Indian Railway Catering And Tourism Corporation Limited (IRCTC) Stock - Complete Technical Analysis - Sep 04, 2024

IRCTC Stock Analysis: Key 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.

Indian Railway Catering and Tourism Corporation Limited (IRCTC) has shown a strong technical profile. Currently priced at 939, the stock exhibits a mixed technical picture.

Support and Resistance Levels:

Immediate Support: The stock finds strong support near the Classic Pivot S1 at 894.4, and if it breaches this level, the next significant support could be around the Woodie Pivot S1 at 894.6.

Immediate Resistance: On the upside, the stock faces resistance around the Classic Pivot R1 at 983.1, and a breach above this level could see resistance around the Woodie Pivot R1 at 983.3.

Moving Averages:

The stock is trading slightly below the Exponential Moving Average (EMA) of 10 at 934.66, indicating a possible short-term bearish trend. However, it remains above longer-term EMAs like the 50 and 100-day averages, suggesting potential long-term stability.

Technical Indicators:

MACD: The MACD line is below the signal line, which could imply a bearish sentiment.

RSI: The Relative Strength Index (RSI) is near neutral, suggesting the stock is neither overbought nor oversold.

ADX: The Average Directional Index (ADX) is showing a value that indicates a potential trend may be in the early stages.

Stochastic RSI: The Stochastic RSI is quite high, which may indicate the stock is in overbought territory, and a correction might be due.

Chart Patterns and Other Observations:

The stock's current price is near its EMA 20 at 938.66 and EMA 30 at 946.71, showing mixed signals for near-term movement.

The Hull Moving Average and Volume Weighted Moving Average are indicating a similar level of support around 941.8 and 929.21, respectively.

The Awesome Oscillator is negative, suggesting a weakening momentum in the stock.

In summary, while IRCTC shows strong long-term averages and robust fundamental indicators, short-term indicators such as the MACD and Stochastic RSI suggest caution. Traders should watch key support and resistance levels closely and be prepared for potential volatility.