Hardwyn India Limited (HARDWYN) Stock - Complete Technical Analysis - Dec 10, 2024

Hardwyn India Limited Technical Analysis Stock Forecast & Support Levels Trade Insights

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. For Hardwyn India Limited (HARDWYN), the current stock price of 32.0 presents an interesting scenario, trading 38.48% below its 52-week high, but still 23.04% above the 52-week low. A closer look at technical indicators reveals weak momentum in the short term. The RSI at 38.87 suggests the stock is approaching oversold conditions, signaling potential for a reversal if buying interest emerges. The stock is currently showing limited trend strength with an ADX of 12.06, meaning theres not a strong directional move, leaving room for sideways or range-bound action.

Key resistance lies between the 32.35 and 34.0 levels, indicated by the short-term exponential moving averages (EMAs) and the 200-period EMA at 34.55, suggesting that upward movement may face challenges. The recent lows near 31.90 provide immediate support, followed by lower levels at around 28.11. The bearish MACD level of -1.28 and a negative Commodity Channel Index (CCI) of -67.11 suggest that the stock is in a weakened state, with downward pressure.

The Bollinger Bands likely indicate increased volatility, and ATR data confirms this with relatively high volatility in recent periods. Stochastic RSI near 63.33 suggests that the stock is not yet in an oversold state, but further downside risk remains, especially if the stock fails to hold above key support levels. Traders should watch for a break above 33.0 or 34.0, as that could signal a reversal or upward trend. Conversely, failure to break these levels and a further dip towards 31.90 or 28.11 could provide better opportunities for short positions.

In conclusion, Hardwyn India Ltd is in a consolidation phase, with the stock trading near key technical levels. A breakout above 34.0 could signal an upward trend, while sustained pressure below 31.90 could see further downside. Volatility should be closely monitored.