Omax Autos Limited Stock Forecast

Green day on Friday for Omax Autos Limited stock after gaining 1.40%
(Updated on May 10, 2024)

OMAXAUTO.NS Signals & Forecast

The Omax Autos Limited 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 ₹130.86. On a fall, the stock will find some support from the long-term average at approximately ₹116.67. 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). Volume is rising along with the price. This is considered to be a good technical signal. 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 Friday, May 03, 2024, and so far it has fallen -2.91%. Further fall is indicated until a new bottom pivot has been found.

Support, Risk & Stop-loss for Omax Autos Limited stock

Omax Autos Limited finds support from accumulated volume at ₹124.60 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 ₹2.10 between high and low, or 1.64%. For the last week, the stock has had daily average volatility of 0.95%.

Our recommended stop-loss: ₹124.46 (-4.33%) (This stock has high daily movements and this gives high risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 5 days ago.)

Trading Expectations (OMAXAUTO.NS) For The Upcoming Trading Day Of Monday 13th

For the upcoming trading day on Monday, 13th we expect Omax Autos Limited to open at ₹129.40, and during the day (based on 14 day Average True Range), to move between ₹127.34 and ₹132.86, which gives a possible trading interval of +/-₹2.76 (+/-2.12%) up or down from last closing price. If Omax Autos Limited takes out the full calculated possible swing range there will be an estimated 4.24% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹130.40 (0.23%) than the support at ₹124.60 (4.23%), 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 Omax Autos 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 Omax Autos Limited stock to perform well in the short-term.

Current score: 1.686 Buy Candidate Unchanged

Predicted Opening Price for Omax Autos Limited of Monday, May 13, 2024

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