MphasiS Limited (MPHASIS) Stock - Complete Technical Analysis - Sep 17, 2024

MphasiS Limited (MPHASIS) Stock Analysis: Bullish Signals, Key Support & Resistance Levels

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. MphasiS Limited (MPHASIS) is currently trading around 3177.80, very close to its 52-week high, suggesting strong upward momentum. The Relative Strength Index (RSI) indicates that the stock is in an overbought territory, but this is balanced by a strong MACD and Bull Bear Power, both signaling bullish conditions. The Stochastic Oscillator and Stochastic RSI are also supportive of the bullish trend, reflecting a strong buying momentum.

Support levels are likely to be found around the 3100 to 3150 range, given the recent pullbacks and pivot points. On the other hand, resistance could be encountered near the recent high of 3179, where the stock has shown strong selling pressure.

The Bullish Engulfing pattern observed recently suggests that there could be a continuation of the upward trend, provided the stock holds above key support levels. The Average Directional Index (ADX) confirms that the current trend is strong, though traders should be cautious of potential volatility due to the high ATR readings. Overall, MPHASIS shows strong bullish signals, but traders should watch for price action around the current high for potential reversals or further advances.