Godfrey Phillips India Limited (GODFRYPHLP) Stock - Complete Technical Analysis - Oct 17, 2024

Godfrey Phillips India Limited Technical Analysis: Key Levels and Trends Revealed

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.

Godfrey Phillips India Limited (GODFRYPHLP) is currently trading at 6,955, which is 17.98% below its 52-week high of 8,480, achieved on September 16, 2024. The stock has shown remarkable strength, trading 249.15% above its 52-week low of 1,992.1 from October 26, 2023. Recently, an inside candle pattern was identified on October 16, with a parent high of 7,148.85 and a low of 6,910, indicating potential consolidation within this range.

Over the past few days, we observed a notable volatility pattern, particularly with the recent high of 7,148.85 on October 16. The last trading session saw the stock opening at 7,101, reaching a low of 6,912, and closing at 6,955. The Average Directional Index (ADX) stands at 36.42, suggesting a strong trend, while the Relative Strength Index (RSI) is around 52.63, indicating that the stock is neither overbought nor oversold at this time.

The MACD is currently bullish, suggesting upward momentum may persist. The Stochastic %K is at 73.1, hinting that the stock might be approaching overbought territory. In terms of support, the stock has significant levels at 6,910 and 6,912, which acted as a buffer recently. Resistance levels are seen around 7,148, with the potential to breach this level could trigger further upward momentum.

Overall, traders should keep an eye on these key levels and consider market conditions. A break above the recent high may indicate a continuation of the bullish trend, while a drop below the support level could lead to a reassessment of the stock's momentum.

Given the solid fundamentals, including a P/E ratio of 42.5 and a robust ROCE of 24.1%, investors might find GODFRYPHLP appealing for potential gains in the medium to long term.