, which is below the previous day's closing of 583.70.

Looking deeper into the technicals, the Relative Strength Index (RSI) is at 39.94, indicating that the stock is in oversold territory. A bounce could be expected if buyers start to step in. The MACD is in negative territory, showing bearish momentum, but its divergence with the price action suggests a possible shift in trend. The Average Directional Index (ADX) is at 29.2, suggesting a moderately strong trend but not a strong directional force. Traders should be cautious of the recent Dark Cloud Cover pattern, which suggests short-term bearish pressure, but a reversal could occur if the stock holds near key support levels.

Support is seen around 570-575, while resistance is at 590-595. A decisive move above 595 could signal a potential rally toward higher levels, but a break below 570 could confirm further downside. With the current ATR above 190, indicating high volatility, traders should remain alert to swift price movements and plan their trades with a good risk management strategy. Those with a short-term trading approach may look for opportunities to enter near the support range, while long-term investors may want to monitor price action and overall trend direction before making a move.