S H Kelkar and Company Limited (SHK) Stock - Complete Technical Analysis - Dec 06, 2024

S H Kelkar Stock Analysis: Key Levels, Trends & Trading Strategies for 2024

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.

SHK appears to be in a consolidation zone, with the price trading near 279. Recent sessions showed volatility, as seen in the wide high-low range over the last week. RSI near 46 and a neutral Ultimate Oscillator indicate balanced buying and selling pressures. The MACD remains negative, highlighting the bearish undertone, while the Stochastic suggests possible short-term recovery.

The stock is navigating under its short-term EMAs, particularly the 20-day EMA at 283, which acts as resistance. Strong support lies around the 100-day EMA at 264, offering a potential floor for the price. Traders should note the Awesome Oscillator's bearish reading and monitor ADX levels, which currently lack trend strength. The recent price recovery from the 275 level indicates a critical support zone, with potential for bullish action if the stock breaks above the immediate resistance near 285.

In the short term, a bullish breakout above 285 could set a target near 300. Conversely, failure to hold support at 264 may open the door for a pullback toward 250. Traders should be cautious, as moderate volatility per ATR readings suggests a possibility of sudden moves. Use trend-following indicators and volume analysis to confirm trade setups.