Hdfc Mutual Fund Trust Forecast

Hdfc Mutual Fund trust downgraded from Strong Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Jun 26, 2024)

HDFCNIFBAN.BO Signals & Forecast

The Hdfc Mutual Fund trust 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 ₹52.71 and ₹50.23. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 7.82%. Further rise is indicated until a new top pivot has been found. 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. 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 not be. The very low volume increases the risk and reduces the other technical signals issued. The trust had a Golden Star Signal on Tuesday, May 21, 2024 in the short-term chart.

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 trust in question.

Support, Risk & Stop-loss for Hdfc Mutual Fund trust

Hdfc Mutual Fund finds support from accumulated volume at ₹51.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the trust tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the trust. During the last day, the trust moved ₹1.33 between high and low, or 2.51%. For the last week the trust has had daily average volatility of 1.97%.

The Hdfc Mutual Fund trust is extremely overbought on RSI14 (81). Normally this may pose a good selling opportunity but since the trust has broken the trend up, the chance for a major correction due to high RSI is very small as the trust will find support at the trend broken.

Our recommended stop-loss: ₹51.51 (-4.25%) (This trust has low daily movements and this gives low risk. The RSI14 is 81 and this increases the risk substantially. There is a buy signal from a pivot bottom found 16 days ago.)

Trading Expectations (HDFCNIFBAN.BO) For The Upcoming Trading Day Of Thursday 27th

For the upcoming trading day on Thursday, 27th we expect Hdfc Mutual Fund to open at ₹53.68, and during the day (based on 14 day Average True Range), to move between ₹52.74 and ₹54.86, which gives a possible trading interval of +/-₹1.06 (+/-1.98%) up or down from last closing price. If Hdfc Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.96% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹51.88, some ₹1.92 (3.57%) from the current price of ₹53.80, our system finds the risk reward attractive.

Is Hdfc Mutual Fund trust A Buy?

Hdfc Mutual Fund 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 trust since the last evaluation from a Strong 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 Hdfc Mutual Fund of Thursday, June 27, 2024

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