GMR Airports Infrastructure Limited (GMRINFRA) Stock - Complete Technical Analysis - Sep 17, 2024

GMR Airports Stock Analysis: Bearish Signals & Key Support Levels GMRINFRA Technical Review

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 GMR Airports Infrastructure Limited (GMRINFRA)

The stock of GMR Airports Infrastructure Limited is currently trading at 95.68, reflecting a significant position relative to its recent trading history. Notably, the stock is about 7.78% below its 52-week high of 103.75, achieved on July 31, 2024, and 84.00% above its 52-week low of 52.0, recorded on October 26, 2023.

Resistance and Support Levels:

Resistance Levels: The immediate resistance is at the recent high of 98.23, followed by the upper pivot points, including 101.31 from the Classic Pivot and 100.45 from the Fibonacci Pivot.

Support Levels: Key support is seen around the current price of 95.68 and lower pivot levels such as 88.88 from the Classic Pivot and 90.96 from the Fibonacci Pivot.

Technical Indicators:

MACD is currently negative, suggesting potential bearish momentum.

RSI is around the neutral level, indicating a balanced buying and selling pressure.

ADX reflects a weak trend strength, suggesting the market might be consolidating or lacking a strong trend.

Stochastic Oscillator shows overbought conditions, with %K and Stochastic RSI both high, indicating possible bearish reversal.

Commodity Channel Index is elevated, supporting the overbought condition.

Moving Averages:

The stock is trading above its short-term moving averages (10, 20, and 30-day) but below its longer-term averages (50, 100, and 200-day), suggesting a mixed trend with possible bearish undertones.

Chart Patterns:

Bearish Engulfing Pattern: This pattern indicates a potential reversal with yesterday's close at 97.13 and today's close at 95.68.

Evening Star Pattern: This bearish reversal pattern shows the potential for a downward shift in price, given the recent high and closing prices.

Additional Observations:

The Average True Range (ATR) suggests moderate volatility.

Awesome Oscillator and Williams %R both confirm the bearish sentiment in the short term.

In summary, GMRINFRA is currently experiencing mixed signals. While the stock is trading above its short-term moving averages, the recent bearish patterns and indicators suggest caution. Traders should watch for potential resistance around 98.23 and support near 95.68, with close attention to the bearish reversal patterns for further clues.