Greenlam Industries Ltd Stock Forecast

Weaker technical forecast for Greenlam Industries Ltd as stock downgraded to Hold/Accumulate.
(Updated on May 02, 2024)

GREENLAM.NS Signals & Forecast

The Greenlam Industries Ltd 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 ₹602.66. On a fall, the stock will find some support from the long-term average at approximately ₹543.60. 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. 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 Monday, April 29, 2024, and so far it has fallen -6.19%. 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). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

Support, Risk & Stop-loss for Greenlam Industries Ltd stock

Greenlam Industries Ltd finds support from accumulated volume at ₹574.75 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 ₹24.85 between high and low, or 4.24%. For the last week, the stock has had daily average volatility of 3.82%.

Our recommended stop-loss: ₹559.16 (-4.88%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (GREENLAM.NS) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Greenlam Industries Ltd to open at ₹594.50, and during the day (based on 14 day Average True Range), to move between ₹564.91 and ₹610.79, which gives a possible trading interval of +/-₹22.94 (+/-3.90%) up or down from last closing price. If Greenlam Industries Ltd takes out the full calculated possible swing range there will be an estimated 7.80% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹597.25 (1.60%) than the support at ₹574.75 (2.23%), 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 Greenlam Industries Ltd stock A Buy?

Greenlam Industries Ltd 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. 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: 0.000 Hold/Accumulate Downgraded

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 Greenlam Industries Ltd of Friday, May 3, 2024

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