Entertainment Network (India) Limited (ENIL) Stock - Complete Technical Analysis - Dec 10, 2024

Entertainment Network (India) Ltd Stock Analysis: Key Support, Resistance & Indicators for Traders

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. Entertainment Network (India) Limited (ENIL) is currently trading at 189.37, reflecting a steep drop from its 52-week high of 358.8. It is now trading 8.30% above its 52-week low, which occurred at 174.85. This price action indicates that the stock has retraced significantly and may find support near these levels. A closer examination of technical indicators reveals a neutral sentiment overall.

The Relative Strength Index (RSI) is around 50, which implies that the stock is neither overbought nor oversold. This indicates that there is a balance between buying and selling pressure, and the stock could either break out or face further consolidation. The Stochastic Oscillator reading of 66.31% shows that the stock is edging toward overbought territory, although it is not there yet, leaving room for upward momentum.

The MACD level at -1.03 suggests a slight bearish trend, but the divergence is weak, indicating that the bearish sentiment might not be strong enough to push the price lower in the short term. Moving averages, particularly the 50-day (193.95) and 200-day (212.93) levels, act as strong resistance points. The stock is currently trading below these levels, which indicates that the upside potential is limited until the price can breach these resistance zones.

Short-term traders should also note the volatility indicators like the Average True Range (ATR), which has been on the higher side recently, suggesting that ENIL is prone to larger price swings. The ATR readings of 31.91 and 34.13 indicate that traders should be prepared for quick movements and adjust their risk management strategies accordingly.

In summary, ENIL seems to be trading within a range, where key support lies around 186 and resistance exists at 193-194. A breakout above the resistance could signal bullish momentum, while a drop below 186 could point to further declines. Overall, traders should stay alert for any significant moves beyond these levels for actionable opportunities.