Icici Prudential S&p Bse 500 Etf ETF Forecast
Icici Prudential S&p Bse 500 Etf ETF downgraded from Strong Buy Candidate to Buy Candidate after Thursday trading session.
(Updated on Jun 20, 2024)
The Icici Prudential S&p Bse 500 Etf ETF price fell by -0.133% on the last day (Thursday, 20th Jun 2024) from ₹37.52 to ₹37.47. During the last trading day the ETF fluctuated 0.94% from a day low at ₹37.35 to a day high of ₹37.70. The price has risen in 7 of the last 10 days and is up by 6.12% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -4 thousand shares and in total, 8 thousand shares were bought and sold for approximately ₹309.84 thousand.
The ETF lies in the upper part of a weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹37.57 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 8.69% during the next 3 months and, with a 90% probability hold a price between ₹38.38 and ₹40.84 at the end of this 3-month period.
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BSE500IETF.BO Signals & Forecast
The Icici Prudential S&p Bse 500 Etf ETF 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 ₹37.24 and ₹35.79. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 19, 2024, and so far it has fallen -0.133%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Icici Prudential S&p Bse 500 Etf ETF
Icici Prudential S&p Bse 500 Etf finds support from accumulated volume at ₹35.93 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved ₹0.350 between high and low, or 0.94%. For the last week the ETF has had daily average volatility of 1.24%.
Our recommended stop-loss: ₹36.09 (-3.68%) (This ETF has low daily movements and this gives low risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (BSE500IETF.BO) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Icici Prudential S&p Bse 500 Etf to open at ₹37.51, and during the day (based on 14 day Average True Range), to move between ₹36.70 and ₹38.24, which gives a possible trading interval of +/-₹0.771 (+/-2.06%) up or down from last closing price. If Icici Prudential S&p Bse 500 Etf takes out the full calculated possible swing range there will be an estimated 4.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹37.51 (0.11%) than the support at ₹35.93 (4.11%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Icici Prudential S&p Bse 500 Etf ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Icici Prudential S&p Bse 500 Etf ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.728 Buy Candidate Downgraded
Predicted Opening Price for Icici Prudential S&p Bse 500 Etf of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| ₹37.51 ( 0.0979%) | ₹37.47 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BSE500IETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 37.86 | 1.03% |
| R2 | 37.72 | 0.675% |
| R1 | 37.64 | 0.455% |
| Price | 37.47 | |
| S1 | 37.37 | -0.259% |
| S2 | 37.29 | -0.479% |
| S3 | 37.16 | -0.84% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 37.52 | 0.133% |
| R1 | 37.51 | 0.107% |
| Price | 37.47 | |
| S1 | 35.93 | -4.11% |
| S2 | 35.59 | -5.02% |
| S3 | 34.75 | -7.26% |
FAQ
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