Puravankara Limited Stock Forecast
Volatile ride for Puravankara Limited stock price on Wednesday moving between ₹364.25 and ₹402.55
(Updated on May 29, 2024)
The Puravankara Limited stock price gained 4.79% on the last trading day (Wednesday, 29th May 2024), rising from ₹383.40 to ₹401.75. During the last trading day the stock fluctuated 10.51% from a day low at ₹364.25 to a day high of ₹402.55. The price has risen in 6 of the last 10 days and is up by 6.44% 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, 8 thousand more shares were traded than the day before. In total, 33 thousand shares were bought and sold for approximately ₹13.44 million.
The stock lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹388.27 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 125.42% during the next 3 months and, with a 90% probability hold a price between ₹875.21 and ₹1,084.36 at the end of this 3-month period.
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PURVA.BO Signals & Forecast
The Puravankara 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 ₹422.60. On a fall, the stock will find some support from the long-term average at approximately ₹372.43. 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 Tuesday, May 21, 2024, and so far it has fallen -11.09%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Puravankara Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹372.75 and ₹355.60. 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, Puravankara Limited finds support just below today's level at ₹372.75. If this is broken, then the next support from accumulated volume will be at ₹355.60 and ₹324.30.
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 ₹38.30 between high and low, or 10.51%. For the last week, the stock has had daily average volatility of 4.38%.
Our recommended stop-loss: ₹378.21 (-5.86%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 48 days ago.)
Trading Expectations (PURVA.BO) For The Upcoming Trading Day Of Thursday 30th
For the upcoming trading day on Thursday, 30th we expect Puravankara Limited to open at ₹389.52, and during the day (based on 14 day Average True Range), to move between ₹376.75 and ₹426.75, which gives a possible trading interval of +/-₹25.00 (+/-6.22%) up or down from last closing price. If Puravankara Limited takes out the full calculated possible swing range there will be an estimated 12.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹411.50 (2.43%) than the support at ₹372.75 (7.22%), 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 Puravankara 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 Puravankara Limited 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: 2.802 Buy Candidate Upgraded
Predicted Opening Price for Puravankara Limited of Thursday, May 30, 2024
| Fair opening price May 30, 2024 | Current price |
|---|---|
| ₹389.52 ( 3.05%) | ₹401.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PURVA.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 427.82 | 6.49 % | |
| R2 | 413.19 | 2.85 % | ||
| R1 | 404.15 | 0.597 % | ||
| Current price: | 401.75 | |||
| Support | S1 | 374.89 | -6.69 % | |
| S2 | 365.85 | -8.94 % | ||
| S3 | 351.22 | -12.58 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 451.85 | 12.47 % | |
| R2 | 415.60 | 3.45 % | ||
| R1 | 411.50 | 2.43 % | ||
| Current price | 401.75 | |||
| Support | S1 | 372.75 | -7.22% | |
| S2 | 355.60 | -11.49% | ||
| S3 | 324.30 | -19.28% |
FAQ
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