Mahanagar Telephone Nigam Limited (MTNL) Stock - Complete Technical Analysis - Nov 01, 2024

MTNL Stock Technical Analysis Support, Resistance & Patterns Explained Partha Kuchana - Finance

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. MTNL's technical outlook shows a range-bound phase with limited bullish momentum. Currently trading around 49, MTNL is about 82.8% above its 52-week low, suggesting recovery from previous lows but constrained by weak overall indicators. A weak ADX suggests little directional strength, while the RSI level around 44 doesnt confirm oversold conditions, indicating sideways to bearish movement. The MACD shows a lack of momentum, pointing towards continued consolidation unless a strong catalyst emerges.

The Ichimoku baseline and multiple moving averages (10-day, 20-day) are positioned near the price, underlining weak momentum and potential for a narrow trading range in the near term. Key pivot points mark 47 as a support level and 51 as resistance, meaning a break above or below could set the direction. Traders may look for confirmation through volume spikes or any break of these support and resistance zones, as this could trigger a short-term trend.