Indian Bright Steel Company Limited Stock Forecast

Green day on Thursday for Indian Bright Steel Company Limited stock after gaining 2.00%
(Updated on May 02, 2024)

IBRIGST.BO Signals & Forecast

Mostly positive signals in the chart today. The Indian Bright Steel Company 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 ₹151.86 and ₹134.65. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, April 01, 2024, and so far it has risen 57.95%. 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). Indian Bright Steel Company Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Indian Bright Steel Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹152.80 and ₹145.90. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Indian Bright Steel Company Limited finds support just below today's level at ₹152.80. If this is broken, then the next support from accumulated volume will be at ₹145.90 and ₹143.05.

This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". 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 Indian Bright Steel Company Limited stock is extremely overbought on RSI14 (87). This increases the short-term risk substantially. Since the Indian Bright Steel Company Limited has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹154.35 (-4.10%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 87 and this increases the risk substantially. There is a buy signal from a pivot bottom found 19 days ago.)

Trading Expectations (IBRIGST.BO) For The Upcoming Trading Day Of Friday 3rd

For the upcoming trading day on Friday, 3rd we expect Indian Bright Steel Company Limited to open at ₹160.95, and during the day (based on 14 day Average True Range), to move between ₹157.33 and ₹164.57, which gives a possible trading interval of +/-₹3.62 (+/-2.25%) up or down from last closing price. If Indian Bright Steel Company Limited takes out the full calculated possible swing range there will be an estimated 4.50% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹152.80, some ₹8.15 (5.06%) from the current price of ₹160.95, our system finds the risk reward attractive.

Is Indian Bright Steel Company Limited stock A Buy?

Indian Bright Steel Company 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.

Current score: 7.055 Strong Buy Candidate Unchanged

Predicted Opening Price for Indian Bright Steel Company Limited of Friday, May 3, 2024

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