Inox Green Energy Services Limited Stock Forecast
Inox Green Energy Services Limited stock upgraded to Buy Candidate.
(Updated on Jun 28, 2024)
The Inox Green Energy Services Limited stock price fell by -0.365% on the last day (Friday, 28th Jun 2024) from ₹177.89 to ₹177.24. During the last trading day the stock fluctuated 5.90% from a day low at ₹172.61 to a day high of ₹182.80. The price has risen in 7 of the last 10 days and is up by 25.83% 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 -4 million shares and in total, 4 million shares were bought and sold for approximately ₹629.87 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 34.19% during the next 3 months and, with a 90% probability hold a price between ₹208.66 and ₹247.61 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
INOXGREEN.NS Signals & Forecast
The Inox Green Energy Services 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 ₹171.94 and ₹145.97. 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). 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 Wednesday, June 26, 2024, and so far it has fallen -1.86%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Inox Green Energy Services Limited stock
Inox Green Energy Services Limited finds support from accumulated volume at ₹170.82 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹10.19 between high and low, or 5.90%. For the last week, the stock has had daily average volatility of 7.30%.
Our recommended stop-loss: ₹171.09 (-3.47%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (INOXGREEN.NS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Inox Green Energy Services Limited to open at ₹177.55, and during the day (based on 14 day Average True Range), to move between ₹168.14 and ₹186.34, which gives a possible trading interval of +/-₹9.10 (+/-5.13%) up or down from last closing price. If Inox Green Energy Services Limited takes out the full calculated possible swing range there will be an estimated 10.27% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹177.89 (0.37%) than the support at ₹170.82 (3.62%), 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 Inox Green Energy Services Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Inox Green Energy Services Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 1.131 Buy Candidate Upgraded
Predicted Opening Price for Inox Green Energy Services Limited of Monday, July 1, 2024
Fair opening price July 1, 2024 | Current price |
---|---|
₹177.55 ( 0.175%) | ₹177.24 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INOXGREEN.NS
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 187.74 | 5.92% |
R2 | 183.85 | 3.73% |
R1 | 181.44 | 2.37% |
Price | 177.24 | |
S1 | 173.66 | -2.02% |
S2 | 171.25 | -3.38% |
S3 | 167.36 | -5.57% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 180.60 | 1.90% |
R1 | 177.89 | 0.367% |
Price | 177.24 | |
S1 | 170.82 | -3.62% |
S2 | 159.32 | -10.11% |
S3 | 141.51 | -20.16% |
FAQ
Click here for our free guide on how to buy Inox Green Energy Services Limited Stock.