Aditya Birla Sun Life Nifty Bank Etf ETF Forecast
Green day on Wednesday for Aditya Birla Sun Life Nifty Bank Etf
(Updated on Jun 26, 2024)
The Aditya Birla Sun Life Nifty Bank Etf ETF price gained 0.206% on the last trading day (Wednesday, 26th Jun 2024), rising from ₹53.29 to ₹53.40. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 1.95% from a day low at ₹52.72 to a day high of ₹53.75. The price has risen in 8 of the last 10 days and is up by 6.1% over the past 2 weeks. Volume fell on the last day by -556 thousand shares and in total, 25 thousand shares were bought and sold for approximately ₹1.34 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.
The ETF lies in the middle of a weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 7.12% during the next 3 months and, with a 90% probability hold a price between ₹55.53 and ₹58.35 at the end of this 3-month period.
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ABSLBANETF.NS Signals & Forecast
The Aditya Birla Sun Life Nifty Bank Etf ETF 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 ₹52.47 and ₹50.81. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 7.79%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Aditya Birla Sun Life Nifty Bank Etf ETF
Aditya Birla Sun Life Nifty Bank Etf finds support from accumulated volume at ₹51.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved ₹1.03 between high and low, or 1.95%. For the last week the ETF has had daily average volatility of 2.02%.
The Aditya Birla Sun Life Nifty Bank Etf ETF is extremely overbought on RSI14 (94). This increases the short-term risk substantially.
Our recommended stop-loss: ₹51.18 (-4.15%) (This ETF has low daily movements and this gives low risk. The RSI14 is 94 and this increases the risk substantially. There is a buy signal from a pivot bottom found 23 days ago.)
Trading Expectations (ABSLBANETF.NS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Aditya Birla Sun Life Nifty Bank Etf to open at ₹53.29, and during the day (based on 14 day Average True Range), to move between ₹51.61 and ₹55.19, which gives a possible trading interval of +/-₹1.79 (+/-3.36%) up or down from last closing price. If Aditya Birla Sun Life Nifty Bank Etf takes out the full calculated possible swing range there will be an estimated 6.72% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹51.84, some ₹1.56 (2.92%) from the current price of ₹53.40, our system finds the risk reward attractive.
Is Aditya Birla Sun Life Nifty Bank Etf ETF A Buy?
Aditya Birla Sun Life Nifty Bank Etf holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Aditya Birla Sun Life Nifty Bank Etf of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹53.29 ( 0.206%) | ₹53.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ABSLBANETF.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 54.32 | 1.72% |
| R2 | 53.93 | 0.99% |
| R1 | 53.68 | 0.531% |
| Price | 53.40 | |
| S1 | 52.90 | -0.94% |
| S2 | 52.65 | -1.40% |
| S3 | 52.26 | -2.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 53.40 | |
| S1 | 51.84 | -2.92% |
| S2 | 49.69 | -6.95% |
| S3 | 49.55 | -7.21% |
FAQ
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