GMR Power and Urban Infra Limited (GMRP&UI) Stock - Complete Technical Analysis - Oct 31, 2024

GMR Power and Urban Infra Limited Technical Analysis NSE Stock Insights

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. In todays analysis of GMR Power and Urban Infra Limited, currently priced at 118, we observe some significant technical indicators. The stock recently experienced high volatility, having touched a 52-week high of 169.25 on September 26, 2024, while bouncing from a low of 30.4 earlier in the year. Recently, it opened at 119.40, peaked at 119.70, and settled at 117.78, which hints at a resistance level at 119.70.

The ADX at 27.22 suggests a strong trend, but the RSI at 37.23 indicates the stock is leaning towards oversold territory. The MACD is negative, reinforcing the bearish outlook, while the Awesome Oscillator further corroborates this trend with a negative reading. This indicates that the downward momentum is strong, and traders should be aware of potential price reversals.

Looking at price trends, the recent pattern reveals lower highs and lower lows, signaling continued bearish pressure. With the Stochastic %K at 12.08, the stock is highly oversold, suggesting that a bounce may occur if buying interest returns.

In terms of support and resistance, the key support lies at classic pivot S1 around 137.0, while the resistance to keep an eye on is the classic pivot P at 153.13. A breach of these levels could lead to either further declines or a possible trend reversal. Traders are advised to exercise caution and look for potential buy signals near support levels confirmed by positive momentum indicators.