Icici Prudential Nifty Bank Etf ETF Forecast
Icici Prudential Nifty Bank Etf ETF upgraded to Buy Candidate.
(Updated on Jun 28, 2024)
The Icici Prudential Nifty Bank Etf ETF price fell by -0.728% on the last day (Friday, 28th Jun 2024) from ₹53.59 to ₹53.20. During the last trading day the ETF fluctuated 1.81% from a day low at ₹53.04 to a day high of ₹54.00. The price has risen in 8 of the last 10 days and is up by 5.12% over the past 2 weeks. Volume has increased on the last day by 8 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 10 thousand shares were bought and sold for approximately ₹527.74 thousand.
The ETF lies in the upper part of a weak rising 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 ₹53.66 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 8.64% during the next 3 months and, with a 90% probability hold a price between ₹54.81 and ₹58.30 at the end of this 3-month period.
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BANKIETF.BO Signals & Forecast
The Icici Prudential Nifty Bank Etf ETF holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹52.99 and ₹50.36. 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 Thursday, June 27, 2024, and so far it has fallen -0.728%. Further fall is indicated until a new bottom pivot has been found. Icici Prudential Nifty Bank Etf gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Icici Prudential Nifty Bank Etf ETF
Icici Prudential Nifty Bank Etf finds support from accumulated volume at ₹50.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved ₹0.96 between high and low, or 1.81%. For the last week, the ETF has had daily average volatility of 1.53%.
The Icici Prudential Nifty Bank Etf ETF is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the ETF is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: ₹51.91 (-2.42%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (BANKIETF.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Icici Prudential Nifty Bank Etf to open at ₹53.41, and during the day (based on 14 day Average True Range), to move between ₹52.27 and ₹54.13, which gives a possible trading interval of +/-₹0.93 (+/-1.74%) up or down from last closing price. If Icici Prudential Nifty Bank Etf takes out the full calculated possible swing range there will be an estimated 3.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹53.35 (0.28%) than the support at ₹50.55 (4.98%), 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 Icici Prudential Nifty Bank Etf ETF 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 Icici Prudential Nifty Bank Etf ETF to perform well in the short-term. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.928 Buy Candidate Upgraded
Predicted Opening Price for Icici Prudential Nifty Bank Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹53.41 ( 0.401%) | ₹53.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BANKIETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 54.37 | 2.21% |
| R2 | 54.01 | 1.52% |
| R1 | 53.78 | 1.09% |
| Price | 53.20 | |
| S1 | 53.05 | -0.288% |
| S2 | 52.82 | -0.714% |
| S3 | 52.45 | -1.40% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 53.59 | 0.733% |
| R2 | 53.54 | 0.639% |
| R1 | 53.35 | 0.282% |
| Price | 53.20 | |
| S1 | 50.55 | -4.98% |
| S2 | 49.75 | -6.48% |
| S3 | 49.08 | -7.74% |
FAQ
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