National Aluminium Company Limited Stock Forecast

National Aluminium Company Limited stock upgraded to Strong Buy Candidate.
(Updated on Jun 21, 2024)

NATIONALUM.BO Signals & Forecast

The National Aluminium Company 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 ₹188.79 and ₹186.37. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 22.03%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for National Aluminium Company Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹181.90 and ₹174.60. 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, National Aluminium Company Limited finds support just below today's level at ₹181.90. If this is broken, then the next support from accumulated volume will be at ₹174.60 and ₹158.85.

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 ₹5.75 between high and low, or 3.01%. For the last week, the stock has had daily average volatility of 3.50%.

Our recommended stop-loss: ₹184.94 (-4.60%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 22 days ago.)

Trading Expectations (NATIONALUM.BO) For The Upcoming Trading Day Of Monday 24th

For the upcoming trading day on Monday, 24th we expect National Aluminium Company Limited to open at ₹193.93, and during the day (based on 14 day Average True Range), to move between ₹185.12 and ₹202.58, which gives a possible trading interval of +/-₹8.73 (+/-4.50%) up or down from last closing price. If National Aluminium Company Limited takes out the full calculated possible swing range there will be an estimated 9.01% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹194.25 (0.21%) than the support at ₹181.90 (6.16%), 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 National Aluminium Company Limited stock A Buy?

National Aluminium Company Limited holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 7.148 Strong Buy Candidate Upgraded

Predicted Opening Price for National Aluminium Company Limited of Monday, June 24, 2024

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