Astra Microwave Shares ‘Overbought’, May See Pullback After Breakout: SEBI RA Anupam Bajpai

Astra Microwave Products shares show signs of being overbought and will likely see a price correction, according to SEBI-registered analyst Anupam Bajpai, who maintains a bearish stance on the stock.

At the time of writing, shares of Astra Microwave Products were trading at ₹1,062.35, down 1.95%.

Bajpai said Astra Microwave exited its consolidation phase on May 9, when it surpassed the critical resistance level of ₹867. 

The analyst said that the breakout led to additional gains. However, current technical indicators suggest traders should exercise caution.

According to Bajpai, both yesterday's and today's candlesticks formed completely outside the upper Bollinger Band, which indicates an overbought market.

The Relative Strength Index (RSI) stands at an elevated level of 83, suggesting potential pullback risk.

Recently, the company disclosed approval of up to 2.01 million convertible warrants priced at ₹864 each, for a cumulative total of ₹173.99 crore.

Every warrant will transform into one equity share after 18 months, as regulations require.

On Stocktwits, retail sentiment was ‘neutral’ amid ‘normal’ message volume.

The stock has risen 38% so far in 2025.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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