Nippon India Etf Sensex ETF Forecast
Nippon India Etf Sensex ETF price ended at ₹871.12 on Thursday, after gaining 0.473%.
(Updated on Jun 20, 2024)
The Nippon India Etf Sensex ETF price gained 0.473% on the last trading day (Thursday, 20th Jun 2024), rising from ₹867.02 to ₹871.12. It has now gained 9 days in a row. It is not often that ETFS manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the ETF fluctuated 1.41% from a day low at ₹863.32 to a day high of ₹875.48. The price has risen in 9 of the last 10 days and is up by 3.51% over the past 2 weeks. Volume fell on the last day by -72 shares and in total, 3 thousand shares were bought and sold for approximately ₹2.67 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The ETF lies in the upper part of a narrow and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹871.70 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 5.04% during the next 3 months and, with a 90% probability hold a price between ₹873.35 and ₹915.63 at the end of this 3-month period.
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SENSEXBEES.BO Signals & Forecast
Mostly positive signals in the chart today. The Nippon India Etf Sensex ETF 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 ₹864.38 and ₹839.84. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, June 06, 2024, and so far it has risen 3.59%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The ETF should be watched closely. The ETF had a Golden Star Signal on Wednesday, May 15, 2024 in the short-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.
Golden Star
The ETF had a Golden Star Signal on Wednesday, May 15, 2024 in the short-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the ETF in question.
A buy signal from a double bottom formation was found on Thursday, May 09, 2024 with a target of ₹844.96. Despite whether the objective of the signal formation has been reached the ETF may continue to perform well.
Support, Risk & Stop-loss for Nippon India Etf Sensex ETF
Nippon India Etf Sensex finds support from accumulated volume at ₹859.12 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the ETF tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the ETF moved ₹12.16 between high and low, or 1.41%. For the last week the ETF has had daily average volatility of 1.60%.
Since the Nippon India Etf Sensex has been rising for 9 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the ETF is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹832.57 (-4.43%) (This ETF has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 12 days ago.)
Trading Expectations (SENSEXBEES.BO) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect Nippon India Etf Sensex to open at ₹869.97, and during the day (based on 14 day Average True Range), to move between ₹853.50 and ₹888.74, which gives a possible trading interval of +/-₹17.62 (+/-2.02%) up or down from last closing price. If Nippon India Etf Sensex takes out the full calculated possible swing range there will be an estimated 4.05% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹859.12, some ₹12.00 (1.38%) from the current price of ₹871.12, our system finds the risk reward attractive.
Is Nippon India Etf Sensex ETF A Buy?
Nippon India Etf Sensex holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 5.315 Strong Buy Candidate Unchanged
Predicted Opening Price for Nippon India Etf Sensex of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| ₹869.97 ( 0.132%) | ₹871.12 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SENSEXBEES.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 882.13 | 1.26% |
| R2 | 877.49 | 0.731% |
| R1 | 874.62 | 0.402% |
| Price | 871.12 | |
| S1 | 865.33 | -0.665% |
| S2 | 862.46 | -0.99% |
| S3 | 857.81 | -1.53% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 871.12 | |
| S1 | 859.12 | -1.38% |
| S2 | 841.58 | -3.39% |
| S3 | 811.33 | -6.86% |
FAQ
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