Aditya Birla Fashion and Retail Limited Stock Forecast
Aditya Birla Fashion and Retail Limited stock upgraded to Buy Candidate.
(Updated on Apr 25, 2024)
The Aditya Birla Fashion and Retail Limited stock price gained 1.94% on the last trading day (Thursday, 25th Apr 2024), rising from ₹259.95 to ₹265.00. During the last trading day the stock fluctuated 3.99% from a day low at ₹258.15 to a day high of ₹268.45. The price has been going up and down for this period, and there has been a 10.72% gain for the last 2 weeks. Volume fell on the last day by -51 thousand shares and in total, 637 thousand shares were bought and sold for approximately ₹168.92 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
Given the current short-term trend, the stock is expected to fall -4.55% during the next 3 months and, with a 90% probability hold a price between ₹185.39 and ₹252.93 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ABFRL.BO Signals & Forecast
Mostly positive signals in the chart today. The Aditya Birla Fashion and Retail Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹246.13 and ₹224.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 32.50%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Aditya Birla Fashion and Retail Limited stock
Aditya Birla Fashion and Retail Limited finds support from accumulated volume at ₹263.45 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹10.30 between high and low, or 3.99%. For the last week, the stock has had daily average volatility of 6.38%.
Our recommended stop-loss: ₹256.94 (-3.04%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (ABFRL.BO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Aditya Birla Fashion and Retail Limited to open at ₹263.87, and during the day (based on 14 day Average True Range), to move between ₹254.56 and ₹275.44, which gives a possible trading interval of +/-₹10.44 (+/-3.94%) up or down from last closing price. If Aditya Birla Fashion and Retail Limited takes out the full calculated possible swing range there will be an estimated 7.88% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹263.45, some ₹1.55 (0.58%) from the current price of ₹265.00, our system finds the risk reward attractive.
Is Aditya Birla Fashion and Retail Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 4.069 Buy Candidate Upgraded
Predicted Opening Price for Aditya Birla Fashion and Retail Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| ₹263.87 ( 0.428%) | ₹265.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ABFRL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 274.17 | 3.46 % | |
| R2 | 270.23 | 1.97 % | ||
| R1 | 267.80 | 1.06 % | ||
| Current price: | 265.00 | |||
| Support | S1 | 259.93 | -1.91 % | |
| S2 | 257.50 | -2.83 % | ||
| S3 | 253.57 | -4.31 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 265.00 | |||
| Support | S1 | 263.45 | -0.585% | |
| S2 | 236.15 | -10.89% | ||
| S3 | 207.35 | -21.75% |
FAQ
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