Onward Technologies Limited Stock Forecast
Onward Technologies Limited stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on Apr 18, 2024)
The Onward Technologies Limited stock price fell by -1.35% on the last day (Thursday, 18th Apr 2024) from ₹503.20 to ₹496.40. During the last trading day the stock fluctuated 3.67% from a day low at ₹488.20 to a day high of ₹506.10. The price has been going up and down for this period, and there has been a 4% gain for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -50 thousand shares and in total, 65 thousand shares were bought and sold for approximately ₹32.08 million.
The stock lies the upper part of a very wide and falling 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 ₹500.58 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -23.87% during the next 3 months and, with a 90% probability hold a price between ₹290.43 and ₹381.10 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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ONWARDTEC.NS Signals & Forecast
The Onward Technologies 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 ₹486.53 and ₹480.05. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, March 18, 2024, and so far it has risen 14.43%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Onward Technologies Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹459.95 and ₹441.00. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Onward Technologies Limited finds support just below today's level at ₹459.95. If this is broken, then the next support from accumulated volume will be at ₹441.00 and ₹434.25.
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 ₹17.90 between high and low, or 3.67%. For the last week, the stock has had daily average volatility of 5.22%.
The Onward Technologies Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: ₹469.89 (-5.34%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (ONWARDTEC.NS) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Onward Technologies Limited to open at ₹496.90, and during the day (based on 14 day Average True Range), to move between ₹476.06 and ₹516.74, which gives a possible trading interval of +/-₹20.34 (+/-4.10%) up or down from last closing price. If Onward Technologies Limited takes out the full calculated possible swing range there will be an estimated 8.19% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹459.95 (7.34%) than the resistance at ₹599.60 (20.79%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Onward Technologies Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for 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: 2.154 Buy Candidate Upgraded
Predicted Opening Price for Onward Technologies Limited of Friday, April 19, 2024
| Fair opening price April 19, 2024 | Current price |
|---|---|
| ₹496.90 ( 0.101%) | ₹496.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ONWARDTEC.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 514.80 | 3.71 % | |
| R2 | 507.96 | 2.33 % | ||
| R1 | 503.74 | 1.48 % | ||
| Current price: | 496.40 | |||
| Support | S1 | 490.06 | -1.28 % | |
| S2 | 485.84 | -2.13 % | ||
| S3 | 479.00 | -3.51 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 619.70 | 24.84 % | |
| R2 | 610.10 | 22.90 % | ||
| R1 | 599.60 | 20.79 % | ||
| Current price | 496.40 | |||
| Support | S1 | 459.95 | -7.34% | |
| S2 | 441.00 | -11.16% | ||
| S3 | 434.25 | -12.52% |
ONWARDTEC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 10, 2023 | Jul 10, 2023 | Jul 10, 2023 | ₹3.00 | 0.618% |
| 2 | Jul 08, 2022 | Jul 08, 2022 | Jul 08, 2022 | ₹3.00 | 1.05% |
| 3 | Jul 07, 2021 | Jul 07, 2021 | Jul 07, 2021 | ₹3.00 | 1.32% |
| 4 | May 15, 2020 | Jul 08, 2020 | Aug 15, 2020 | ₹1.50 | 2.37% |
| 5 | May 17, 2019 | Jul 17, 2019 | Aug 24, 2019 | ₹1.50 | 2.54% |
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