Nippon India Nifty BeES ETF Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Evaluation of Nippon India Nifty BeES ETF downgraded after the last trading session.
(Updated on Jun 25, 2024)
The Nippon India Nifty BeES ETF price gained 0.738% on the last trading day (Tuesday, 25th Jun 2024), rising from ₹261.66 to ₹263.59. During the last trading day the ETF fluctuated 3.49% from a day low at ₹255.00 to a day high of ₹263.90. The price has risen in 8 of the last 10 days and is up by 2.19% over the past 2 weeks. Volume fell on the last day by -427 thousand shares and in total, 3 million shares were bought and sold for approximately ₹812.48 million. 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 has broken the narrow and weak rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹263.55, a level that may pose a second chance to hit a runner. According to fan-theory ₹275.94 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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NIFTYBEES.NS Signals & Forecast
The Nippon India Nifty BeES 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 ₹261.63 and ₹253.66. 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 5.23%. 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 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 ETF should be watched closely. The ETF 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 ETF in question.
Golden Star
The ETF 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 ETF in question.
A buy signal from a double bottom formation was found on Thursday, May 09, 2024 with a target of ₹254.44. Despite whether the objective of the signal formation has been reached the ETF may continue to perform well.
Support, Risk & Stop-loss for Nippon India Nifty BeES ETF
Nippon India Nifty BeES finds support from accumulated volume at ₹258.14 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 very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved ₹8.90 between high and low, or 3.49%. For the last week the ETF has had daily average volatility of 1.56%.
The Nippon India Nifty BeES ETF is extremely overbought on RSI14 (91). Normally this may pose a good selling opportunity but since the ETF has broken the trend up, the chance for a major correction due to high RSI is very small as the ETF will find support at the trend broken.
Our recommended stop-loss: ₹252.63 (-4.16%) (This ETF has low daily movements and this gives low risk. The RSI14 is 91 and this increases the risk substantially. There is a buy signal from a pivot bottom found 15 days ago.)
Trading Expectations (NIFTYBEES.NS) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Nippon India ETF Nifty BeES to open at ₹260.83, and during the day (based on 14 day Average True Range), to move between ₹259.22 and ₹267.96, which gives a possible trading interval of +/-₹4.37 (+/-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.
With no resistance above and support from accumulated volume @ ₹258.14, some ₹5.45 (2.07%) from the current price of ₹263.59, our system finds the risk reward attractive.
Is Nippon India ETF Nifty BeES ETF A Buy?
Nippon India 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 ETF 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 Nippon India ETF Nifty BeES of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹260.83 ( 1.05%) | ₹263.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NIFTYBEES.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 269.73 | 2.33% |
| R2 | 266.33 | 1.04% |
| R1 | 264.23 | 0.243% |
| Price | 263.59 | |
| S1 | 257.43 | -2.34% |
| S2 | 255.33 | -3.13% |
| S3 | 251.93 | -4.42% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 263.59 | |
| S1 | 258.14 | -2.07% |
| S2 | 251.30 | -4.66% |
| S3 | 250.48 | -4.97% |
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