Royal India Corporation Limited Stock Forecast

Green day on Thursday for Royal India Corporation Limited stock after gaining 1.98%
(Updated on May 09, 2024)

ROYALIND.BO Signals & Forecast

The Royal India Corporation 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 ₹17.52 and ₹13.49. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 101.19%. 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 also not.

Support, Risk & Stop-loss for Royal India Corporation Limited stock

Royal India Corporation Limited finds support from accumulated volume at ₹18.21 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very 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 0%.

Since the Royal India Corporation Limited has been rising for 10 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: ₹17.92 (-3.50%) (This stock has very high daily movements and this gives very high risk. There is a buy signal from a pivot bottom found 35 days ago.)

Trading Expectations (ROYALIND.BO) For The Upcoming Trading Day Of Friday 10th

For the upcoming trading day on Friday, 10th we expect Royal India Corporation Limited to open at ₹18.57, and during the day (based on 14 day Average True Range), to move between ₹18.27 and ₹18.87, which gives a possible trading interval of +/-₹0.296 (+/-1.59%) up or down from last closing price. If Royal India Corporation Limited takes out the full calculated possible swing range there will be an estimated 3.19% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹18.21, some ₹0.360 (1.94%) from the current price of ₹18.57, our system finds the risk reward attractive.

Is Royal India Corporation Limited stock A Buy?

Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Royal India Corporation Limited stock to perform well in the short-term period.

Current score: 8.250 Strong Buy Candidate Unchanged

Predicted Opening Price for Royal India Corporation Limited of Friday, May 10, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.