Machhar Industries Limited Stock Forecast

Machhar Industries Limited stock upgraded to Strong Buy Candidate.
(Updated on Jun 28, 2024)

MACIND.BO Signals & Forecast

Mostly positive signals in the chart today. The Machhar Industries 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 ₹340.43 and ₹335.01. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, June 07, 2024, and so far it has risen 44.79%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Machhar Industries Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for Machhar Industries Limited stock

Machhar Industries Limited finds support from accumulated volume at ₹346.95 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 ₹7.05 between high and low, or 1.99%. For the last week, the stock has had daily average volatility of 0.664%.

The Machhar Industries Limited stock is extremely overbought on RSI14 (95). This increases the short-term risk substantially. Since the Machhar Industries Limited has been rising for 10 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹349.71 (-3.10%) (This stock has high daily movements and this gives high risk. The RSI14 is 95 and this increases the risk substantially. There is a buy signal from a pivot bottom found 33 days ago.)

Trading Expectations (MACIND.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Machhar Industries Limited to open at ₹358.55, and during the day (based on 14 day Average True Range), to move between ₹351.19 and ₹370.61, which gives a possible trading interval of +/-₹9.71 (+/-2.69%) up or down from last closing price. If Machhar Industries Limited takes out the full calculated possible swing range there will be an estimated 5.38% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹364.45 (0.98%) than the support at ₹346.95 (3.87%), 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 Machhar Industries Limited stock A Buy?

Machhar Industries 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: 6.832 Strong Buy Candidate Upgraded

Predicted Opening Price for Machhar Industries Limited of Monday, July 1, 2024

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