Asian Granito Stock Analysis by Yagnesh Patel
Yagnesh Patel 
Technical Analysis with support & resistance levels of Asian Granito
Asian Granito Ltd.
- Trend Analysis: The stock made a significant low in March 2023 and has since been forming higher tops and higher bottoms on the weekly charts. This pattern suggests a clear mid-term uptrend for the stock.
- Consolidation Phase: Over the past 6-7 weeks, the stock has been consolidating within a narrow range. This consolidation, accompanied by lower volumes, indicates that the downside pressure has diminished.
- Fibonacci Support: On the weekly chart, the stock is taking strong support at the 61.8% golden ratio of the Fibonacci levels, near the 68-70 zone. This level appears to be the last bottom formation, signaling potential upward movement from here.
- Moving Averages: The slope of the 55-period SMA on the weekly chart is rising. This is a strong indication of an uptrend, and any dips on the daily chart present good entry opportunities for fresh positions.
- RSI: The 14-period RSI is holding support at the 40 zone on the weekly chart. This suggests that strong support levels are intact and further reinforces the potential for upward momentum.
Conclusion: We are expecting stock price may go up side from here cmp – 74.50 levels
Important Resistance: 78 – 85 – 96
Important Support: 69 – 65 – 56
Analyst: Yagnesh Patel
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SEBI Registered Research Analyst
Registration Number: INH000016320
Email: support@yagneshpatel.in
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I’m SEBI Registered RA. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI, membership of a SEBI recognized supervisory body (if any) and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors.
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