Bodal Chemicals Limited Stock Forecast

Bodal Chemicals Limited stock upgraded from Sell Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 18, 2024)

BODALCHEM.NS Signals & Forecast

There are mixed signals in the stock today. The Bodal Chemicals 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 ₹80.90 and ₹82.57. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 6.06%. 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). The stock had a Golden Star Signal on Monday, June 12, 2023 in the long-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Bodal Chemicals Limited stock

Bodal Chemicals Limited finds support from accumulated volume at ₹77.75 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 ₹2.30 between high and low, or 2.96%. For the last week, the stock has had daily average volatility of 3.32%.

Our recommended stop-loss: ₹74.01 (-4.99%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 13 days ago.)

Trading Expectations (BODALCHEM.NS) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Bodal Chemicals Limited to open at ₹78.47, and during the day (based on 14 day Average True Range), to move between ₹73.75 and ₹82.05, which gives a possible trading interval of +/-₹4.15 (+/-5.33%) up or down from last closing price. If Bodal Chemicals Limited takes out the full calculated possible swing range there will be an estimated 10.66% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹77.75 (0.19%) than the resistance at ₹88.75 (13.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Bodal Chemicals Limited stock A Buy?

Bodal Chemicals 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: 0.242 Hold/Accumulate Upgraded

Predicted Opening Price for Bodal Chemicals Limited of Friday, April 19, 2024

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