Gujarat Pipavav Port Limited (GPPL) Stock - Complete Technical Analysis - Oct 10, 2024

Gujarat Pipavav Port Stock Analysis: Key Support & Resistance Levels to Watch

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. Let's dive into the technical analysis of Gujarat Pipavav Port Limited, currently trading at 212. This stock exhibits several notable indicators and patterns. The first observation is that GPPL is currently trading about 15.33% below its 52-week high of 250.69, which was reached on August 13, 2024, while being 82.58% above its 52-week low of 116.25 from October 26, 2023. This positioning indicates a substantial recovery from the low, suggesting potential bullish momentum.

In the last five trading days, we see a mix of volatility with sudden price drops and surges. For instance, on October 8, the stock opened at 203.79 and surged to a high of 215.00 before closing at 213.87. However, the following day, the stock opened lower at 214.40 and experienced a sudden drop, closing at 213.60. These fluctuations signal a volatile market environment, which may present trading opportunities.

When we look at key indicators, the RSI is currently at 40.81, indicating that GPPL is approaching oversold territory. The MACD, however, is in negative territory, which suggests that bearish momentum might still be influencing price action. Meanwhile, the Stochastic oscillator is hovering around 46.62, pointing towards a potential upward price movement if it crosses above the key levels.

Support levels can be identified around 209.59, which corresponds with Classic Pivot S1 and may act as a key point for buyers to step in. If the price breaks this level, the next support could be around 199.11. On the resistance side, significant levels are at 223.24 (Classic Pivot), which could provide a challenging barrier for upward movement in the short term.

The Average True Range is around 12.71, indicating moderate volatility, and traders should prepare for potential reversals. With these insights, GPPL presents an interesting scenario for traders looking for short-term opportunities while monitoring critical support and resistance levels closely.