Choksi Laboratories Limited Stock Forecast
Choksi Laboratories Limited stock price up 3.71% on Tuesday
(Updated on Jun 25, 2024)
The Choksi Laboratories Limited stock price gained 3.71% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹55.02 to ₹57.06. During the last trading day the stock fluctuated 2.88% from a day low at ₹55.55 to a day high of ₹57.15. The price has fallen in 6 of the last 10 days but is still up by 1.71% 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, 2 thousand more shares were traded than the day before. In total, 5 thousand shares were bought and sold for approximately ₹275.94 thousand.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.36% during the next 3 months and, with a 90% probability hold a price between ₹53.11 and ₹79.77 at the end of this 3-month period.
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CHOKSILA.BO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Choksi Laboratories Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Choksi Laboratories Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹58.03. On a fall, the stock will find some support from the short-term average at ₹56.88. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -15.89%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Choksi Laboratories Limited stock
Choksi Laboratories Limited finds support from accumulated volume at ₹57.01 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹1.60 (2.88%) between high and low. For the last week, the stock has had daily average volatility of 6.24%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CHOKSILA.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Choksi Laboratories Limited to open at ₹56.59, and during the day (based on 14 day Average True Range), to move between ₹54.50 and ₹59.62, which gives a possible trading interval of +/-₹2.56 (+/-4.49%) up or down from last closing price. If Choksi Laboratories Limited takes out the full calculated possible swing range there will be an estimated 8.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹57.01 (0.09%) than the resistance at ₹59.28 (3.89%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Choksi Laboratories Limited stock A Buy?
Choksi Laboratories Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.372 Sell Candidate Unchanged
Predicted Opening Price for Choksi Laboratories Limited of Wednesday, June 26, 2024
Fair opening price June 26, 2024 | Current price |
---|---|
₹56.59 ( 0.83%) | ₹57.06 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CHOKSILA.BO
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 58.19 | 1.97% |
R2 | 57.58 | 0.90% |
R1 | 57.20 | 0.242% |
Price | 57.06 | |
S1 | 55.98 | -1.90% |
S2 | 55.60 | -2.56% |
S3 | 54.99 | -3.63% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 66.51 | 16.56% |
R2 | 62.11 | 8.85% |
R1 | 59.28 | 3.89% |
Price | 57.06 | |
S1 | 57.01 | -0.0876% |
S2 | 55.82 | -2.17% |
S3 | 53.30 | -6.59% |
FAQ
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