Godrej Industries Limited (GODREJIND) Stock - Complete Technical Analysis - Oct 08, 2024

Godrej Industries Technical Analysis: Volatility, Support & Resistance 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 Industries Limited (GODREJIND) is currently trading at 1,097.55, which is approximately 16.47% below its 52-week high of 1,314.0, achieved on September 6, 2024. It has seen significant movement, with the stock being 82.20% above its 52-week low of 602.4, recorded on October 26, 2023. Analyzing the recent price action, we observe that the stock opened today at 1,062.00 and reached a high of 1,103.85, closing at 1,097.55. Over the last week, there were instances of sudden price fluctuations, particularly on October 1, when the stock opened at 1,230.05 and closed at 1,192.15, indicating a notable downward trend.

Examining technical indicators, the MACD shows a positive level, suggesting potential bullish momentum, although the RSI is currently at 39.66, indicating the stock is nearing oversold territory. The Stochastic indicators also signal a bearish trend, with the %K at 14.56. The ADX is high at 53.07, which indicates a strong trend, but the lack of significant upward movement suggests that buyers may be hesitant.

Support levels can be identified around the 1,062.33 pivot point, while resistance is seen at levels close to 1,188.17. Notably, the stock has demonstrated volatility, as indicated by the Average True Range (ATR) of 77.85. Traders should keep an eye on these levels, as breaking below support could lead to further declines, while a breach above resistance could signal a reversal.

In conclusion, traders should monitor for potential bullish signals but remain cautious due to the existing bearish trends and the RSI indicating oversold conditions. Key indicators suggest a mixed outlook, and volatility may present opportunities for quick trades.