IFB Agro Industries Limited Stock Forecast
IFB Agro Industries Limited stock downgraded from Buy Candidate to Hold/Accumulate after Wednesday trading session.
(Updated on Apr 24, 2024)
The IFB Agro Industries Limited stock price gained 4.66% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹458.45 to ₹479.80. 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 9.85% from a day low at ₹452.35 to a day high of ₹496.90. The price has risen in 7 of the last 10 days and is up by 5.95% 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, 7 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately ₹3.37 million.
Given the current short-term trend, the stock is expected to fall -11.31% during the next 3 months and, with a 90% probability hold a price between ₹353.05 and ₹425.55 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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IFBAGRO.BO Signals & Forecast
The IFB Agro 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 ₹455.06 and ₹446.24. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 15.85%. 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). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for IFB Agro Industries Limited stock
IFB Agro Industries Limited finds support from accumulated volume at ₹468.70 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 ₹44.55 between high and low, or 9.85%. For the last week, the stock has had daily average volatility of 3.49%.
The IFB Agro Industries Limited 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 and the RSI is still moving upwards. 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: ₹461.11 (-3.89%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (IFBAGRO.BO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect IFB Agro Industries Limited to open at ₹476.35, and during the day (based on 14 day Average True Range), to move between ₹464.69 and ₹494.91, which gives a possible trading interval of +/-₹15.11 (+/-3.15%) up or down from last closing price. If IFB Agro Industries Limited takes out the full calculated possible swing range there will be an estimated 6.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹468.70 (2.31%) than the resistance at ₹503.10 (4.86%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is IFB Agro Industries Limited stock A Buy?
IFB Agro Industries Limited 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 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 IFB Agro Industries Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹476.35 ( 0.719%) | ₹479.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IFBAGRO.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 520.90 | 8.57 % | |
| R2 | 503.88 | 5.02 % | ||
| R1 | 493.37 | 2.83 % | ||
| Current price: | 479.80 | |||
| Support | S1 | 459.33 | -4.27 % | |
| S2 | 448.82 | -6.46 % | ||
| S3 | 431.80 | -10.00 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 521.90 | 8.77 % | |
| R2 | 505.65 | 5.39 % | ||
| R1 | 503.10 | 4.86 % | ||
| Current price | 479.80 | |||
| Support | S1 | 468.70 | -2.31% | |
| S2 | 462.65 | -3.57% | ||
| S3 | 427.75 | -10.85% |
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