Vodafone Idea Limited (IDEA) Stock - Complete Technical Analysis - Oct 23, 2024

Vodafone Idea (IDEA) Stock Technical Analysis Critical Levels & Market Outlook NSE Stocks

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. Vodafone Idea (IDEA) is hovering near a critical low at 8.25, representing a -1.32% change from its 52-week low. The stock has been under heavy selling pressure recently, evident from the sharp declines over the past few sessions. Several key technical indicators confirm this bearish outlook. The RSI of 21.07 and Stochastic %K at 5.02 both suggest the stock is significantly oversold. The MACD line also signals ongoing negative momentum, while the ADX of 48.23 shows a strong, directional trendstill favoring bears.

The stock remains far below important moving averages, including the 50-day, 100-day, and 200-day EMAs, which reinforces the downtrend. Immediate support lies around 8.24, while the next major support level is around 6.12, according to pivot analysis. A close above the 10.38 level (30-day EMA) could hint at a potential trend reversal, but the risk remains high given the strong downward pressure and volatility as indicated by the ATR. Traders should monitor the stock closely for signs of recovery or further breakdown, while using tight stop-loss levels to protect against sudden price drops.