Engineers India Limited Stock Forecast

Green day on Friday for Engineers India Limited
(Updated on May 17, 2024)

ENGINERSIN.BO Signals & Forecast

Mostly positive signals in the chart today. The Engineers India 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 ₹238.66 and ₹223.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 50.59%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.

Support, Risk & Stop-loss for Engineers India Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹245.25 and ₹236.85. 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, Engineers India Limited finds support just below today's level at ₹245.25. If this is broken, then the next support from accumulated volume will be at ₹236.85 and ₹233.20.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹11.45 between high and low, or 4.53%. For the last week, the stock has had daily average volatility of 5.47%.

Since the Engineers India Limited has been rising for 6 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: ₹254.39 (-3.22%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 36 days ago.)

Trading Expectations (ENGINERSIN.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Engineers India Limited to open at ₹260.03, and during the day (based on 14 day Average True Range), to move between ₹251.03 and ₹274.67, which gives a possible trading interval of +/-₹11.82 (+/-4.50%) up or down from last closing price. If Engineers India Limited takes out the full calculated possible swing range there will be an estimated 8.99% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹245.25, some ₹17.60 (6.70%) from the current price of ₹262.85, our system finds the risk reward attractive.

Is Engineers India Limited stock A Buy?

Engineers India Limited holds several positive signals and is within a strong 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: 5.906 Strong Buy Candidate Unchanged

Predicted Opening Price for Engineers India Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.