AstraZeneca Pharma India Limited (ASTRAZEN) Stock - Complete Technical Analysis - Dec 16, 2024

AstraZeneca Pharma India Stock Analysis Key Levels, Indicators & Trends for Traders Dec 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. AstraZeneca Pharma India Limited (ASTRAZEN) has been seeing some interesting price action lately, trading at 6,624, which is 18.61% below its 52-week high of 8,139. The stock has held well above its 52-week low of 4,600.7, showcasing its resilience. The RSI at 43.45 suggests a neutral stance, with no immediate overbought or oversold conditions, indicating potential stability. However, the MACD continues to show a bearish momentum, while the ADX reading of 15.17 signals weak trend strength, implying a lack of clear directional movement.

Short-term weakness is evident as the stock is trading below the 10-day and 20-day EMAs, confirming the downtrend pressure in the near term. The 50-day EMA is still above, but further distance from the current price indicates a need for a stronger rally to regain mid-term bullish momentum. Key support levels are visible near 6,500, with further downside potential if this level fails to hold. On the upside, resistance is observed at 6,700, which is a crucial point for any potential breakout to the upside.

The ATR is reflecting increased volatility, highlighting the importance of staying alert to sudden price movements. If the stock breaks above 6,700, we could see a rally towards higher levels, with the 7,000-7,100 range being a possible target. However, if support at 6,500 is broken, further downside risk could push the stock towards 6,300 and beyond. Traders should look for breakouts or breakdowns to make informed decisions. AstraZeneca Pharma India has strong financials with solid ROE and ROCE, so the long-term outlook remains positive, but short-term traders should exercise caution.