Modern Steels Limited Stock Forecast

Stronger technical forecast for Modern Steels Limited stock price after Tuesday trading.
(Updated on May 21, 2024)

MDRNSTL.BO Signals & Forecast

The Modern Steels 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 ₹22.39 and ₹21.94. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Modern Steels 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. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Friday, April 05, 2024, and so far it has fallen -9.98%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Modern Steels Limited stock

Modern Steels Limited finds support from accumulated volume at ₹22.25 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 ₹0.780 between high and low, or 3.52%. For the last week, the stock has had daily average volatility of 5.40%.

Our recommended stop-loss: ₹21.22 (-5.94%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 33 days ago.)

Trading Expectations (MDRNSTL.BO) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect Modern Steels Limited to open at ₹22.56, and during the day (based on 14 day Average True Range), to move between ₹21.21 and ₹23.91, which gives a possible trading interval of +/-₹1.35 (+/-5.99%) up or down from last closing price. If Modern Steels Limited takes out the full calculated possible swing range there will be an estimated 11.99% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹22.25 (1.37%) than the resistance at ₹23.87 (5.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Modern Steels Limited stock A Buy?

Modern Steels 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.

Current score: -0.965 Hold/Accumulate Upgraded

Predicted Opening Price for Modern Steels Limited of Wednesday, May 22, 2024

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