The Bombay Dyeing and Manufacturing Co Stock Forecast

Green day on Thursday for The Bombay Dyeing and Manufacturing Co stock after gaining 0.501%
(Updated on Jun 27, 2024)

BOMDYEING.NS Signals & Forecast

The The Bombay Dyeing and Manufacturing Co 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 ₹190.32 and ₹175.51. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 37.41%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for The Bombay Dyeing and Manufacturing Co stock

The Bombay Dyeing and Manufacturing Co finds support from accumulated volume at ₹200.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹13.76 between high and low, or 6.94%. For the last week, the stock has had daily average volatility of 7.88%.

The The Bombay Dyeing and Manufacturing Co stock is extremely overbought on RSI14 (83). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken. Since the The Bombay Dyeing and Manufacturing Co has been rising for 6 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: ₹195.78 (-3.34%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 26 days ago.)

Trading Expectations (BOMDYEING.NS) For The Upcoming Trading Day Of Friday 28th

For the upcoming trading day on Friday, 28th we expect The Bombay Dyeing and Manufacturing Company Limited to open at ₹204.35, and during the day (based on 14 day Average True Range), to move between ₹192.27 and ₹212.81, which gives a possible trading interval of +/-₹10.27 (+/-5.07%) up or down from last closing price. If The Bombay Dyeing and Manufacturing Company Limited takes out the full calculated possible swing range there will be an estimated 10.14% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹200.18, some ₹2.36 (1.17%) from the current price of ₹202.54, our system finds the risk reward attractive.

Is The Bombay Dyeing and Manufacturing Company Limited stock A Buy?

The Bombay Dyeing and Manufacturing Co 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 The Bombay Dyeing and Manufacturing Company Limited of Friday, June 28, 2024

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