Bhakti Gems and Jewellery Limited Stock Forecast
Bhakti Gems and Jewellery Limited stock upgraded to Hold/Accumulate.
(Updated on May 08, 2024)
The Bhakti Gems and Jewellery Limited stock price gained 0.226% on the last trading day (Wednesday, 8th May 2024), rising from ₹17.73 to ₹17.77. During the last trading day the stock fluctuated 3.83% from a day low at ₹17.51 to a day high of ₹18.18. The price has fallen in 8 of the last 10 days and is down by -9.61% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 24 thousand shares were bought and sold for approximately ₹425.65 thousand.
The stock is moving within a very wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Bhakti Gems and Jewellery Limited stock with a 90% probability to be traded between ₹13.95 and ₹24.04 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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BGJL.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 07, 2024, and so far it has risen 0.226%. Further rise is indicated until a new top pivot has been found. Bhakti Gems and Jewellery Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Bhakti Gems and Jewellery Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹18.17 and ₹18.07. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Bhakti Gems and Jewellery Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹15.99 and ₹14.51. 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, Bhakti Gems and Jewellery Limited finds support just below today's level at ₹15.99. If this is broken, then the next support from accumulated volume will be at ₹14.51 and ₹13.83.
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 ₹0.670 between high and low, or 3.83%. For the last week, the stock has had daily average volatility of 5.32%.
Our recommended stop-loss: ₹16.69 (-6.07%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (BGJL.BO) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Bhakti Gems and Jewellery Limited to open at ₹17.82, and during the day (based on 14 day Average True Range), to move between ₹16.45 and ₹19.09, which gives a possible trading interval of +/-₹1.32 (+/-7.42%) up or down from last closing price. If Bhakti Gems and Jewellery Limited takes out the full calculated possible swing range there will be an estimated 14.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹15.99 (10.02%) than the resistance at ₹19.90 (11.99%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Bhakti Gems and Jewellery Limited stock A Buy?
Bhakti Gems and Jewellery 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.056 Hold/Accumulate Upgraded
Predicted Opening Price for Bhakti Gems and Jewellery Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ₹17.82 ( 0.281%) | ₹17.77 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BGJL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 18.49 | 4.05 % | |
| R2 | 18.23 | 2.61 % | ||
| R1 | 18.08 | 1.72 % | ||
| Current price: | 17.77 | |||
| Support | S1 | 17.56 | -1.16 % | |
| S2 | 17.41 | -2.05 % | ||
| S3 | 17.15 | -3.49 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 21.81 | 22.73 % | |
| R2 | 20.10 | 13.11 % | ||
| R1 | 19.90 | 11.99 % | ||
| Current price | 17.77 | |||
| Support | S1 | 15.99 | -10.02% | |
| S2 | 14.51 | -18.35% | ||
| S3 | 13.83 | -22.17% |
FAQ
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