Innocorp Limited Stock Forecast
High volatility in Innocorp Limited stock price on Friday which ended trading at ₹5.30
(Updated on May 10, 2024)
The Innocorp Limited stock price fell by -5.02% on the last day (Friday, 10th May 2024) from ₹5.58 to ₹5.30. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 11.32% from a day low at ₹5.30 to a day high of ₹5.90. The price has fallen in 5 of the last 10 days and is down by -4.5% for this period. Volume has increased on the last day by 6 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 thousand shares were bought and sold for approximately ₹35.39 thousand.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -11.07% during the next 3 months and, with a 90% probability hold a price between ₹4.10 and ₹4.98 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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INNOCORP.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Innocorp 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 ₹5.34 and ₹5.35. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -7.02%. 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). Innocorp Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Innocorp Limited stock
Innocorp Limited finds support from accumulated volume at ₹5.22 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 ₹0.600 between high and low, or 11.32%. For the last week, the stock has had daily average volatility of 5.02%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INNOCORP.BO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Innocorp Limited to open at ₹5.50, and during the day (based on 14 day Average True Range), to move between ₹4.88 and ₹5.72, which gives a possible trading interval of +/-₹0.420 (+/-7.92%) up or down from last closing price. If Innocorp Limited takes out the full calculated possible swing range there will be an estimated 15.83% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹5.35 (0.94%) than the support at ₹5.22 (1.51%), 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 Innocorp Limited stock A Buy?
Innocorp Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore 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: -4.644 Sell Candidate Downgraded
Predicted Opening Price for Innocorp Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹5.50 ( 3.77%) | ₹5.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INNOCORP.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 6.10 | 15.09 % | |
| R2 | 5.87 | 10.77 % | ||
| R1 | 5.73 | 8.10 % | ||
| Current price: | 5.30 | |||
| Support | S1 | 5.27 | -0.551 % | |
| S2 | 5.13 | -3.22 % | ||
| S3 | 4.90 | -7.55 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5.72 | 7.92 % | |
| R2 | 5.70 | 7.55 % | ||
| R1 | 5.35 | 0.94 % | ||
| Current price | 5.30 | |||
| Support | S1 | 5.22 | -1.51% | |
| S2 | 5.03 | -5.09% | ||
| S3 | 5.01 | -5.47% |
FAQ
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