Godrej Properties Limited (GODREJPROP) Stock - Complete Technical Analysis - Sep 17, 2024

"Godrej Properties Stock Analysis Key Support & Resistance Levels Technical Indicators Insights"

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. Godrej Properties Limited (GODREJPROP) Technical Analysis:

Godrej Properties is currently trading at 2,856, which is 16.06% below its 52-week high of 3,402.7 and 86.44% above its 52-week low of 1,532.

Support and Resistance Levels:

Support Levels: The key support levels are found near the recent low of 2,705.87 and further at 2,502.48. These levels are crucial for potential buying opportunities if the stock pulls back.

Resistance Levels: The major resistance levels to watch are around the classic pivot point of 2,995.93, with significant resistance expected at 3,199.32 and 3,489.38.

Technical Indicators and Chart Patterns:

Moving Averages: The stock is below the 10-day and 20-day Exponential Moving Averages (EMA) of 2,876.49 and 2,896.18 respectively, indicating a potential bearish trend. The 50-day and 100-day EMAs, at 2,940.95 and 2,870.71, respectively, also suggest resistance.

Relative Strength Index (RSI): The RSI is at 44.51, suggesting the stock is neither overbought nor oversold, indicating a neutral momentum.

MACD: The MACD is negative, reflecting bearish momentum.

Average True Range (ATR): The ATR indicates high volatility, with recent values showing fluctuations between 200 and 400, signaling potential large price swings.

Chart Patterns: The Doji and Spinning Top patterns indicate market indecision. A Bullish Harami pattern suggests potential for a reversal, but confirmation is needed.

Additional Observations:

Ichimoku Base Line: At 2,910.17, this level indicates a potential resistance point.

Inside Candle Pattern: Found on 16-Sep-2024, with the stock trading within this range suggests consolidation or indecision in the market.

Overall, the stock shows mixed signals with potential support at lower levels and resistance around recent highs. Traders should watch the key support levels for possible buying opportunities and resistance levels for potential selling points.