Nandan Denim Limited Stock Forecast

Nandan Denim Limited stock downgraded from Buy Candidate to Hold/Accumulate after Thursday trading session.
(Updated on Apr 18, 2024)

NDL.BO Signals & Forecast

The Nandan Denim 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 ₹40.63 and ₹36.44. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 39.78%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.

Support, Risk & Stop-loss for Nandan Denim Limited stock

Nandan Denim Limited finds support from accumulated volume at ₹43.79 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹4.29 between high and low, or 9.70%. For the last week, the stock has had daily average volatility of 10.38%.

Our recommended stop-loss: ₹42.63 (-4.70%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 21 days ago.)

Trading Expectations (NDL.BO) For The Upcoming Trading Day Of Friday 19th

For the upcoming trading day on Friday, 19th we expect Nandan Denim Limited to open at ₹45.81, and during the day (based on 14 day Average True Range), to move between ₹41.75 and ₹47.71, which gives a possible trading interval of +/-₹2.98 (+/-6.66%) up or down from last closing price. If Nandan Denim Limited takes out the full calculated possible swing range there will be an estimated 13.31% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹43.79, some ₹0.94 (2.10%) from the current price of ₹44.73, our system finds the risk reward attractive.

Is Nandan Denim Limited stock A Buy?

Nandan Denim 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 Nandan Denim Limited of Friday, April 19, 2024

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