IndiaMART InterMESH Limited Stock Forecast
Weaker technical forecast for IndiaMART InterMESH Limited as stock downgraded to Hold/Accumulate.
(Updated on Apr 24, 2024)
The IndiaMART InterMESH Limited stock price fell by -0.0057% on the last day (Wednesday, 24th Apr 2024) from ₹2,637.25 to ₹2,637.10. During the last trading day the stock fluctuated 2.02% from a day low at ₹2,622.15 to a day high of ₹2,675.00. The price has risen in 6 of the last 10 days and is up by 3.66% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -989 shares and in total, 10 thousand shares were bought and sold for approximately ₹25.56 million.
The stock is moving within a horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect IndiaMART InterMESH Limited stock with a 90% probability to be traded between ₹2,461.19 and ₹2,705.66 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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INDIAMART.BO Signals & Forecast
The IndiaMART InterMESH Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹2,580.40 and ₹2,607.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 4.40%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A buy signal from a double bottom formation was found on Friday, April 19, 2024 and based on theory for this formation the price should go up by 9.51% to ₹2,887.80 within 22 trading days since signal was issued (Thursday, April 25, 2024).
Support, Risk & Stop-loss for IndiaMART InterMESH Limited stock
IndiaMART InterMESH Limited finds support from accumulated volume at ₹2,614.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹52.85 (2.02%) between high and low. For the last week, the stock has had daily average volatility of 3.01%.
Our recommended stop-loss: ₹2,513.54 (-4.69%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 3 days ago.)
Trading Expectations (INDIAMART.BO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect IndiaMART InterMESH Limited to open at ₹2,644.75, and during the day (based on 14 day Average True Range), to move between ₹2,566.04 and ₹2,708.16, which gives a possible trading interval of +/-₹71.06 (+/-2.69%) up or down from last closing price. If IndiaMART InterMESH Limited takes out the full calculated possible swing range there will be an estimated 5.39% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹2,645.75 (0.33%) than the support at ₹2,614.75 (0.85%), 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.
Earnings coming up
IndiaMART InterMESH Limited will release earnings BMO on Friday, April 26, 2024. We will update the financials statements for IndiaMART InterMESH Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.62% in the first trading day after earnings release.
Is IndiaMART InterMESH Limited stock A Buy?
IndiaMART InterMESH 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: -0.377 Hold/Accumulate Downgraded
Predicted Opening Price for IndiaMART InterMESH Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹2,644.75 ( 0.290%) | ₹2,637.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDIAMART.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,697.60 | 2.29 % | |
| R2 | 2,677.41 | 1.53 % | ||
| R1 | 2,664.94 | 1.06 % | ||
| Current price: | 2,637.10 | |||
| Support | S1 | 2,624.56 | -0.475 % | |
| S2 | 2,612.09 | -0.95 % | ||
| S3 | 2,591.90 | -1.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,698.45 | 2.33 % | |
| R2 | 2,682.75 | 1.73 % | ||
| R1 | 2,645.75 | 0.328 % | ||
| Current price | 2,637.10 | |||
| Support | S1 | 2,614.75 | -0.85% | |
| S2 | 2,588.45 | -1.84% | ||
| S3 | 2,518.30 | -4.50% |
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