Ester Industries Limited Stock Forecast

Evaluation of Ester Industries Limited stock downgraded after the last trading session.
(Updated on May 02, 2024)

ESTER.NS Signals & Forecast

The Ester Industries 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 ₹122.20 and ₹99.27. 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). 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. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -1.07%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Ester Industries Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹116.45 and ₹105.65. 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, Ester Industries Limited finds support just below today's level at ₹116.45. If this is broken, then the next support from accumulated volume will be at ₹105.65 and ₹98.15.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹11.30 between high and low, or 9.44%. For the last week, the stock has had daily average volatility of 5.56%.

The Ester Industries Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: ₹120.30 (-3.76%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (ESTER.NS) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Ester Industries Limited to open at ₹125.23, and during the day (based on 14 day Average True Range), to move between ₹118.65 and ₹131.35, which gives a possible trading interval of +/-₹6.35 (+/-5.08%) up or down from last closing price. If Ester Industries Limited takes out the full calculated possible swing range there will be an estimated 10.15% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹126.35 (1.08%) than the support at ₹116.45 (6.84%), 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 Ester Industries Limited stock A Buy?

Ester Industries 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.000 Hold/Accumulate Downgraded

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 Ester Industries Limited of Friday, May 3, 2024

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