Ingersoll Rand (India) Limited (INGERRAND) Stock - Complete Technical Analysis - Oct 18, 2024

Ingersoll Rand Technical Analysis: Key Levels and 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. Ingersoll Rand (India) Limited is currently trading at 4467.70, reflecting a slight downturn from recent highs, with a 10.65% distance from its 52-week peak of 5000 reached in May 2024. The stock exhibits strong fundamentals with a P/E ratio of 61.2 and impressive ROCE and ROE values of 51.4% and 38.4%, respectively. Recent candlestick patterns indicate market indecision, highlighted by the formation of a Doji and a Spinning Top, suggesting potential volatility ahead.

In terms of technical indicators, the stock is above significant exponential and simple moving averages, indicating an overall bullish trend. The MACD is showing positive momentum, while the RSI is at 62.35, suggesting the stock is not yet overbought. However, with the ADX at 22.49, trend strength is moderate, indicating caution for new positions.

Support is identified around the 4300 level, aligning with various pivot levels, while resistance can be seen at the recent high of 4533. The average true range (ATR) indicates increasing volatility, implying potential price swings. A close watch on price action near these levels will be essential for traders, especially with the current price hovering near resistance. The 52-week low at 2760, marking a 61.87% gain from current levels, reflects strong recovery potential for the stock. Overall, Ingersoll Rand offers a blend of growth potential and risk, making it suitable for traders looking for opportunities in a volatile market environment.