Vijaya Diagnostic Centre Limited (VIJAYA) Stock - Complete Technical Analysis - Dec 18, 2024

Vijaya Diagnostics Stock Analysis: Strong Recovery with Key Support and Resistance Levels

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. Vijaya Diagnostic Centre Limited (VIJAYA) is currently trading at 1,066.60, 14.67% below its 52-week high of 1,249.95, which suggests potential resistance near that level. The stock has surged by 78.94% from its 52-week low, indicating strong recovery. Technical indicators show a mixed outlook with an Average Directional Index (ADX) of 32.98, indicating a strong trend, but the Relative Strength Index (RSI) at 45.39 suggests no overbought or oversold condition yet.

The Stochastic Oscillator is in oversold territory, which may signal a reversal soon. The stock is currently below both the 10-day and 20-day Exponential Moving Averages (EMAs), reinforcing short-term bearish sentiment. However, the longer-term 100-day and 200-day EMAs are trending upward, supporting a bullish long-term view. The Bullish Harami pattern in the recent price action suggests potential upside if the stock holds above key support.

Key support is at 1,050, while resistance lies around 1,100-1,120. If the stock maintains its position above 1,050, we could see a move towards 1,250, which would represent the next strong resistance level. Traders should watch for a possible reversal as the stock approaches these levels, particularly with the current bearish momentum and low Stochastic RSI.