Goenka Diamond and Jewels Limited Stock Forecast

Goenka Diamond and Jewels Limited stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 21, 2024)

GOENKA.NS Signals & Forecast

The Goenka Diamond and Jewels Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹0.87. On a fall, the stock will find some support from the long-term average at approximately ₹0.86. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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, June 19, 2024, and so far it has fallen -2.25%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Goenka Diamond and Jewels Limited stock

Goenka Diamond and Jewels Limited finds support from accumulated volume at ₹0.85 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹0.0300 between high and low, or 3.45%. For the last week the stock has had daily average volatility of 4.39%.

Our recommended stop-loss: ₹0.83 (-4.46%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 12 days ago.)

Trading Expectations (GOENKA.NS) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect Goenka Diamond and Jewels Limited to open at ₹0.88, and during the day (based on 14 day Average True Range), to move between ₹0.82 and ₹0.92, which gives a possible trading interval of +/-₹0.0534 (+/-6.14%) up or down from last closing price. If Goenka Diamond and Jewels Limited takes out the full calculated possible swing range there will be an estimated 12.29% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹0.88 (1.15%) than the support at ₹0.85 (2.30%), 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 Diamond and Jewels Limited stock A Buy?

Goenka Diamond and Jewels 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: 0.682 Hold/Accumulate Downgraded

Predicted Opening Price for Goenka Diamond and Jewels Limited of Monday, June 24, 2024

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