The Indian Card Clothing Company Limited Stock Forecast

The Indian Card Clothing Company Limited stock downgraded to Sell Candidate
(Updated on May 31, 2024)

INDIANCARD.BO Signals & Forecast

The Indian Card Clothing 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The The Indian Card Clothing Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹267.41 and ₹271.32. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 17, 2024, and so far it has fallen -9.54%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for The Indian Card Clothing Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹246.30 and ₹240.45. 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, The Indian Card Clothing Company Limited finds support just below today's level at ₹246.30. If this is broken, then the next support from accumulated volume will be at ₹240.45 and ₹239.25.

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 ₹5.30 between high and low, or 2.04%. For the last week, the stock has had daily average volatility of 2.80%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (INDIANCARD.BO) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect The Indian Card Clothing Company Limited to open at ₹261.82, and during the day (based on 14 day Average True Range), to move between ₹247.82 and ₹272.48, which gives a possible trading interval of +/-₹12.33 (+/-4.74%) up or down from last closing price. If The Indian Card Clothing Company Limited takes out the full calculated possible swing range there will be an estimated 9.48% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹246.30 (5.32%) than the resistance at ₹275.00 (5.71%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is The Indian Card Clothing Company Limited stock A Buy?

The The Indian Card Clothing Company Limited stock holds several negative signals and despite the positive trend, we believe The Indian Card Clothing Company Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.185 Sell Candidate Downgraded

Predicted Opening Price for The Indian Card Clothing Company Limited of Monday, June 3, 2024

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