Eris Lifesciences Limited Stock Forecast
Eris Lifesciences Limited stock upgraded to Hold/Accumulate.
(Updated on May 02, 2024)
The Eris Lifesciences Limited stock price fell by -0.636% on the last day (Thursday, 2nd May 2024) from ₹895.95 to ₹890.25. During the last trading day the stock fluctuated 2.30% from a day low at ₹882.65 to a day high of ₹902.95. The price has risen in 7 of the last 10 days and is up by 2.29% over the past 2 weeks. Volume has increased on the last day by 359 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 359 thousand shares were bought and sold for approximately ₹319.73 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -2.61% during the next 3 months and, with a 90% probability hold a price between ₹796.18 and ₹895.85 at the end of this 3-month period.
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ERIS.NS Signals & Forecast
The Eris Lifesciences 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 ₹888.90 and ₹859.38. 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). 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, May 01, 2024, and so far it has fallen -0.636%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
A buy signal from a double bottom formation was found on Tuesday, February 20, 2024 and based on theory for this formation the price should go up by 1.51% to ₹903.72 within 3 trading days since signal was issued (Friday, May 03, 2024).
Support, Risk & Stop-loss for Eris Lifesciences Limited stock
Eris Lifesciences Limited finds support from accumulated volume at ₹888.60 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 ₹20.30 (2.30%) between high and low. For the last week, the stock has had daily average volatility of 1.79%.
Our recommended stop-loss: ₹866.38 (-2.68%) (This stock has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (ERIS.NS) For The Upcoming Trading Day Of Friday 3rd
For the upcoming trading day on Friday, 3rd we expect Eris Lifesciences Limited to open at ₹891.95, and during the day (based on 14 day Average True Range), to move between ₹870.31 and ₹910.19, which gives a possible trading interval of +/-₹19.94 (+/-2.24%) up or down from last closing price. If Eris Lifesciences Limited takes out the full calculated possible swing range there will be an estimated 4.48% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹888.60 (0.19%) than the resistance at ₹895.95 (0.64%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Eris Lifesciences Limited stock A Buy?
Eris Lifesciences 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: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Eris Lifesciences Limited of Friday, May 3, 2024
| Fair opening price May 3, 2024 | Current price |
|---|---|
| ₹891.95 ( 0.191%) | ₹890.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ERIS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 912.25 | 2.47 % | |
| R2 | 904.50 | 1.60 % | ||
| R1 | 899.70 | 1.06 % | ||
| Current price: | 890.25 | |||
| Support | S1 | 884.20 | -0.680 % | |
| S2 | 879.40 | -1.22 % | ||
| S3 | 871.65 | -2.09 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 943.25 | 5.95 % | |
| R2 | 900.45 | 1.15 % | ||
| R1 | 895.95 | 0.640 % | ||
| Current price | 890.25 | |||
| Support | S1 | 888.60 | -0.185% | |
| S2 | 865.55 | -2.77% | ||
| S3 | 844.95 | -5.09% |
ERIS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 11, 2022 | Aug 11, 2022 | Aug 11, 2022 | ₹7.35 | 1.07% |
| 2 | Aug 05, 2021 | Aug 05, 2021 | Aug 05, 2021 | ₹6.01 | 0.80% |
| 3 | Aug 04, 2020 | Aug 13, 2020 | Sep 03, 2020 | ₹5.50 | 1.14% |
| 4 | Mar 05, 2020 | Mar 19, 2020 | Apr 10, 2020 | ₹2.87 | 0.688% |
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