Minda Corporation Limited Stock Forecast
Stronger technical forecast for Minda Corporation Limited stock price after Friday trading.
(Updated on May 10, 2024)
The Minda Corporation Limited stock price gained 2.07% on the last trading day (Friday, 10th May 2024), rising from ₹405.55 to ₹413.95. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.93% from a day low at ₹400.55 to a day high of ₹420.30. The price has risen in 5 of the last 10 days and is up by 1.01% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 748 more shares were traded than the day before. In total, 17 thousand shares were bought and sold for approximately ₹7.16 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Minda Corporation Limited stock with a 90% probability to be traded between ₹365.53 and ₹419.40 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MINDACORP.BO Signals & Forecast
The Minda Corporation 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 ₹408.15 and ₹407.94. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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 -2.45%. 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).
Support, Risk & Stop-loss for Minda Corporation Limited stock
Minda Corporation Limited finds support from accumulated volume at ₹406.80 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹19.75 between high and low, or 4.93%. For the last week the stock has had daily average volatility of 2.89%.
Our recommended stop-loss: ₹398.02 (-3.85%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 21 days ago.)
Trading Expectations (MINDACORP.BO) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Minda Corporation Limited to open at ₹411.60, and during the day (based on 14 day Average True Range), to move between ₹402.11 and ₹425.79, which gives a possible trading interval of +/-₹11.84 (+/-2.86%) up or down from last closing price. If Minda Corporation Limited takes out the full calculated possible swing range there will be an estimated 5.72% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹406.80 (1.73%) than the resistance at ₹425.05 (2.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Minda Corporation Limited will release earnings BMO on Friday, May 17, 2024. We will update the financials statements for Minda Corporation Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 3.98% in the first trading day after earnings release.
Is Minda Corporation Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Minda Corporation Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.195 Buy Candidate Upgraded
Predicted Opening Price for Minda Corporation Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹411.60 ( 0.568%) | ₹413.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MINDACORP.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 431.35 | 4.20 % | |
| R2 | 423.81 | 2.38 % | ||
| R1 | 419.14 | 1.25 % | ||
| Current price: | 413.95 | |||
| Support | S1 | 404.06 | -2.39 % | |
| S2 | 399.39 | -3.52 % | ||
| S3 | 391.85 | -5.34 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 429.90 | 3.85 % | |
| R2 | 428.30 | 3.47 % | ||
| R1 | 425.05 | 2.68 % | ||
| Current price | 413.95 | |||
| Support | S1 | 406.80 | -1.73% | |
| S2 | 406.20 | -1.87% | ||
| S3 | 377.90 | -8.71% |
FAQ
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