Nippon India ETF Nifty BeES Stock Forecast

Nippon India ETF Nifty BeES stock downgraded from Strong Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 04, 2024)

NIFTYBEES.BO Signals & Forecast

The Nippon India ETF Nifty BeES stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹253.05. On a fall, the stock will find some support from the long-term average at approximately ₹249.12. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Monday, June 03, 2024, and so far it has fallen -3.00%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The stock had a Golden Star Signal on Wednesday, May 15, 2024 in the short-term chart.

Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.

Support, Risk & Stop-loss for Nippon India ETF Nifty BeES stock

Nippon India ETF Nifty BeES finds support from accumulated volume at ₹250.25 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 ₹13.50 between high and low, or 5.48%. For the last week the stock has had daily average volatility of 2.26%.

Our recommended stop-loss: ₹240.78 (-3.88%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 3 days ago.)

Trading Expectations (NIFTYBEES.BO) For The Upcoming Trading Day Of Wednesday 5th

For the upcoming trading day on Wednesday, 5th we expect Nippon India ETF Nifty BeES to open at ₹252.33, and during the day (based on 14 day Average True Range), to move between ₹246.35 and ₹254.65, which gives a possible trading interval of +/-₹4.15 (+/-1.66%) up or down from last closing price. If Nippon India ETF Nifty BeES takes out the full calculated possible swing range there will be an estimated 3.31% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹250.25 (0.10%) than the resistance at ₹254.18 (1.47%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Nippon India ETF Nifty BeES stock A Buy?

Nippon India ETF Nifty BeES 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 Strong Buy to a Hold/Accumulate candidate.

Current score: -0.944 Hold/Accumulate Downgraded

Predicted Opening Price for Nippon India ETF Nifty BeES of Wednesday, June 5, 2024

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