Mindteck Stock Forecast

Weaker technical forecast for Mindteck as stock downgraded to Sell Candidate.
(Updated on May 31, 2024)

MINDTECK.BO Signals & Forecast

There are few to no technical positive signals at the moment. The Mindteck stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹277.80 and ₹299.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 06, 2024, and so far it has fallen -22.89%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Mindteck stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹248.30 and ₹207.50. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Mindteck finds support just below today's level at ₹248.30. If this is broken, then the next support from accumulated volume will be at ₹207.50 and ₹203.10.

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 ₹17.75 between high and low, or 6.83%. For the last week, the stock has had daily average volatility of 6.12%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (MINDTECK.BO) For The Upcoming Trading Day Of Monday 3rd

For the upcoming trading day on Monday, 3rd we expect Mindteck to open at ₹266.57, and during the day (based on 14 day Average True Range), to move between ₹243.36 and ₹280.54, which gives a possible trading interval of +/-₹18.59 (+/-7.10%) up or down from last closing price. If Mindteck takes out the full calculated possible swing range there will be an estimated 14.19% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹248.30 (5.21%) than the resistance at ₹282.00 (7.65%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Mindteck stock A Buy?

The Mindteck stock holds several negative signals and despite the positive trend, we believe Mindteck will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.810 Sell Candidate Downgraded

Predicted Opening Price for Mindteck of Monday, June 3, 2024

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