Manorama Industries Limited Stock Forecast

Manorama Industries Limited stock upgraded to Buy Candidate.
(Updated on Apr 26, 2024)

MANORAMA.BO Signals & Forecast

Mostly positive signals in the chart today. The Manorama Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹597.81 and ₹622.52. 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 107.80%. 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). Volume is rising along with the price. This is considered to be a good technical signal.

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

Manorama Industries Limited finds support from accumulated volume at ₹628.50 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 very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹38.95 between high and low, or 6.44%. For the last week, the stock has had daily average volatility of 9.94%.

The Manorama Industries Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: ₹622.12 (-3.30%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 27 days ago.)

Trading Expectations (MANORAMA.BO) For The Upcoming Trading Day Of Monday 29th

For the upcoming trading day on Monday, 29th we expect Manorama Industries Limited to open at ₹630.37, and during the day (based on 14 day Average True Range), to move between ₹585.64 and ₹701.06, which gives a possible trading interval of +/-₹57.71 (+/-8.97%) up or down from last closing price. If Manorama Industries Limited takes out the full calculated possible swing range there will be an estimated 17.94% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹628.50, some ₹14.85 (2.31%) from the current price of ₹643.35, our system finds the risk reward attractive.

Is Manorama Industries Limited stock A Buy?

Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 1.504 Buy Candidate Upgraded

Predicted Opening Price for Manorama Industries Limited of Monday, April 29, 2024

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