Reliance Power Limited Stock Forecast

Reliance Power Limited stock downgraded to Sell Candidate
(Updated on May 03, 2024)

RPOWER.NS Signals & Forecast

A buy signal was issued from a pivot bottom point on Monday, April 15, 2024, and so far it has risen 2.88%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Reliance Power 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 ₹27.30 and ₹27.33. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Reliance Power Limited stock

Reliance Power Limited finds support from accumulated volume at ₹26.05 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 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 ₹0.80 between high and low, or 3.00%. For the last week, the stock has had daily average volatility of 2.60%.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (RPOWER.NS) For The Upcoming Trading Day Of Monday 6th

For the upcoming trading day on Monday, 6th we expect Reliance Power Limited to open at ₹26.97, and during the day (based on 14 day Average True Range), to move between ₹25.67 and ₹27.93, which gives a possible trading interval of +/-₹1.13 (+/-4.22%) up or down from last closing price. If Reliance Power Limited takes out the full calculated possible swing range there will be an estimated 8.45% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹27.35 (2.05%) than the support at ₹26.05 (2.80%), 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 Reliance Power Limited stock A Buy?

The Reliance Power Limited stock holds several negative signals and despite the positive trend, we believe Reliance Power Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -2.346 Sell Candidate Downgraded

Predicted Opening Price for Reliance Power Limited of Monday, May 6, 2024

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