Hariom Pipe Industries Limited Stock Forecast
Hariom Pipe Industries Limited stock upgraded to Strong Buy Candidate.
(Updated on Jun 21, 2024)
The Hariom Pipe Industries Limited stock price gained 4.38% on the last trading day (Friday, 21st Jun 2024), rising from ₹570.85 to ₹595.85. It has now gained 3 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 9.43% from a day low at ₹562.00 to a day high of ₹615.00. The price has risen in 7 of the last 10 days and is up by 5.26% 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, 99 thousand more shares were traded than the day before. In total, 111 thousand shares were bought and sold for approximately ₹66.32 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 10.56% during the next 3 months and, with a 90% probability hold a price between ₹565.81 and ₹726.29 at the end of this 3-month period.
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HARIOMPIPE.BO Signals & Forecast
The Hariom Pipe Industries 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 ₹574.67 and ₹571.57. 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). Volume is rising along with the price. This is considered to be a good technical 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 Wednesday, May 15, 2024, and so far it has fallen -5.32%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Hariom Pipe Industries Limited stock
Hariom Pipe Industries Limited finds support from accumulated volume at ₹579.90 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 ₹53.00 between high and low, or 9.43%. For the last week, the stock has had daily average volatility of 4.01%.
Our recommended stop-loss: ₹568.18 (-4.64%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 30 days ago.)
Trading Expectations (HARIOMPIPE.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Hariom Pipe Industries Limited to open at ₹590.95, and during the day (based on 14 day Average True Range), to move between ₹571.65 and ₹620.05, which gives a possible trading interval of +/-₹24.20 (+/-4.06%) up or down from last closing price. If Hariom Pipe Industries Limited takes out the full calculated possible swing range there will be an estimated 8.12% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹579.90 (2.68%) than the resistance at ₹615.00 (3.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Hariom Pipe Industries Limited stock A Buy?
Hariom Pipe Industries Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 5.602 Strong Buy Candidate Upgraded
Predicted Opening Price for Hariom Pipe Industries Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹590.95 ( 0.82%) | ₹595.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for HARIOMPIPE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 643.95 | 8.07% |
| R2 | 623.70 | 4.67% |
| R1 | 611.20 | 2.58% |
| Price | 595.85 | |
| S1 | 570.70 | -4.22% |
| S2 | 558.20 | -6.32% |
| S3 | 537.95 | -9.72% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 629.30 | 5.61% |
| R2 | 615.40 | 3.28% |
| R1 | 615.00 | 3.21% |
| Price | 595.85 | |
| S1 | 579.90 | -2.68% |
| S2 | 571.15 | -4.15% |
| S3 | 462.50 | -22.38% |
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