Icici Prudential Nifty It Etf ETF Forecast

Green day on Friday for Icici Prudential Nifty It Etf ETF after gaining 0.390%
(Updated on Jun 28, 2024)

ITIETF.BO Signals & Forecast

Mostly positive signals in the chart today. The Icici Prudential Nifty It Etf 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 ₹37.82 and ₹36.26. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 11.81%. Further rise is indicated until a new top pivot has been found. 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. The ETF had a Golden Star Signal on Wednesday, June 05, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.

Support, Risk & Stop-loss for Icici Prudential Nifty It Etf ETF

Icici Prudential Nifty It Etf finds support from accumulated volume at ₹37.53 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the ETF moved ₹0.490 between high and low, or 1.28%. For the last week, the ETF has had daily average volatility of 1.68%.

The Icici Prudential Nifty It Etf ETF is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the ETF is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.

Our recommended stop-loss: ₹36.98 (-4.28%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 25 days ago.)

Trading Expectations (ITIETF.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Icici Prudential Nifty It Etf to open at ₹38.57, and during the day (based on 14 day Average True Range), to move between ₹37.95 and ₹39.31, which gives a possible trading interval of +/-₹0.680 (+/-1.76%) up or down from last closing price. If Icici Prudential Nifty It Etf takes out the full calculated possible swing range there will be an estimated 3.52% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹37.53, some ₹1.10 (2.85%) from the current price of ₹38.63, our system finds the risk reward attractive.

Is Icici Prudential Nifty It Etf ETF 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 Icici Prudential Nifty It Etf ETF to perform well in the short-term.

Current score: 4.220 Buy Candidate Unchanged

Predicted Opening Price for Icici Prudential Nifty It Etf of Monday, July 1, 2024

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