Jindal Worldwide Limited Stock Forecast

Jindal Worldwide Limited stock downgraded from Buy Candidate to Hold/Accumulate after Monday trading session.
(Updated on May 06, 2024)

JINDWORLD.BO Signals & Forecast

The Jindal Worldwide Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹340.94. On a fall, the stock will find some support from the long-term average at approximately ₹336.83. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 9.50%. Further rise is indicated until a new top pivot has been found. 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). Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.

Support, Risk & Stop-loss for Jindal Worldwide Limited stock

Jindal Worldwide Limited finds support from accumulated volume at ₹334.80 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹14.05 between high and low, or 4.14%. For the last week the stock has had daily average volatility of 3.80%.

Our recommended stop-loss: ₹321.18 (-5.66%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (JINDWORLD.BO) For The Upcoming Trading Day Of Tuesday 7th

For the upcoming trading day on Tuesday, 7th we expect Jindal Worldwide Limited to open at ₹344.37, and during the day (based on 14 day Average True Range), to move between ₹325.11 and ₹355.79, which gives a possible trading interval of +/-₹15.34 (+/-4.51%) up or down from last closing price. If Jindal Worldwide Limited takes out the full calculated possible swing range there will be an estimated 9.01% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹334.80 (1.66%) than the resistance at ₹351.85 (3.35%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Jindal Worldwide Limited stock A Buy?

Jindal Worldwide Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.344 Hold/Accumulate Downgraded

Predicted Opening Price for Jindal Worldwide Limited of Tuesday, May 7, 2024

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