Ambika Cotton Mills Limited Stock Forecast

Ambika Cotton Mills Limited stock downgraded to Hold/Accumulate
(Updated on Jun 26, 2024)

AMBIKCO.NS Signals & Forecast

The Ambika Cotton Mills Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹1,599.98. On a fall, the stock will find some support from the long-term average at approximately ₹1,556.00. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -2.84%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Ambika Cotton Mills Limited stock

Ambika Cotton Mills Limited finds support from accumulated volume at ₹1,586.85 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 ₹21.00 between high and low, or 1.32%. For the last week, the stock has had daily average volatility of 2.79%.

Our recommended stop-loss: ₹1,543.79 (-3.40%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)

Trading Expectations (AMBIKCO.NS) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Ambika Cotton Mills Limited to open at ₹1,599.07, and during the day (based on 14 day Average True Range), to move between ₹1,551.09 and ₹1,645.31, which gives a possible trading interval of +/-₹47.11 (+/-2.95%) up or down from last closing price. If Ambika Cotton Mills Limited takes out the full calculated possible swing range there will be an estimated 5.90% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹1,586.85 (0.71%) than the resistance at ₹1,619.25 (1.32%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Ambika Cotton Mills Limited stock A Buy?

Ambika Cotton Mills 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.771 Hold/Accumulate Downgraded

Predicted Opening Price for Ambika Cotton Mills Limited of Thursday, June 27, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.