Goenka Business & Finance Limited Stock Forecast
Big movements in Goenka Business & Finance Limited stock price on Thursday moving 11.46% between high and low
(Updated on May 09, 2024)
The Goenka Business & Finance Limited stock price gained 2.19% on the last trading day (Thursday, 9th May 2024), rising from ₹6.85 to ₹7.00. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 11.46% from a day low at ₹6.28 to a day high of ₹7.00. The price has risen in 6 of the last 10 days and is up by 0.72% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 11 thousand more shares were traded than the day before. In total, 18 thousand shares were bought and sold for approximately ₹122.93 thousand.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at ₹7.21 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -10.14% during the next 3 months and, with a 90% probability hold a price between ₹4.75 and ₹6.48 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GBFL.BO Signals & Forecast
The Goenka Business & Finance 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 ₹6.70 and ₹6.61. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 09, 2024, and so far it has risen 13.82%. Further rise is indicated until a new top pivot has been found. Goenka Business & Finance Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Goenka Business & Finance Limited stock
Goenka Business & Finance Limited finds support from accumulated volume at ₹6.89 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹0.720 between high and low, or 11.46%. For the last week, the stock has had daily average volatility of 7.02%.
Our recommended stop-loss: ₹6.62 (-5.41%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 18 days ago.)
Trading Expectations (GBFL.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Goenka Business & Finance Limited to open at ₹6.76, and during the day (based on 14 day Average True Range), to move between ₹6.55 and ₹7.45, which gives a possible trading interval of +/-₹0.448 (+/-6.40%) up or down from last closing price. If Goenka Business & Finance Limited takes out the full calculated possible swing range there will be an estimated 12.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹7.11 (1.57%) than the support at ₹6.89 (1.57%), 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 Goenka Business & Finance Limited stock A Buy?
Goenka Business & Finance 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: 0.100 Hold/Accumulate Downgraded
Predicted Opening Price for Goenka Business & Finance Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹6.76 ( 3.43%) | ₹7.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GBFL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.48 | 6.86 % | |
| R2 | 7.20 | 2.93 % | ||
| R1 | 7.04 | 0.501 % | ||
| Current price: | 7.00 | |||
| Support | S1 | 6.48 | -7.36 % | |
| S2 | 6.32 | -9.79 % | ||
| S3 | 6.04 | -13.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.98 | 14.00 % | |
| R2 | 7.30 | 4.29 % | ||
| R1 | 7.11 | 1.57 % | ||
| Current price | 7.00 | |||
| Support | S1 | 6.89 | -1.57% | |
| S2 | 6.67 | -4.71% | ||
| S3 | 6.65 | -5.00% |
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