Blue Chip Tex Industries Limited Stock Forecast
Green day on Wednesday for Blue Chip Tex Industries Limited
(Updated on May 22, 2024)
The Blue Chip Tex Industries Limited stock price gained 0.0294% on the last trading day (Wednesday, 22nd May 2024), rising from ₹170.15 to ₹170.20. During the last trading day the stock fluctuated 8.73% from a day low at ₹170.15 to a day high of ₹185.00. The price has been going up and down for this period, and there has been a 0.77% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 231 more shares were traded than the day before. In total, 843 shares were bought and sold for approximately ₹143.48 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.04% during the next 3 months and, with a 90% probability hold a price between ₹149.77 and ₹177.71 at the end of this 3-month period.
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BLUECHIPT.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, May 07, 2024, and so far it has risen 0.770%. Further rise is indicated until a new top pivot has been found. Blue Chip Tex Industries 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 Blue Chip Tex Industries Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹173.55 and ₹176.65. 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).
A buy signal from a double bottom formation was found on Tuesday, May 07, 2024 and based on theory for this formation the price should go up by 29.04% to ₹219.63 within 9 trading days since signal was issued (Thursday, May 23, 2024).
Support, Risk & Stop-loss for Blue Chip Tex Industries Limited stock
Blue Chip Tex Industries Limited finds support from accumulated volume at ₹170.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹14.85 between high and low, or 8.73%. For the last week, the stock has had daily average volatility of 5.07%.
Blue Chip Tex Industries Limited is oversold on RSI14 (24). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BLUECHIPT.BO) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect Blue Chip Tex Industries Limited to open at ₹175.12, and during the day (based on 14 day Average True Range), to move between ₹160.81 and ₹179.59, which gives a possible trading interval of +/-₹9.39 (+/-5.52%) up or down from last closing price. If Blue Chip Tex Industries Limited takes out the full calculated possible swing range there will be an estimated 11.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹170.15 (0.03%) than the resistance at ₹192.50 (13.10%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Blue Chip Tex Industries Limited stock A Buy?
Blue Chip Tex Industries Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.710 Sell Candidate Unchanged
Predicted Opening Price for Blue Chip Tex Industries Limited of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| ₹175.12 ( 2.89%) | ₹170.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BLUECHIPT.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 189.97 | 11.61 % | |
| R2 | 184.29 | 8.28 % | ||
| R1 | 180.79 | 6.22 % | ||
| Current price: | 170.20 | |||
| Support | S1 | 169.44 | -0.444 % | |
| S2 | 165.94 | -2.50 % | ||
| S3 | 160.27 | -5.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 203.80 | 19.74 % | |
| R2 | 196.00 | 15.16 % | ||
| R1 | 192.50 | 13.10 % | ||
| Current price | 170.20 | |||
| Support | S1 | 170.15 | -0.0294% | |
| S2 | 170.00 | -0.118% | ||
| S3 | 168.90 | -0.764% |
BLUECHIPT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 18, 2023 | Sep 18, 2023 | Oct 27, 2023 | ₹2.00 | 0% |
| 2 | Sep 19, 2022 | Sep 19, 2022 | Oct 27, 2022 | ₹3.00 | 0% |
| 3 | Sep 20, 2021 | Sep 20, 2021 | Oct 29, 2021 | ₹3.00 | 0% |
| 4 | Sep 18, 2020 | Sep 18, 2020 | Oct 29, 2020 | ₹1.80 | 0% |
| 5 | Sep 12, 2019 | Sep 12, 2019 | Oct 21, 2019 | ₹1.80 | 0% |
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