GTL share price is in a pullback, with the stock trading at ₹10.97 down by 1.2% in late afternoon trading on Monday. The stock gained 23.5% in the last month, including more than 18% in the last five sessions. The current decline is not triggered by any significant development in its fundamentals, but due to profit booking after the strong rally. On a broader scale, many traders are taking profit off the table as risk aversion rises across equities markets amid heightened geopolitical pressure in the Middle East.
Notably, GTL share trading recorded unusually high trading volume in the last two sessions, with 3.17 million shares traded in the previous session and 4.18 million shares in as of this writing. That potentially points to institutional activity, likely a result of either exiting of short-term positions or strategic cautious realignment. The company’s fundamentals are are not entirely stable, with its most recent EPS at ₹ -0.53. In addition, its debt burden is substantial, with the contingent liabilities at ₹7,600 crore.
On the technical front, the GTL share price has recently crossed below the Volume Weighted Moving Average (VWMA) which is at ₹11.14 as of this writing. That signals a likely continuation of the downward-leaning momentum in the near-term. Conversely, a move above the VWMA could trigger recovery of recent losses.
GTL Share Price Prediction
GTL share price pivot mark is at ₹ 11.30. Action below that level will favour the momentum to continue to the downside, with the first support likely to be at ₹10.70. An extended control by the sellers could send the action lower to test ₹10.00.
Conversely, going above ₹11.30 will invite the buyers to take control. That could see the first resistance encountered at the ₹11.80 mark. Breaching that barrier will invalidate the downside narrative. In addition, the resulting momentum could extend gains to test the second resistance at ₹ 12.50.
