Ashiana Ispat Limited Stock Forecast
Ashiana Ispat Limited stock upgraded from Hold/Accumulate to Buy Candidate after Wednesday trading session.
(Updated on Jun 26, 2024)
The Ashiana Ispat Limited stock price gained 0.92% on the last trading day (Wednesday, 26th Jun 2024), rising from ₹47.83 to ₹48.27. During the last trading day the stock fluctuated 3.13% from a day low at ₹48.27 to a day high of ₹49.78. The price has fallen in 6 of the last 10 days and is down by -13.63% for this period. Volume fell on the last day by -3 thousand shares and in total, 5 thousand shares were bought and sold for approximately ₹220.79 thousand. 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 stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.60% during the next 3 months and, with a 90% probability hold a price between ₹42.10 and ₹59.56 at the end of this 3-month period.
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ASHIS.BO Signals & Forecast
The Ashiana Ispat 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 ₹48.65. On a fall, the stock will find some support from the long-term average at approximately ₹44.44. 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). 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 Tuesday, June 11, 2024, and so far it has fallen -13.63%. Further fall is indicated until a new bottom pivot has been found. 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 Ashiana Ispat Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹42.70 and ₹42.05. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Ashiana Ispat Limited finds support just below today's level at ₹42.70. If this is broken, then the next support from accumulated volume will be at ₹42.05 and ₹39.08.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved ₹1.51 between high and low, or 3.13%. For the last week the stock has had daily average volatility of 7.76%.
Our recommended stop-loss: ₹46.30 (-4.08%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (ASHIS.BO) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Ashiana Ispat Limited to open at ₹48.77, and during the day (based on 14 day Average True Range), to move between ₹44.58 and ₹51.96, which gives a possible trading interval of +/-₹3.69 (+/-7.64%) up or down from last closing price. If Ashiana Ispat Limited takes out the full calculated possible swing range there will be an estimated 15.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹49.51 (2.57%) than the support at ₹42.70 (11.54%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Ashiana Ispat Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Ashiana Ispat Limited 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: 1.914 Buy Candidate Upgraded
Predicted Opening Price for Ashiana Ispat Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹48.77 ( 1.04%) | ₹48.27 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ASHIS.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.28 | 4.17% |
| R2 | 49.71 | 2.98% |
| R1 | 49.35 | 2.24% |
| Price | 48.27 | |
| S1 | 48.20 | -0.152% |
| S2 | 47.84 | -0.89% |
| S3 | 47.26 | -2.09% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 55.89 | 15.79% |
| R2 | 51.24 | 6.15% |
| R1 | 49.51 | 2.57% |
| Price | 48.27 | |
| S1 | 42.70 | -11.54% |
| S2 | 42.05 | -12.89% |
| S3 | 39.08 | -19.04% |
FAQ
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