Green day on Friday for Puravankara Limited stock after gaining 1.39%
(Updated on Sep 30, 2022)
Sell candidate since 2022-09-19 Loss -5.26% PDF
The Puravankara Limited stock price gained 1.39% on the last trading day (Friday, 30th Sep 2022), rising from ₹93.25 to ₹94.55. During the last trading day the stock fluctuated 4.45% from a day low at ₹92.15 to a day high of ₹96.25. The price has fallen in 7 of the last 10 days and is down by -10.42% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 142 thousand more shares were traded than the day before. In total, 213 thousand shares were bought and sold for approximately ₹20.10 million.
The stock lies in the lower part of a very 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 ₹93.57 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 19.91% during the next 3 months and, with a 90% probability hold a price between ₹112.20 and ₹142.56 at the end of this 3-month period.
Signals & Forecast
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. The Puravankara 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 ₹96.25 and ₹103.13. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, September 13, 2022, and so far it has fallen -17.60%. 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
On the downside, the stock finds support just below today's level from accumulated volume at ₹89.00 and ₹88.15. 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 ₹89.00. If this is broken, then the next support from accumulated volume will be at ₹88.15 and ₹88.05.
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 ₹4.10 between high and low, or 4.45%. For the last week, the stock has had daily average volatility of 4.14%.
Puravankara Limited is oversold on RSI14 (12). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Puravankara Limited to open at ₹94.32, and during the day (based on 14 day Average True Range), to move between ₹90.19 and ₹98.91, which gives a possible trading interval of +/-₹4.36 (+/-4.61%) up or down from last closing price. If Puravankara Limited takes out the full calculated possible swing range there will be an estimated 9.22% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹99.80 (5.55%) than the support at ₹89.00 (5.87%), 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?
The Puravankara Limited stock holds several negative signals and despite the positive trend, we believe Puravankara Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -2.527Sell Candidate Unchanged
Predicted Opening Price for Puravankara Limited of Monday, October 3, 2022
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price October 3, 2022||Current price|
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About Puravankara Limited
Puravankara Limited, together with its subsidiaries, develops residential and commercial properties in India and internationally. The company develops affordable homes, as well as amenities and facilities, such as swimming pools, club houses, and multipurpose halls. It markets its projects under the Purva, Puravankara, and Provident brand names. The company was formerly known as Puravankara Projects Limited and changed its name to Puravankara Lim... PURVA.NS Profile
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