Havells: Testing Key Support Levels Amid Market Correction
Topic Statement:
Havells has corrected along with the broader market and is now approaching critical support levels that may determine its next move.
Key points:
1. The price is taking heavy support at the 38.2% retracement level at 1,476.
2. The stock is trading close to the 180-day moving average.
3. Weekly RSI is at 40, indicating the stock is nearing oversold territory.
4. If the support at 1,476 fails, the price may decline further to the 50% retracement level at 1,280.
Havells has corrected along with the broader market and is now approaching critical support levels that may determine its next move.
Key points:
1. The price is taking heavy support at the 38.2% retracement level at 1,476.
2. The stock is trading close to the 180-day moving average.
3. Weekly RSI is at 40, indicating the stock is nearing oversold territory.
4. If the support at 1,476 fails, the price may decline further to the 50% retracement level at 1,280.
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