Mehta Housing Finance Limited Stock Forecast
Evaluation of Mehta Housing Finance Limited stock downgraded after the last trading session.
(Updated on Jun 14, 2024)
The Mehta Housing Finance Limited stock price fell by -0.472% on the last day (Friday, 14th Jun 2024) from ₹158.75 to ₹158.00. During the last trading day the stock fluctuated 3.23% from a day low at ₹153.05 to a day high of ₹158.00. The price has been going up and down for this period, and there has been a 2.6% gain for the last 2 weeks. Volume has increased on the last day by 225 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 225 shares were bought and sold for approximately ₹35.55 thousand.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹155.11 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 62.05% during the next 3 months and, with a 90% probability hold a price between ₹251.36 and ₹303.96 at the end of this 3-month period.
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MEHTAHG.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -6.51%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Mehta Housing Finance Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs". The very low volume increases the risk and reduces the other technical signals issued. The Mehta Housing Finance 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 ₹154.84 and ₹153.24. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for Mehta Housing Finance Limited stock
Mehta Housing Finance Limited finds support from accumulated volume at ₹157.00 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 and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹4.95 between high and low, or 3.23%. For the last week, the stock has had daily average volatility of 2.96%.
Our recommended stop-loss: ₹149.97 (-5.08%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 58 days ago.)
Trading Expectations (MEHTAHG.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Mehta Housing Finance Limited to open at ₹156.35, and during the day (based on 14 day Average True Range), to move between ₹153.36 and ₹162.64, which gives a possible trading interval of +/-₹4.64 (+/-2.93%) up or down from last closing price. If Mehta Housing Finance Limited takes out the full calculated possible swing range there will be an estimated 5.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹158.75 (0.47%) than the support at ₹157.00 (0.63%), 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 Mehta Housing Finance Limited stock A Buy?
Mehta Housing Finance 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: 0.000 Hold/Accumulate Downgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Mehta Housing Finance Limited of Tuesday, June 18, 2024
Fair opening price June 18, 2024 | Current price |
---|---|
₹156.35 ( 1.04%) | ₹158.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MEHTAHG.BO
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 161.30 | 2.09% |
R2 | 159.41 | 0.89% |
R1 | 158.24 | 0.152% |
Price | 158.00 | |
S1 | 154.46 | -2.24% |
S2 | 153.29 | -2.98% |
S3 | 151.40 | -4.18% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 163.00 | 3.16% |
R2 | 160.55 | 1.61% |
R1 | 158.75 | 0.475% |
Price | 158.00 | |
S1 | 157.00 | -0.633% |
S2 | 151.40 | -4.18% |
S3 | 150.00 | -5.06% |
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