AXISCADES Engineering Technologies Ltd Stock Forecast
AXISCADES Engineering Technologies Ltd stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Jun 20, 2024)
The AXISCADES Engineering Technologies Ltd stock price fell by -2.86% on the last day (Thursday, 20th Jun 2024) from ₹599.50 to ₹582.35. During the last trading day the stock fluctuated 5.59% from a day low at ₹574.80 to a day high of ₹606.95. The price has risen in 6 of the last 10 days and is up by 27.15% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -606 thousand shares and in total, 290 thousand shares were bought and sold for approximately ₹168.59 million.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹613.44 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -16.97% during the next 3 months and, with a 90% probability hold a price between ₹354.93 and ₹509.36 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
AXISCADES.NS Signals & Forecast
The AXISCADES Engineering Technologies Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹540.03 and ₹548.69. A breakdown below any of these levels will issue sell signals. 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 18, 2024, and so far it has fallen -5.70%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for AXISCADES Engineering Technologies Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹527.35 and ₹520.70. 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, AXISCADES Engineering Technologies Ltd finds support just below today's level at ₹527.35. If this is broken, then the next support from accumulated volume will be at ₹520.70 and ₹496.60.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹32.15 between high and low, or 5.59%. For the last week, the stock has had daily average volatility of 9.41%.
Our recommended stop-loss: ₹554.83 (-4.73%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (AXISCADES.NS) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect AXISCADES Engineering Technologies Limited to open at ₹588.03, and during the day (based on 14 day Average True Range), to move between ₹544.25 and ₹620.45, which gives a possible trading interval of +/-₹38.10 (+/-6.54%) up or down from last closing price. If AXISCADES Engineering Technologies Limited takes out the full calculated possible swing range there will be an estimated 13.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹599.50 (2.94%) than the support at ₹527.35 (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 AXISCADES Engineering Technologies Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 2.249 Buy Candidate Upgraded
Predicted Opening Price for AXISCADES Engineering Technologies Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| ₹588.03 ( 0.98%) | ₹582.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AXISCADES.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 620.18 | 6.50% |
| R2 | 607.90 | 4.39% |
| R1 | 600.31 | 3.08% |
| Price | 582.35 | |
| S1 | 575.75 | -1.13% |
| S2 | 568.16 | -2.44% |
| S3 | 555.88 | -4.54% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 622.85 | 6.95% |
| R2 | 617.55 | 6.04% |
| R1 | 599.50 | 2.94% |
| Price | 582.35 | |
| S1 | 527.35 | -9.44% |
| S2 | 520.70 | -10.59% |
| S3 | 496.60 | -14.72% |
FAQ
Click here for our free guide on how to buy AXISCADES Engineering Technologies Limited Stock.
