Nazara Technologies Limited (NAZARA) Stock - Complete Technical Analysis - Dec 04, 2024

Nazara Technologies Stock Analysis - Key Support & Resistance Levels NAZARA Technical Outlook

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. Nazara Technologies Limited (NAZARA) shows a balanced outlook from both fundamental and technical perspectives. Trading at 1,024.90, it remains 8.25% off its 52-week high of 1,117. A steady uptrend has been observed since hitting a low of 591.5 earlier in the year, making it an attractive option for long-term investors.

Looking at the candlestick patterns, we notice a Doji indicating indecision, with a potential reversal point in the short-term. The Bullish Harami is also a key indicator, signaling possible upward momentum, while the Spinning Top candle suggests price consolidation before any substantial movement. In terms of support and resistance, immediate support is at 1,006.50, and resistance lies around 1,038 to 1,047. If the stock breaks above this level, it could head towards the 1,100 mark.

The Average Directional Index (ADX) is at 24.19, which reflects a moderate trend, indicating that the stock is still in a trending phase but not too strongly. The RSI is at 65, near overbought levels, which could lead to some pullbacks. The MACD continues to show positive momentum, and the Commodity Channel Index (CCI) suggests the stock is in an uptrend but could experience price swings.

Given the volatility indicated by the ATR, short-term traders might find opportunities for quick profits but should be cautious of sudden price changes. The current environment suggests a period of consolidation before the next directional move. Traders should monitor support levels at 1,006.50 and 1,000, while resistance levels at 1,0381,047 should be watched closely for any breakout.