Blue Chip India Limited Stock Forecast

Green day on Tuesday for Blue Chip India Limited
(Updated on Jun 25, 2024)

BLUECHIP.BO Signals & Forecast

The Blue Chip India Limited stock 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 ₹3.78 and ₹3.47. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 14, 2024, and so far it has risen 24.30%. Further rise is indicated until a new top pivot has been found. 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. 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 Blue Chip India Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹3.68 and ₹3.61. 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, Blue Chip India Limited finds support just below today's level at ₹3.68. If this is broken, then the next support from accumulated volume will be at ₹3.61 and ₹3.54.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%.

The Blue Chip India Limited stock is extremely overbought on RSI14 (87). This increases the short-term risk substantially. Since the Blue Chip India Limited has been rising for 10 days in a row, the risk over the next couple of days has increased. As we cannot be certain with regards to the size of the reaction, we urge caution.

Our recommended stop-loss: ₹3.88 (-2.76%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 37 days ago.)

Trading Expectations (BLUECHIP.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Blue Chip India Limited to open at ₹3.99, and during the day (based on 14 day Average True Range), to move between ₹3.93 and ₹4.05, which gives a possible trading interval of +/-₹0.0643 (+/-1.61%) up or down from last closing price. If Blue Chip India Limited takes out the full calculated possible swing range there will be an estimated 3.22% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹3.68, some ₹0.310 (7.77%) from the current price of ₹3.99, our system finds the risk reward attractive.

Is Blue Chip India Limited stock A Buy?

Blue Chip India Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Blue Chip India Limited of Wednesday, June 26, 2024

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