Godrej Properties Limited (GODREJPROP) Stock - Complete Technical Analysis - Oct 15, 2024

Godrej Properties Limited Stock Analysis Key Support & Resistance Levels 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. Godrej Properties Limited (GODREJPROP) is currently trading at 3,146.65, which is 7.52% below its 52-week high of 3,402.70 and 103.17% above its 52-week low of 1,548.80. The stock has shown notable price action in recent days. Over the past week, it opened lower and tested the support level around 3,037.00, then rebounded to reach a high of 3,165.00, indicating some buying interest at lower levels.

Analyzing the technical indicators, the Relative Strength Index (RSI) is approaching the neutral zone, suggesting the stock is not overbought or oversold. The Average Directional Index (ADX) is at 16.81, indicating a weak trend, which is further supported by the low reading in the MACD. The MACD is positive, signaling bullish momentum, but the momentum indicator shows a negative value, suggesting some hesitance in the current uptrend.

Volatility is present, as indicated by the Average True Range (ATR) readings, with fluctuations observed in the last few weeks. Price gaps were noted, particularly with the recent surge from 2,915.50 to 3,165.00, marking a significant move upwards.

Support is established around the recent low of 3,037.00, while resistance can be seen at the 3,165.00 level and higher at 3,400.00. Traders should monitor these levels closely. Overall, the current technical setup suggests a cautious bullish sentiment, with potential for further upside if the stock can break above the resistance level and hold above it.