Icici Prudential Nifty 100 Etf ETF Forecast
Icici Prudential Nifty 100 Etf ETF downgraded from Strong Buy Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 28, 2024)
The Icici Prudential Nifty 100 Etf ETF price gained 0.290% on the last trading day (Friday, 28th Jun 2024), rising from ₹27.56 to ₹27.64. It has now gained 4 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 ETF fluctuated 0.580% from a day low at ₹27.58 to a day high of ₹27.74. The price has risen in 6 of the last 10 days and is up by 2.67% over the past 2 weeks. Volume fell on the last day by -39 thousand shares and in total, 1 thousand shares were bought and sold for approximately ₹39.28 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹28.34 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 11.12% during the next 3 months and, with a 90% probability hold a price between ₹4.90 and ₹31.49 at the end of this 3-month period.
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NIF100IETF.BO Signals & Forecast
The Icici Prudential Nifty 100 Etf ETF 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 ₹27.30 and ₹26.48. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 03, 2024, and so far it has risen 975.49%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Icici Prudential Nifty 100 Etf ETF
Icici Prudential Nifty 100 Etf finds support from accumulated volume at ₹27.38 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the ETF. During the last day, the ETF moved ₹0.160 between high and low, or 0.580%. For the last week the ETF has had daily average volatility of 2.04%.
Our recommended stop-loss: ₹26.81 (-3.00%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 40 days ago.)
Trading Expectations (NIF100IETF.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Icici Prudential Nifty 100 Etf to open at ₹27.65, and during the day (based on 14 day Average True Range), to move between ₹26.72 and ₹28.56, which gives a possible trading interval of +/-₹0.92 (+/-3.34%) up or down from last closing price. If Icici Prudential Nifty 100 Etf takes out the full calculated possible swing range there will be an estimated 6.69% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹27.38, some ₹0.260 (0.94%) from the current price of ₹27.64, our system finds the risk reward attractive.
Is Icici Prudential Nifty 100 Etf ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Icici Prudential Nifty 100 Etf ETF to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this ETF since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 4.298 Buy Candidate Downgraded
Predicted Opening Price for Icici Prudential Nifty 100 Etf of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹27.65 ( 0.0482%) | ₹27.64 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NIF100IETF.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 27.81 | 0.627% |
| R2 | 27.75 | 0.406% |
| R1 | 27.71 | 0.269% |
| Price | 27.64 | |
| S1 | 27.59 | -0.173% |
| S2 | 27.55 | -0.310% |
| S3 | 27.49 | -0.531% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 27.64 | |
| S1 | 27.38 | -0.94% |
| S2 | 25.93 | -6.19% |
| S3 | 25.18 | -8.90% |
FAQ
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