Transport Corporation of India Limited (TCI) Stock - Complete Technical Analysis - Oct 11, 2024

TCI Stock Analysis: Navigating Support, Resistance & Volatility

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. Today, Transport Corporation of India Limited (TCI) is trading at 1,037.75, which represents a notable 16.18% drop from its recent 52-week high of 1,238.00 and a substantial 36.97% increase from its low of 757.65. This current price level shows strong resilience above the 1,000 mark, which serves as a psychological support level.

The recent price action indicates some volatility, highlighted by a surge to 1,055.00 earlier today before retracing back to the current price. The last five trading sessions revealed a pattern of price fluctuations with lower highs and lower lows, suggesting bearish sentiment. The stock opened today at 1,027.70, hitting a high of 1,055.00 and closing lower, which may indicate a potential resistance level forming around 1,050.

From a technical standpoint, the Average Directional Index (ADX) is above 25, suggesting a trending market. However, with the Relative Strength Index (RSI) below 50, it indicates that the stock may be heading into oversold territory, which could present a buying opportunity if a reversal occurs. The MACD showing a negative divergence hints at potential selling pressure but could also indicate a bottoming formation.

Traders should watch for support around 1,035, which aligns with the classic pivot S1 level, as a break below this could lead to further declines towards 1,000. Conversely, a move above 1,050 may signal a shift in momentum, providing an opportunity to test resistance levels near 1,085. Overall, investors should remain cautious and closely monitor these levels for potential trading opportunities.