Engineers India Limited Stock Forecast

Red day on Wednesday for Engineers India Limited stock after losing 2.46%
(Updated on Jun 19, 2024)

ENGINERSIN.BO Signals & Forecast

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 ₹255.20 and ₹247.46. A breakdown below any of these levels will issue sell signals. 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 Thursday, May 23, 2024, and so far it has fallen -6.48%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

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 ₹216.70.

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 ₹12.50 between high and low, or 4.80%. For the last week, the stock has had daily average volatility of 5.04%.

Our recommended stop-loss: ₹248.32 (-5.94%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 57 days ago.)

Trading Expectations (ENGINERSIN.BO) For The Upcoming Trading Day Of Thursday 20th

For the upcoming trading day on Thursday, 20th we expect Engineers India Limited to open at ₹265.70, and during the day (based on 14 day Average True Range), to move between ₹247.49 and ₹280.51, which gives a possible trading interval of +/-₹16.51 (+/-6.25%) up or down from last closing price. If Engineers India Limited takes out the full calculated possible swing range there will be an estimated 12.51% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹269.10 (1.93%) than the support at ₹245.25 (7.10%), 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 Engineers India Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Engineers India Limited stock to perform well in the short-term.

Current score: 3.470 Buy Candidate Unchanged

Predicted Opening Price for Engineers India Limited of Thursday, June 20, 2024

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