Icici Prudential S&p Bse 500 Etf ETF Forecast
Icici Prudential S&p Bse 500 Etf ETF price up 0.160% on Tuesday
(Updated on Jun 25, 2024)
The Icici Prudential S&p Bse 500 Etf ETF price gained 0.160% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹37.57 to ₹37.63. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the ETF fluctuated 0.99% from a day low at ₹37.36 to a day high of ₹37.73. The price has risen in 7 of the last 10 days and is up by 2.34% over the past 2 weeks. Volume fell on the last day by -33 thousand shares and in total, 10 thousand shares were bought and sold for approximately ₹357.97 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF has broken the weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹37.41, a level that may pose a second chance to hit a runner. According to fan-theory ₹39.33 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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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 ₹37.51 and ₹35.99. 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 8.29%. 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 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 ₹0.370 between high and low, or 0.99%. For the last week the ETF has had daily average volatility of 1.39%.
The Icici Prudential S&p Bse 500 Etf ETF is extremely overbought on RSI14 (96). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
Our recommended stop-loss: ₹36.22 (-3.75%) (This ETF has low daily movements and this gives low risk. The RSI14 is 96 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (BSE500IETF.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Icici Prudential S&p Bse 500 Etf to open at ₹37.57, and during the day (based on 14 day Average True Range), to move between ₹36.90 and ₹38.36, which gives a possible trading interval of +/-₹0.731 (+/-1.94%) 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 3.89% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹35.93, some ₹1.70 (4.52%) from the current price of ₹37.63, our system finds the risk reward attractive.
Is Icici Prudential S&p Bse 500 Etf ETF A Buy?
Icici Prudential S&p Bse 500 Etf holds several positive signals and has broken the weak rising trend up. As the ETF is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.625 Strong Buy Candidate Unchanged
Predicted Opening Price for Icici Prudential S&p Bse 500 Etf of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹37.57 ( 0.151%) | ₹37.63 |
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 | 37.94 | 0.83% |
| R2 | 37.80 | 0.457% |
| R1 | 37.71 | 0.225% |
| Price | 37.63 | |
| S1 | 37.43 | -0.526% |
| S2 | 37.34 | -0.758% |
| S3 | 37.20 | -1.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 37.63 | |
| S1 | 35.93 | -4.52% |
| S2 | 35.59 | -5.42% |
| S3 | 34.75 | -7.65% |
FAQ
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