Loyal Textile Mills Limited Stock Forecast

Weaker technical forecast for Loyal Textile Mills Limited as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)

LOYALTEX.BO Signals & Forecast

The Loyal Textile Mills 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 ₹577.39 and ₹564.92. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 15.20%. 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. The stock had a Golden Star Signal on Thursday, April 25, 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 stock in question.

Support, Risk & Stop-loss for Loyal Textile Mills Limited stock

Loyal Textile Mills Limited finds support from accumulated volume at ₹592.00 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 ₹41.35 between high and low, or 7.04%. For the last week the stock has had daily average volatility of 3.94%.

Our recommended stop-loss: ₹561.10 (-5.40%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (LOYALTEX.BO) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Loyal Textile Mills Limited to open at ₹602.98, and during the day (based on 14 day Average True Range), to move between ₹564.33 and ₹621.87, which gives a possible trading interval of +/-₹28.77 (+/-4.85%) up or down from last closing price. If Loyal Textile Mills Limited takes out the full calculated possible swing range there will be an estimated 9.70% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹592.00 (0.19%) than the resistance at ₹602.55 (1.59%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Loyal Textile Mills Limited stock A Buy?

Loyal Textile Mills 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: 0.282 Hold/Accumulate Downgraded

Predicted Opening Price for Loyal Textile Mills Limited of Monday, May 6, 2024

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