Kovai Medical Center and Hospital Ltd Stock Forecast
Kovai Medical Center and Hospital Ltd stock upgraded from Buy Candidate to Strong Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Kovai Medical Center and Hospital Ltd stock price gained 1.67% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹4,118.45 to ₹4,187.40. During the last trading day the stock fluctuated 2.15% from a day low at ₹4,110.10 to a day high of ₹4,198.45. The price has been going up and down for this period, and there has been a 3.64% gain for the last 2 weeks. Volume fell on the last day by -971 shares and in total, 2 thousand shares were bought and sold for approximately ₹7.37 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 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 15.27% during the next 3 months and, with a 90% probability hold a price between ₹4,195.96 and ₹5,290.27 at the end of this 3-month period.
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KOVAI.BO Signals & Forecast
The Kovai Medical Center and Hospital Ltd 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 ₹4,071.10 and ₹3,851.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 24.12%. 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 Kovai Medical Center and Hospital Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹3,845.20 and ₹3,380.15. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Kovai Medical Center and Hospital Ltd finds support just below today's level at ₹3,845.20. If this is broken, then the next support from accumulated volume will be at ₹3,380.15 and ₹3,166.45.
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 ₹88.35 between high and low, or 2.15%. For the last week, the stock has had daily average volatility of 2.73%.
Our recommended stop-loss: ₹4,048.38 (-3.32%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 25 days ago.)
Trading Expectations (KOVAI.BO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Kovai Medical Center and Hospital Limited to open at ₹4,165.32, and during the day (based on 14 day Average True Range), to move between ₹4,048.62 and ₹4,326.18, which gives a possible trading interval of +/-₹138.78 (+/-3.31%) up or down from last closing price. If Kovai Medical Center and Hospital Limited takes out the full calculated possible swing range there will be an estimated 6.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹4,195.00 (0.18%) than the support at ₹3,845.20 (8.17%), 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 Kovai Medical Center and Hospital Limited stock A Buy?
Kovai Medical Center and Hospital Ltd holds several positive signals and is within a strong 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: 5.719 Strong Buy Candidate Upgraded
Predicted Opening Price for Kovai Medical Center and Hospital Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹4,165.32 ( 0.527%) | ₹4,187.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KOVAI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,253.67 | 1.58 % | |
| R2 | 4,219.92 | 0.777 % | ||
| R1 | 4,199.07 | 0.279 % | ||
| Current price: | 4,187.40 | |||
| Support | S1 | 4,131.57 | -1.33 % | |
| S2 | 4,110.72 | -1.83 % | ||
| S3 | 4,076.97 | -2.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 4,195.00 | 0.181 % | ||
| Current price | 4,187.40 | |||
| Support | S1 | 3,845.20 | -8.17% | |
| S2 | 3,380.15 | -19.28% | ||
| S3 | 3,166.45 | -24.38% |
FAQ
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