Polytex India Limited Stock Forecast
Weaker technical forecast for Polytex India Limited as stock downgraded to Hold/Accumulate.
(Updated on May 03, 2024)
The Polytex India Limited stock price gained 1.90% on the last trading day (Friday, 3rd May 2024), rising from ₹7.35 to ₹7.49. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 0% from a day low at ₹7.49 to a day high of ₹7.49. The price has risen in 8 of the last 10 days and is up by 12.13% over the past 2 weeks. Volume fell on the last day by -4 thousand shares and in total, 10 thousand shares were bought and sold for approximately ₹77.46 thousand. 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 stock lies in the upper part of a very wide and strong rising 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 ₹7.52 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 10.15% during the next 3 months and, with a 90% probability hold a price between ₹6.15 and ₹8.29 at the end of this 3-month period.
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POLYTEX.BO Signals & Forecast
The Polytex 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 ₹7.15 and ₹6.29. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, April 02, 2024, and so far it has risen 40.00%. 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 during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Polytex India Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹6.85 and ₹5.97. 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, Polytex India Limited finds support just below today's level at ₹6.85. If this is broken, then the next support from accumulated volume will be at ₹5.97 and ₹5.75.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.16%.
Our recommended stop-loss: ₹7.16 (-4.34%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (POLYTEX.BO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Polytex India Limited to open at ₹7.49, and during the day (based on 14 day Average True Range), to move between ₹7.31 and ₹7.67, which gives a possible trading interval of +/-₹0.178 (+/-2.38%) up or down from last closing price. If Polytex India Limited takes out the full calculated possible swing range there will be an estimated 4.75% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹6.85, some ₹0.640 (8.54%) from the current price of ₹7.49, our system finds the risk reward attractive.
Is Polytex India Limited stock A Buy?
Polytex India Limited 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 stock since the last evaluation from a Strong 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 Polytex India Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹7.49 ( 0.00000000%) | ₹7.49 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for POLYTEX.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7.49 | 0.00000000 % | |
| R2 | 7.49 | 0.00000000 % | ||
| R1 | 7.49 | 0.00000000 % | ||
| Current price: | 7.49 | |||
| Support | S1 | 7.49 | 0.00000000 % | |
| S2 | 7.49 | 0.00000000 % | ||
| S3 | 7.49 | 0.00000000 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 7.49 | |||
| Support | S1 | 6.85 | -8.54% | |
| S2 | 5.97 | -20.29% | ||
| S3 | 5.75 | -23.23% |
FAQ
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