Lakshmi Machine Works Limited Stock Forecast

Lakshmi Machine Works Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)

LAXMIMACH.BO Signals & Forecast

A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 7.00%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Lakshmi Machine Works Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹16,353.37. On a fall, the stock will find some support from the short-term average at ₹15,930.81. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Lakshmi Machine Works Limited stock

Lakshmi Machine Works Limited finds support from accumulated volume at ₹15,577.75 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹391.90 between high and low, or 2.48%. For the last week, the stock has had daily average volatility of 1.66%.

Our recommended stop-loss: ₹15,444.80 (-4.08%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 47 days ago.)

Trading Expectations (LAXMIMACH.BO) For The Upcoming Trading Day Of Tuesday 18th

For the upcoming trading day on Tuesday, 18th we expect Lakshmi Machine Works Limited to open at ₹16,021.22, and during the day (based on 14 day Average True Range), to move between ₹15,618.13 and ₹16,585.37, which gives a possible trading interval of +/-₹483.62 (+/-3.00%) up or down from last closing price. If Lakshmi Machine Works Limited takes out the full calculated possible swing range there will be an estimated 6.01% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹16,428.80 (2.03%) than the support at ₹15,577.75 (3.25%), 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 Lakshmi Machine Works 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 Lakshmi Machine Works Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.

Current score: 1.177 Buy Candidate Upgraded

Predicted Opening Price for Lakshmi Machine Works Limited of Tuesday, June 18, 2024

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