Nippon India Mutual Fund ETF Forecast
Green day on Friday for Nippon India Mutual Fund ETF after gaining 0.439%
(Updated on Jun 28, 2024)
The Nippon India Mutual Fund ETF price gained 0.439% on the last trading day (Friday, 28th Jun 2024), rising from ₹940.01 to ₹944.14. 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 ETF fluctuated 0.85% from a day low at ₹940.00 to a day high of ₹948.00. The price has risen in 7 of the last 10 days and is up by 1.61% 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, 6 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately ₹6.44 million.
The ETF lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the ETF is expected to rise 6.08% during the next 3 months and, with a 90% probability hold a price between ₹944.72 and ₹1,122.93 at the end of this 3-month period.
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INFRABEES.BO Signals & Forecast
The Nippon India Mutual Fund ETF 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 ₹928.77 and ₹907.84. A breakdown below any of these levels will issue sell signals. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Monday, June 03, 2024, and so far it has fallen -0.763%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Nippon India Mutual Fund ETF
Nippon India Mutual Fund finds support from accumulated volume at ₹924.88 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the ETF moved ₹8.00 (0.85%) between high and low. For the last week, the ETF has had daily average volatility of 1.03%.
Our recommended stop-loss: ₹909.50 (-3.67%) (This ETF has low daily movements and this gives low risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 35 days ago.)
Trading Expectations (INFRABEES.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Nippon India Mutual Fund to open at ₹944.05, and during the day (based on 14 day Average True Range), to move between ₹925.55 and ₹962.73, which gives a possible trading interval of +/-₹18.59 (+/-1.97%) up or down from last closing price. If Nippon India Mutual Fund takes out the full calculated possible swing range there will be an estimated 3.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹951.40 (0.77%) than the support at ₹924.88 (2.04%), 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.
Is Nippon India Mutual Fund ETF A Buy?
Nippon India Mutual Fund holds several positive signals and is within a weak 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: 5.625 Strong Buy Candidate Unchanged
Predicted Opening Price for Nippon India Mutual Fund of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹944.05 ( 0.0099%) | ₹944.14 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INFRABEES.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 952.05 | 0.84% |
| R2 | 948.99 | 0.514% |
| R1 | 947.10 | 0.314% |
| Price | 944.14 | |
| S1 | 940.99 | -0.334% |
| S2 | 939.10 | -0.534% |
| S3 | 936.05 | -0.86% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 1,008.00 | 6.76% |
| R1 | 951.40 | 0.769% |
| Price | 944.14 | |
| S1 | 924.88 | -2.04% |
| S2 | 874.74 | -7.35% |
| S3 | 871.63 | -7.68% |
FAQ
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