Indian Railway Catering And Tourism Corporation Limited (IRCTC) Stock - Complete Technical Analysis - Nov 19, 2024

IRCTC Stock Analysis Support, Resistance & Key Chart Patterns Technical Breakdown

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 this technical analysis of IRCTC stock, we'll examine recent price movements, indicators, and chart patterns to give you insights into potential trading strategies.

Support and Resistance: IRCTC is currently facing resistance around the 815.65 mark. Should the stock break through this level, the next major resistance lies near 904.17. On the downside, the key support is at 768.27, and if this level fails to hold, further declines to 715.23 can be expected.

Key Technical Indicators:

The ADX at 34.66 suggests a strong trend, but caution is needed as the trend might be near exhaustion.

The RSI of 36.83 indicates that the stock is oversold, which could suggest a price reversal soon.

MACD is in negative territory with a reading of -18.88, indicating that the bearish trend is still intact. A positive crossover could signal a change in momentum.

Stochastic readings confirm that the stock is oversold, suggesting the possibility of a short-term bounce.

Chart Patterns:

The Shooting Star pattern observed on Nov 19 indicates a bearish reversal. This suggests that, although the stock saw a rise to 815.65, the momentum could shift to the downside.

The Morning Star pattern indicates bullish potential, though confirmation would require a break above resistance at 815.65.

The Piercing Pattern found recently also hints at potential upward movement.

Volatility and Momentum: The ATR suggests that the stock has been volatile, with recent spikes in price movement. With Momentum at -16.1, the stock is still in a bearish phase, but oversold indicators like RSI and Stochastic could provide a short-term reversal opportunity.

Conclusion: Given the mixed indicators, traders should wait for confirmation. A breach of 815.65 could signal a shift to bullish momentum, but until then, the stock remains within a cautious bearish phase. Support at 768.27 is critical, and any break below this level could lead to further downside in the stock.