Inox Wind Energy Limited Stock Forecast
Inox Wind Energy Limited stock upgraded to Strong Buy Candidate.
(Updated on May 17, 2024)
The Inox Wind Energy Limited stock price gained 3.26% on the last trading day (Friday, 17th May 2024), rising from ₹6,924.00 to ₹7,150.00. During the last trading day the stock fluctuated 5.52% from a day low at ₹6,888.00 to a day high of ₹7,268.00. The price has been going up and down for this period, and there has been a -5.12% loss for the last 2 weeks. Volume fell on the last day by -588 shares and in total, 433 shares were bought and sold for approximately ₹3.10 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very 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 stock is expected to rise 9.60% during the next 3 months and, with a 90% probability hold a price between ₹5,969.86 and ₹8,713.83 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.
IWEL.BO Signals & Forecast
The Inox Wind Energy 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 ₹6,768.53 and ₹6,517.80. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 11.67%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Inox Wind Energy Limited stock
Inox Wind Energy Limited finds support from accumulated volume at ₹7,001.00 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 much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹380.00 between high and low, or 5.52%. For the last week, the stock has had daily average volatility of 6.01%.
Our recommended stop-loss: ₹6,886.88 (-3.68%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (IWEL.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Inox Wind Energy Limited to open at ₹7,102.00, and during the day (based on 14 day Average True Range), to move between ₹6,719.89 and ₹7,580.11, which gives a possible trading interval of +/-₹430.11 (+/-6.02%) up or down from last closing price. If Inox Wind Energy Limited takes out the full calculated possible swing range there will be an estimated 12.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹7,001.00 (2.08%) than the resistance at ₹7,351.05 (2.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Inox Wind Energy Limited stock A Buy?
Inox Wind Energy Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.497 Strong Buy Candidate Upgraded
Predicted Opening Price for Inox Wind Energy Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹7,102.00 ( 0.671%) | ₹7,150.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IWEL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7,482.00 | 4.64 % | |
| R2 | 7,336.84 | 2.61 % | ||
| R1 | 7,247.16 | 1.36 % | ||
| Current price: | 7,150.00 | |||
| Support | S1 | 6,956.84 | -2.70 % | |
| S2 | 6,867.16 | -3.96 % | ||
| S3 | 6,722.00 | -5.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7,677.60 | 7.38 % | |
| R2 | 7,620.75 | 6.58 % | ||
| R1 | 7,351.05 | 2.81 % | ||
| Current price | 7,150.00 | |||
| Support | S1 | 7,001.00 | -2.08% | |
| S2 | 6,667.80 | -6.74% | ||
| S3 | 6,255.00 | -12.52% |
FAQ
Click here for our free guide on how to buy Inox Wind Energy Limited Stock.
