Novartis India Limited Stock Forecast

Novartis India Limited stock upgraded to Buy Candidate.
(Updated on Jun 28, 2024)

NOVARTIND.BO Signals & Forecast

Mostly positive signals in the chart today. The Novartis India 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 ₹1,098.51 and ₹1,070.23. 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 10.11%. 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 stock should be watched closely. The stock had a Golden Star Signal on Friday, December 22, 2023 in the long-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 Novartis India Limited stock

Novartis India Limited finds support from accumulated volume at ₹1,092.85 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

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 ₹10.15 between high and low, or 0.92%. For the last week, the stock has had daily average volatility of 2.38%.

The Novartis India Limited stock is extremely overbought on RSI14 (85). This increases the short-term risk substantially.

Our recommended stop-loss: ₹1,059.94 (-3.99%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 85 and this increases the risk substantially. There is a buy signal from a pivot bottom found 24 days ago.)

Trading Expectations (NOVARTIND.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Novartis India Limited to open at ₹1,104.62, and during the day (based on 14 day Average True Range), to move between ₹1,071.01 and ₹1,136.99, which gives a possible trading interval of +/-₹32.99 (+/-2.99%) up or down from last closing price. If Novartis India Limited takes out the full calculated possible swing range there will be an estimated 5.98% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹1,105.80 (0.16%) than the support at ₹1,092.85 (1.01%), 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 Novartis India Limited stock 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 Novartis India Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.

Current score: 1.898 Buy Candidate Upgraded

Predicted Opening Price for Novartis India Limited of Monday, July 1, 2024

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