DLF Limited (DLF) Stock - Complete Technical Analysis - Oct 04, 2024

DLF Limited Stock Analysis: Will It Bounce Back or Drop Further NSE 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. DLF Limited is currently trading at 845, reflecting a notable 12.69% decline from its recent 52-week high of 967.6, reached on April 1, 2024, while still showing a robust 64.53% gain from its 52-week low of 513.5. The stock's recent performance has exhibited volatility, evident in the last five trading days where we saw a high of 908.00 and a low of 832.30.

Support and Resistance Levels: Immediate support can be observed around 826.80, aligning with the Classic Pivot S1, while resistance is likely near 877.90, which corresponds to the Classic Pivot P. The stock's movement through these levels will be crucial for future trends.

Technical Indicators: The ADX is currently low, indicating a weak trend, while the RSI suggests that the stock is approaching neutral territory. The Stochastic %K and MACD show some bullish momentum; however, caution is advised as momentum has turned negative. The Awesome Oscillator indicates bullish strength, but the Williams Percent Range suggests overbought conditions, hinting at potential price reversals.

Price Trends and Observations: The recent drop from 916.10 on October 1 to the current price demonstrates a bearish trend, warranting close attention for further downward movements. Additionally, significant gaps in price from 908 to 832 highlight areas of rapid selling pressure. With the stock price below key exponential and simple moving averages, it may face further downward pressure unless it can regain traction above 877.

In conclusion, traders should watch for key support and resistance levels while also monitoring momentum indicators for potential reversals. Given the current market conditions, a cautious approach is recommended.