Puravankara Limited (PURVA) Stock - Complete Technical Analysis - Nov 22, 2024

Puravankara Limited (PURVA) Stock Analysis: Bearish Trends & Potential Reversal Zones Technical I

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.

Puravankara Limited (PURVA) stock currently shows bearish momentum but has a potential for a short-term recovery. Trading at 323.70, it's significantly lower than its 52-week high of 569.6. Recent price action has formed a Bearish Engulfing pattern, signaling the possibility of further downside. The stock is currently in oversold territory, with both the RSI and Stochastic RSI in the lower range, suggesting a potential bounce or reversal, but the negative MACD and momentum point towards sustained selling pressure.

With the ADX indicating a strong trend, and the stock trading well below its moving averages, it's important for traders to watch key support levels around 307320. If these levels hold, the stock could see a bounce, but resistance remains strong near 390400, making it a critical area to watch for potential reversals or continuation of the downtrend.

Traders should be cautious and look for confirmation of a reversal before committing to a long position. The stock's recovery depends on whether it can hold key support and break through resistance levels.