Rain Industries Limited Stock Forecast
Rain Industries Limited stock price down 3.03% on Friday
(Updated on May 31, 2024)
The Rain Industries Limited stock price fell by -3.03% on the last day (Friday, 31st May 2024) from ₹168.40 to ₹163.30. During the last trading day the stock fluctuated 4.20% from a day low at ₹162.05 to a day high of ₹168.85. The price has been going up and down for this period, and there has been a 1.15% gain for the last 2 weeks. Volume has increased on the last day by 150 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 198 thousand shares were bought and sold for approximately ₹32.30 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Rain Industries Limited stock with a 90% probability to be traded between ₹154.18 and ₹184.31 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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RAIN.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Friday, May 10, 2024, and so far it has risen 4.38%. 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. The Rain Industries 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 ₹167.89 and ₹170.21. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Rain Industries Limited stock
Rain Industries Limited finds support from accumulated volume at ₹160.30 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹6.80 between high and low, or 4.20%. For the last week, the stock has had daily average volatility of 3.90%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RAIN.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Rain Industries Limited to open at ₹164.73, and during the day (based on 14 day Average True Range), to move between ₹157.18 and ₹169.42, which gives a possible trading interval of +/-₹6.12 (+/-3.75%) up or down from last closing price. If Rain Industries Limited takes out the full calculated possible swing range there will be an estimated 7.50% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹160.30 (1.84%) than the resistance at ₹169.05 (3.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Rain Industries Limited stock A Buy?
Rain Industries Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.311 Sell Candidate Unchanged
Predicted Opening Price for Rain Industries Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹164.73 ( 0.88%) | ₹163.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RAIN.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 171.53 | 5.04 % | |
| R2 | 168.94 | 3.45 % | ||
| R1 | 167.33 | 2.47 % | ||
| Current price: | 163.30 | |||
| Support | S1 | 162.14 | -0.713 % | |
| S2 | 160.53 | -1.70 % | ||
| S3 | 157.93 | -3.29 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 180.45 | 10.50 % | |
| R2 | 172.05 | 5.36 % | ||
| R1 | 169.05 | 3.52 % | ||
| Current price | 163.30 | |||
| Support | S1 | 160.30 | -1.84% | |
| S2 | 154.10 | -5.63% | ||
| S3 | 150.60 | -7.78% |
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