Prince Pipes and Fittings Limi Stock Forecast
Volatile ride for Prince Pipes and Fittings Limi stock price on Friday moving between ₹600.05 and ₹682.00
(Updated on May 17, 2024)
The Prince Pipes and Fittings Limi stock price gained 1.30% on the last trading day (Friday, 17th May 2024), rising from ₹659.90 to ₹668.45. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 13.66% from a day low at ₹600.05 to a day high of ₹682.00. The price has risen in 8 of the last 10 days and is up by 5.96% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 56 thousand more shares were traded than the day before. In total, 63 thousand shares were bought and sold for approximately ₹42.29 million.
The stock lies in the upper part of a 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 ₹686.62 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 15.60% during the next 3 months and, with a 90% probability hold a price between ₹678.21 and ₹793.74 at the end of this 3-month period.
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PRINCEPIPE.BO Signals & Forecast
The Prince Pipes and Fittings Limi 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 ₹646.72 and ₹616.65. 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 27.35%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Prince Pipes and Fittings Limi stock
Prince Pipes and Fittings Limi finds support from accumulated volume at ₹635.25 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 ₹81.95 (13.66%) between high and low. For the last week, the stock has had daily average volatility of 4.39%.
Since the Prince Pipes and Fittings Limi has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹644.92 (-3.52%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 38 days ago.)
Trading Expectations (PRINCEPIPE.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Prince Pipes and Fittings Limi to open at ₹650.17, and during the day (based on 14 day Average True Range), to move between ₹645.78 and ₹691.12, which gives a possible trading interval of +/-₹22.67 (+/-3.39%) up or down from last closing price. If Prince Pipes and Fittings Limi takes out the full calculated possible swing range there will be an estimated 6.78% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹635.25, some ₹33.20 (4.97%) from the current price of ₹668.45, our system finds the risk reward attractive.
Is Prince Pipes and Fittings Limi stock A Buy?
Prince Pipes and Fittings Limi holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.784 Strong Buy Candidate Unchanged
Predicted Opening Price for Prince Pipes and Fittings Limi of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹650.17 ( 2.74%) | ₹668.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRINCEPIPE.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 732.12 | 9.52 % | |
| R2 | 700.81 | 4.84 % | ||
| R1 | 681.47 | 1.95 % | ||
| Current price: | 668.45 | |||
| Support | S1 | 618.86 | -7.42 % | |
| S2 | 599.52 | -10.31 % | ||
| S3 | 568.22 | -14.99 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 668.45 | |||
| Support | S1 | 635.25 | -4.97% | |
| S2 | 542.10 | -18.90% | ||
| S3 | 529.65 | -20.76% |
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