ICRA Limited (ICRA) Stock - Complete Technical Analysis - Oct 11, 2024

ICRA Limited Technical Analysis: Key Levels & Market Insights for Traders

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 delve into the technical analysis for ICRA Limited, which is currently trading at 6,911. Recent price action indicates a market characterized by indecision, as reflected in the Doji and Spinning Top patterns observed recently. The stock has encountered resistance near the 7,100 level, and support is identified around the 6,800 mark, suggesting a critical zone for potential price movements.

In the last week, we noted a downward trend where the price peaked at 7,099 before closing lower at 6,911. This indicates selling pressure, especially following the stock's recent high of 7,435, achieved on September 18, 2024. ICRA is currently trading approximately 7.04% below this 52-week high, while it's 38.69% above its 52-week low of 4,983. The Average Directional Index (ADX) is indicating a strong trend, while the Relative Strength Index (RSI) is hovering around the neutral territory, suggesting that traders should watch for potential breakouts in either direction.

The MACD signal has also turned bullish, which could indicate a buying opportunity, provided the price sustains above the recent support levels. However, caution is warranted, as the Stochastic indicator suggests an oversold condition. With a dividend yield of 1.45% and a strong ROCE of 20%, long-term investors may find value here, especially if the stock can hold above the 6,800 support.

Overall, traders should focus on the 6,800 support and 7,100 resistance levels for the short term while keeping an eye on the technical indicators that may signal a reversal or continuation of the current trend.