CPSE ETF Stock Forecast
Green day on Thursday for CPSE ETF
(Updated on May 02, 2024)
The CPSE ETF stock price gained 1.37% on the last trading day (Thursday, 2nd May 2024), rising from ₹86.92 to ₹88.11. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.10% from a day low at ₹86.66 to a day high of ₹88.48. The price has risen in 8 of the last 10 days and is up by 4.12% 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, 52 thousand more shares were traded than the day before. In total, 341 thousand shares were bought and sold for approximately ₹30.02 million.
The stock lies in the upper part of a wide and 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 ₹88.56 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 7.68% during the next 3 months and, with a 90% probability hold a price between ₹84.49 and ₹95.35 at the end of this 3-month period.
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CPSEETF.BO Signals & Forecast
The CPSE ETF 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 ₹86.09 and ₹82.04. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, March 19, 2024, and so far it has risen 16.64%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CPSE ETF stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹79.28 and ₹76.52. 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, CPSE ETF finds support just below today's level at ₹79.28. If this is broken, then the next support from accumulated volume will be at ₹76.52 and ₹75.72.
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 ₹1.82 (2.10%) between high and low. For the last week, the stock has had daily average volatility of 1.41%.
Since the CPSE ETF has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹85.08 (-3.44%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (CPSEETF.BO) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect CPSE ETF to open at ₹87.75, and during the day (based on 14 day Average True Range), to move between ₹86.32 and ₹89.90, which gives a possible trading interval of +/-₹1.79 (+/-2.03%) up or down from last closing price. If CPSE ETF takes out the full calculated possible swing range there will be an estimated 4.06% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹79.28, some ₹8.83 (10.02%) from the current price of ₹88.11, our system finds the risk reward attractive.
Is CPSE ETF stock A Buy?
CPSE ETF holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". 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: 6.853 Strong Buy Candidate Unchanged
Predicted Opening Price for CPSE ETF of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| ₹87.75 ( 0.409%) | ₹88.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CPSEETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 89.57 | 1.66 % | |
| R2 | 88.87 | 0.87 % | ||
| R1 | 88.45 | 0.380 % | ||
| Current price: | 88.11 | |||
| Support | S1 | 87.05 | -1.20 % | |
| S2 | 86.63 | -1.69 % | ||
| S3 | 85.93 | -2.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 88.11 | |||
| Support | S1 | 79.28 | -10.02% | |
| S2 | 76.52 | -13.15% | ||
| S3 | 75.72 | -14.06% |
FAQ
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