Godavari Drugs Limited Stock Forecast
Evaluation of Godavari Drugs Limited stock downgraded after the last trading session.
(Updated on Apr 16, 2024)
The Godavari Drugs Limited stock price gained 0.0407% on the last trading day (Tuesday, 16th Apr 2024), rising from ₹98.18 to ₹98.22. During the last trading day the stock fluctuated 3.97% from a day low at ₹97.00 to a day high of ₹100.85. The price has fallen in 6 of the last 10 days but is still up by 5.67% over the past 2 weeks. Volume fell on the last day by -1 thousand shares and in total, 4 thousand shares were bought and sold for approximately ₹395.83 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
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 -5.24% during the next 3 months and, with a 90% probability hold a price between ₹84.70 and ₹97.20 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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GODAVARI.BO Signals & Forecast
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. The Godavari Drugs Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹100.41 and ₹98.26. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 02, 2024, and so far it has fallen -4.96%. Further fall is indicated until a new bottom pivot has been found. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Godavari Drugs Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹92.95 and ₹92.20. 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, Godavari Drugs Limited finds support just below today's level at ₹92.95. If this is broken, then the next support from accumulated volume will be at ₹92.20 and ₹90.85.
This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹3.85 between high and low, or 3.97%. For the last week the stock has had daily average volatility of 4.33%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GODAVARI.BO) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Godavari Drugs Limited to open at ₹98.69, and during the day (based on 14 day Average True Range), to move between ₹93.37 and ₹103.07, which gives a possible trading interval of +/-₹4.85 (+/-4.94%) up or down from last closing price. If Godavari Drugs Limited takes out the full calculated possible swing range there will be an estimated 9.88% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹101.61 (3.45%) than the support at ₹92.95 (5.37%), 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 Godavari Drugs Limited stock A Buy?
Godavari Drugs Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.265 Strong Sell Candidate Downgraded
Predicted Opening Price for Godavari Drugs Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| ₹98.69 ( 0.479%) | ₹98.22 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GODAVARI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 102.54 | 4.40 % | |
| R2 | 101.07 | 2.90 % | ||
| R1 | 100.16 | 1.98 % | ||
| Current price: | 98.22 | |||
| Support | S1 | 97.22 | -1.02 % | |
| S2 | 96.31 | -1.94 % | ||
| S3 | 94.84 | -3.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 104.61 | 6.51 % | |
| R2 | 103.35 | 5.22 % | ||
| R1 | 101.61 | 3.45 % | ||
| Current price | 98.22 | |||
| Support | S1 | 92.95 | -5.37% | |
| S2 | 92.20 | -6.13% | ||
| S3 | 90.85 | -7.50% |
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