Parmax Pharma Limited Stock Forecast

Evaluation of Parmax Pharma Limited stock downgraded after the last trading session.
(Updated on Jun 12, 2024)

PARMAX.BO Signals & Forecast

Parmax Pharma Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. The very low volume increases the risk and reduces the other technical signals issued. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Parmax Pharma Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹30.15 and ₹30.53. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 09, 2024, and so far it has fallen -15.41%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).

Support, Risk & Stop-loss for Parmax Pharma Limited stock

Parmax Pharma Limited finds support from accumulated volume at ₹29.40 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹2.02 (7.06%) between high and low. For the last week, the stock has had daily average volatility of 6.77%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (PARMAX.BO) For The Upcoming Trading Day Of Thursday 13th

For the upcoming trading day on Thursday, 13th we expect Parmax Pharma Limited to open at ₹29.63, and during the day (based on 14 day Average True Range), to move between ₹27.10 and ₹32.18, which gives a possible trading interval of +/-₹2.54 (+/-8.56%) up or down from last closing price. If Parmax Pharma Limited takes out the full calculated possible swing range there will be an estimated 17.11% move between the lowest and the highest trading price during the day.

Since the stock is closer to the support from accumulated volume at ₹29.40 (0.81%) than the resistance at ₹30.59 (3.21%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..

Is Parmax Pharma Limited stock A Buy?

The Parmax Pharma Limited stock holds several negative signals and despite the positive trend, we believe Parmax Pharma Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.288 Sell Candidate Downgraded

Predicted Opening Price for Parmax Pharma Limited of Thursday, June 13, 2024

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