Ashiana Ispat Limited Stock Forecast

Evaluation of Ashiana Ispat Limited stock downgraded after the last trading session.
(Updated on Jun 28, 2024)

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 ₹47.73. On a fall, the stock will find some support from the long-term average at approximately ₹44.76. 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. 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 -15.64%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). 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 much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹1.10 between high and low, or 2.34%. For the last week the stock has had daily average volatility of 6.39%.

Our recommended stop-loss: ₹45.43 (-3.65%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 19 days ago.)

Trading Expectations (ASHIS.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Ashiana Ispat Limited to open at ₹47.42, and during the day (based on 14 day Average True Range), to move between ₹43.70 and ₹50.60, which gives a possible trading interval of +/-₹3.45 (+/-7.32%) up or down from last closing price. If Ashiana Ispat Limited takes out the full calculated possible swing range there will be an estimated 14.63% 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 (5.01%) than the support at ₹42.70 (9.44%), 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?

Ashiana Ispat Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: 0.775 Hold/Accumulate Downgraded

Predicted Opening Price for Ashiana Ispat Limited of Monday, July 1, 2024

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