Fortis Malar Hospitals Limited Stock Forecast

Stronger technical forecast for Fortis Malar Hospitals Limited stock price after Friday trading.
(Updated on May 24, 2024)

FORTISMLR.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Fortis Malar Hospitals Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹69.34 and ₹74.33. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -40.11%. 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). Fortis Malar Hospitals Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for Fortis Malar Hospitals Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹55.71 and ₹53.04. 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, Fortis Malar Hospitals Limited finds support just below today's level at ₹55.71. If this is broken, then the next support from accumulated volume will be at ₹53.04 and ₹51.19.

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 ₹0 between high and low, or 0%. For the last week, the stock has had daily average volatility of 0%.

Our recommended stop-loss: ₹61.41 (-5.00%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 36 days ago.)

Trading Expectations (FORTISMLR.BO) For The Upcoming Trading Day Of Monday 27th

For the upcoming trading day on Monday, 27th we expect Fortis Malar Hospitals Limited to open at ₹64.64, and during the day (based on 14 day Average True Range), to move between ₹61.47 and ₹67.81, which gives a possible trading interval of +/-₹3.17 (+/-4.90%) up or down from last closing price. If Fortis Malar Hospitals Limited takes out the full calculated possible swing range there will be an estimated 9.81% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹67.59 (4.56%) than the support at ₹55.71 (13.81%), 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 Fortis Malar Hospitals Limited stock A Buy?

Fortis Malar Hospitals Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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: -0.524 Hold/Accumulate Upgraded

Predicted Opening Price for Fortis Malar Hospitals Limited of Monday, May 27, 2024

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