SBI Mutual Fund-Permitted ETF Forecast
Red day on Friday for SBI Mutual Fund-Permitted
(Updated on Jun 28, 2024)
The SBI Mutual Fund-Permitted ETF price fell by -0.676% on the last day (Friday, 28th Jun 2024) from ₹535.78 to ₹532.16. During the last trading day the ETF fluctuated 1.28% from a day low at ₹531.71 to a day high of ₹538.50. The price has risen in 7 of the last 10 days and is up by 5.16% over the past 2 weeks. Volume fell on the last day along with the ETF, which is actually a good sign as volume should follow the ETF. On the last day, the trading volume fell by -5 thousand shares and in total, 2 thousand shares were bought and sold for approximately ₹1.12 million.
The ETF lies in the upper part of a 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 ₹537.89 will firstly indicate a stronger rate of rising. Given the current short-term trend, the ETF is expected to rise 8.62% during the next 3 months and, with a 90% probability hold a price between ₹544.09 and ₹584.26 at the end of this 3-month period.
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SETFNIFBK.BO Signals & Forecast
The SBI Mutual Fund-Permitted 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 ₹530.30 and ₹504.00. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, June 26, 2024, and so far it has fallen -0.80%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this ETF may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for SBI Mutual Fund-Permitted ETF
On the downside, the ETF finds support just below today's level from accumulated volume at ₹505.28 and ₹496.91. There is a natural risk involved when a ETF is testing a support level, since if this is broken, the ETF then may fall to the next support level. In this case, SBI Mutual Fund-Permitted finds support just below today's level at ₹505.28. If this is broken, then the next support from accumulated volume will be at ₹496.91 and ₹494.04.
This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved ₹6.79 between high and low, or 1.28%. For the last week the ETF has had daily average volatility of 1.37%.
The SBI Mutual Fund-Permitted ETF is overbought on RSI14 and the RSI has been falling for the last couple of days. This together with the fact that the ETF is in the upper part of the trend poses a possible good selling opportunity for the short-term trader. However, one should note that some ETFS may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the ETF manages to break the trend before that occurs.
Our recommended stop-loss: ₹513.94 (-3.42%) (This ETF has medium daily movements and this gives medium risk. The RSI14 is 82 and this increases the risk substantially. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (SETFNIFBK.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect SBI Mutual Fund-Permitted to open at ₹534.12, and during the day (based on 14 day Average True Range), to move between ₹522.49 and ₹541.83, which gives a possible trading interval of +/-₹9.67 (+/-1.82%) up or down from last closing price. If SBI Mutual Fund-Permitted takes out the full calculated possible swing range there will be an estimated 3.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹533.49 (0.25%) than the support at ₹505.28 (5.05%), 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 SBI Mutual Fund-Permitted ETF A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for SBI Mutual Fund-Permitted ETF to perform well in the short-term.
Current score: 3.460 Buy Candidate Unchanged
Predicted Opening Price for SBI Mutual Fund-Permitted of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹534.12 ( 0.369%) | ₹532.16 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SETFNIFBK.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 540.91 | 1.64% |
| R2 | 538.32 | 1.16% |
| R1 | 536.72 | 0.86% |
| Price | 532.16 | |
| S1 | 531.53 | -0.118% |
| S2 | 529.93 | -0.420% |
| S3 | 527.33 | -0.91% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 536.47 | 0.81% |
| R2 | 535.78 | 0.680% |
| R1 | 533.49 | 0.250% |
| Price | 532.16 | |
| S1 | 505.28 | -5.05% |
| S2 | 496.91 | -6.62% |
| S3 | 494.04 | -7.16% |
FAQ
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