Mahanagar Telephone Nigam Limited (MTNL) Stock - Complete Technical Analysis - Aug 30, 2024

"MTNL Stock Analysis: Key Support

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. Technical Analysis of Mahanagar Telephone Nigam Limited (MTNL)

Current Price: 60.3

Support and Resistance Levels:

Support Levels: Key support levels are around 48.1 (Classic Pivot S1) and 51.32 (Fibonacci Pivot S1). These levels are crucial as they might act as a floor for the stock if it declines further.

Resistance Levels: Key resistance levels are around 75.02 (Classic Pivot P) and 98.71 (Fibonacci Pivot R1). These levels could serve as barriers if the stock price moves upward.

Technical Indicators:

MACD: The MACD is currently negative, suggesting that the stock may be in a bearish phase.

RSI: The Relative Strength Index is nearing the middle of its range, indicating neutral momentum with no strong buy or sell signals.

ADX: The Average Directional Index is relatively low, indicating weak trend strength.

Stochastic %K: The stochastic oscillator is in the lower range, suggesting that the stock may be oversold.

Commodity Channel Index (CCI): The CCI is in the negative range, signaling that the stock might be undervalued.

Awesome Oscillator: This is currently negative, reinforcing the bearish sentiment.

Williams Percent Range: This indicator is in the extreme negative zone, suggesting that the stock is potentially oversold.

Ultimate Oscillator: This is low, indicating a lack of buying pressure.

Moving Averages:

Exponential Moving Averages: The 10, 20, and 30-day EMAs are above the current price, indicating resistance, while longer-term EMAs are also above, which may confirm the bearish trend.

Simple Moving Averages: The 10 and 20-day SMAs are also above the current price, suggesting resistance levels. The 50-day SMA is close to the current price, indicating a potential support level.

Pivot Points:

Classic Pivot Point: 75.02

Camarilla Pivot Point: 75.02

Fibonacci Pivot Point: 75.02

Woodie Pivot Point: 75.46

Chart Patterns:

Doji (Indecision): Indicates indecision in the market with a pattern of equal open and close prices.

Spinning Top: This pattern shows market indecision, suggesting that traders are uncertain about the next direction.

Volatility and ATR:

Average True Range (ATR): The ATR is relatively high, indicating significant price fluctuations.

The stock is trading 40.82% below its 52-week high and 168.09% above its 52-week low. This significant deviation from the highs and lows highlights a volatile trading range.

Summary: MTNL's technical indicators are showing mixed signals with a bearish trend overall. Support levels around 48.1 and 51.32 could be crucial if the stock declines further. Resistance is expected around 75.02 and 98.71. The current market sentiment shows indecision, and traders should monitor the stock closely for potential breakout or breakdown opportunities.