Nippon India ETF Gold BeES Stock Forecast

Red day on Monday for Nippon India ETF Gold BeES
(Updated on Apr 29, 2024)

GOLDBEES.BO Signals & Forecast

The Nippon India ETF Gold BeES 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 ₹62.26 and ₹58.39. 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). 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 Friday, April 26, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued. The stock had a Golden Star Signal on Friday, March 01, 2024 for the short-term and also have Golden Star Signal for the medium-term dated Tuesday, July 11, 2023.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Nippon India ETF Gold BeES stock

Nippon India ETF Gold BeES finds support from accumulated volume at ₹61.92 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock 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%

The Nippon India ETF Gold BeES 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: ₹60.17 (-3.36%) (This stock has low daily movements and this gives low risk. The RSI14 is 82 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)

Trading Expectations (GOLDBEES.BO) For The Upcoming Trading Day Of Tuesday 30th

For the upcoming trading day on Tuesday, 30th we expect Nippon India ETF Gold BeES to open at ₹62.26, and during the day (based on 14 day Average True Range), to move between ₹61.81 and ₹62.71, which gives a possible trading interval of +/-₹0.451 (+/-0.72%) up or down from last closing price. If Nippon India ETF Gold BeES takes out the full calculated possible swing range there will be an estimated 1.45% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹61.92, some ₹0.340 (0.55%) from the current price of ₹62.26, our system finds the risk reward attractive.

Is Nippon India ETF Gold BeES stock A Buy?

Nippon India ETF Gold BeES 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.

Current score: 0.000 Hold/Accumulate Unchanged

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 Nippon India ETF Gold BeES of Tuesday, April 30, 2024

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