Balu Forge Industries Ltd Stock Forecast

Balu Forge Industries Ltd stock upgraded to Buy Candidate.
(Updated on Jun 28, 2024)

BALUFORGE.NS Signals & Forecast

The Balu Forge Industries Ltd 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 ₹331.49. On a fall, the stock will find some support from the long-term average at approximately ₹301.34. 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 20, 2024, and so far it has fallen -5.09%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Balu Forge Industries Ltd stock

Balu Forge Industries Ltd finds support from accumulated volume at ₹319.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹16.75 between high and low, or 5.21%. For the last week, the stock has had daily average volatility of 4.67%.

Our recommended stop-loss: ₹313.05 (-3.43%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 17 days ago.)

Trading Expectations (BALUFORGE.NS) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Balu Forge Industries Ltd to open at ₹328.07, and during the day (based on 14 day Average True Range), to move between ₹307.71 and ₹340.59, which gives a possible trading interval of +/-₹16.44 (+/-5.07%) up or down from last closing price. If Balu Forge Industries Ltd takes out the full calculated possible swing range there will be an estimated 10.14% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹319.10 (1.56%) than the resistance at ₹333.65 (2.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Balu Forge Industries Ltd 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 Balu Forge Industries Ltd 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: 2.035 Buy Candidate Upgraded

Predicted Opening Price for Balu Forge Industries Ltd of Monday, July 1, 2024

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