Agarwal Fortune India Limited Stock Forecast
Agarwal Fortune India Limited stock upgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)
The Agarwal Fortune India Limited stock price gained 1.15% on the last trading day (Friday, 28th Jun 2024), rising from ₹23.46 to ₹23.73. During the last trading day the stock fluctuated 6.59% from a day low at ₹22.75 to a day high of ₹24.25. The price has risen in 6 of the last 10 days and is up by 0.68% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 3 thousand shares were bought and sold for approximately ₹61.37 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Agarwal Fortune India Limited stock with a 90% probability to be traded between ₹22.21 and ₹27.29 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AGARWAL.BO Signals & Forecast
There are mixed signals in the stock today. The Agarwal Fortune India Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹24.35 and ₹24.53. A break-up above any of these levels will issue buy signals. A buy signal was issued from a pivot bottom point on Wednesday, June 26, 2024, and so far it has risen 3.17%. 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). Agarwal Fortune India Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.
A buy signal from a double bottom formation was found on Monday, June 10, 2024 and based on theory for this formation the price should go up by 27.26% to ₹30.20 within 18 trading days since signal was issued (Friday, July 05, 2024).
Support, Risk & Stop-loss for Agarwal Fortune India Limited stock
Agarwal Fortune India Limited finds support from accumulated volume at ₹23.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹1.50 between high and low, or 6.59%. For the last week, the stock has had daily average volatility of 7.21%.
Our recommended stop-loss: ₹22.51 (-5.15%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 7 days ago.)
Trading Expectations (AGARWAL.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Agarwal Fortune India Limited to open at ₹23.58, and during the day (based on 14 day Average True Range), to move between ₹22.00 and ₹25.46, which gives a possible trading interval of +/-₹1.73 (+/-7.28%) up or down from last closing price. If Agarwal Fortune India Limited takes out the full calculated possible swing range there will be an estimated 14.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹23.50 (0.97%) than the resistance at ₹25.61 (7.92%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Agarwal Fortune India Limited stock A Buy?
Agarwal Fortune India Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.283 Hold/Accumulate Upgraded
Predicted Opening Price for Agarwal Fortune India Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹23.58 ( 0.646%) | ₹23.73 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AGARWAL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 25.08 | 5.67% |
| R2 | 24.50 | 3.26% |
| R1 | 24.15 | 1.77% |
| Price | 23.73 | |
| S1 | 23.00 | -3.06% |
| S2 | 22.65 | -4.55% |
| S3 | 22.08 | -6.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 26.99 | 13.74% |
| R2 | 26.64 | 12.26% |
| R1 | 25.61 | 7.92% |
| Price | 23.73 | |
| S1 | 23.50 | -0.97% |
| S2 | 23.14 | -2.49% |
| S3 | 22.81 | -3.88% |
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