3M India Limited (3MINDIA) Stock - Complete Technical Analysis - Dec 13, 2024

"3M India Stock Analysis: Key Support & Resistance Levels, Price Trends & More NSE Stock Update"

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. In-Depth Technical Analysis of 3M India Limited (3MINDIA)

Current Price: 31,602

Key Support and Resistance Levels:

Support Levels:

31,200 is a significant support level, where the price found a low during the recent dip.

Classic Pivot S1 is at 29,538, and Fibonacci support stands at 30,851, offering potential downside protection.

Resistance Levels:

The stock faces strong resistance around 31,679 (last high) and 36,043 (Classic Pivot R1).

The 52-week high near 40,856 is a major psychological resistance.

Price Trends and Analysis:

The stock has been caught in a consolidation phase, with a series of small upward and downward movements. Recently, it was observed to reverse after hitting 31,679, indicating short-term selling pressure.

There has been no significant trend, as evidenced by the neutral RSI and weak ADX readings, suggesting the market is in a sideways movement.

Gaps and Price Surges:

The stock showed strong surges around December 9 and 10, with 31,682 acting as a short-term resistance point.

Volatility is moderate, as observed from the ATR, with daily price fluctuations in the 2,500 to 3,000 point range.

Technical Indicators and Chart Patterns:

MACD: The negative MACD is suggesting bearish momentum, while the RSI remains in neutral territory. Combined, these indicators imply consolidation with no clear direction in the near term.

Moving Averages: The stock is trading below its 50-day EMA, suggesting that downward pressure might persist unless theres a reversal above the key moving averages.

Ichimoku: The stocks current price is well below the Ichimoku Base Line, confirming a bearish bias in the short term.

Williams %R: At -62.08, the stock is still not in oversold territory, indicating there is room for a rebound or continuation of the downward movement.

Conclusion:

Bearish Pressure: The stock is showing signs of weakness with limited upward momentum and a lack of trend strength.

Actionable Advice: Traders should keep an eye on the key support levels around 31,200 and 29,538 for potential buying opportunities, or look for reversal signals at resistance points like 31,679 and 36,043.

The stock is likely to remain range-bound in the short term.