Chalet Hotels Limited Stock Forecast
Chalet Hotels Limited stock upgraded to Hold/Accumulate.
(Updated on Jun 21, 2024)
The Chalet Hotels Limited stock price gained 1.47% on the last trading day (Friday, 21st Jun 2024), rising from ₹823.25 to ₹835.35. During the last trading day the stock fluctuated 6.43% from a day low at ₹803.00 to a day high of ₹854.60. The price has risen in 7 of the last 10 days and is up by 7.31% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 399 thousand more shares were traded than the day before. In total, 487 thousand shares were bought and sold for approximately ₹406.60 million.
The stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ₹832.83, a level that may pose a second chance to hit a runner. According to fan-theory ₹936.26 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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CHALET.NS Signals & Forecast
The Chalet Hotels Limited 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 ₹824.59 and ₹804.85. 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). Volume is rising along with the price. This is considered to be a good technical signal. 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 12, 2024, and so far it has fallen -0.701%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Chalet Hotels Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹788.55 and ₹784.40. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Chalet Hotels Limited finds support just below today's level at ₹788.55. If this is broken, then the next support from accumulated volume will be at ₹784.40 and ₹778.90.
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 ₹51.60 between high and low, or 6.43%. For the last week, the stock has had daily average volatility of 4.57%.
Our recommended stop-loss: ₹803.00 (-3.87%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (CHALET.NS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Chalet Hotels Limited to open at ₹830.98, and during the day (based on 14 day Average True Range), to move between ₹797.99 and ₹872.71, which gives a possible trading interval of +/-₹37.36 (+/-4.47%) up or down from last closing price. If Chalet Hotels Limited takes out the full calculated possible swing range there will be an estimated 8.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹868.80 (4.00%) than the support at ₹788.55 (5.60%), 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 Chalet Hotels Limited stock A Buy?
Chalet Hotels 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: 0.377 Hold/Accumulate Upgraded
Predicted Opening Price for Chalet Hotels Limited of Monday, June 24, 2024
Fair opening price June 24, 2024 | Current price |
---|---|
₹830.98 ( 0.523%) | ₹835.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHALET.NS
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 882.58 | 5.65% |
R2 | 862.87 | 3.29% |
R1 | 850.69 | 1.84% |
Price | 835.35 | |
S1 | 811.27 | -2.88% |
S2 | 799.09 | -4.34% |
S3 | 779.38 | -6.70% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 883.30 | 5.74% |
R2 | 877.50 | 5.05% |
R1 | 868.80 | 4.00% |
Price | 835.35 | |
S1 | 788.55 | -5.60% |
S2 | 784.40 | -6.10% |
S3 | 778.90 | -6.76% |
FAQ
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