Nippon India ETF Shariah BeES Stock Forecast

Nippon India ETF Shariah BeES stock price ended at ₹530.15 on Thursday, after gaining 0.248%.
(Updated on Jul 04, 2024)

SHARIABEES.BO Signals & Forecast

The Nippon India ETF Shariah BeES 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 ₹521.15 and ₹502.90. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, May 31, 2024, and so far it has risen 9.69%. 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). Nippon India ETF Shariah BeES has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.

Support, Risk & Stop-loss for Nippon India ETF Shariah BeES stock

Nippon India ETF Shariah BeES finds support from accumulated volume at ₹516.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹10.94 between high and low, or 2.07%. For the last week the stock has had daily average volatility of 1.79%.

The Nippon India ETF Shariah BeES stock is extremely overbought on RSI14 (77). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.

Our recommended stop-loss: ₹511.81 (-3.46%) (This stock has low daily movements and this gives low risk. The RSI14 is 77 and this increases the risk substantially. There is a buy signal from a pivot bottom found 51 days ago.)

Trading Expectations (SHARIABEES.BO) For The Upcoming Trading Day Of Friday 5th

For the upcoming trading day on Friday, 5th we expect Nippon India ETF Shariah BeES to open at ₹532.30, and during the day (based on 14 day Average True Range), to move between ₹518.13 and ₹542.17, which gives a possible trading interval of +/-₹12.02 (+/-2.27%) up or down from last closing price. If Nippon India ETF Shariah BeES takes out the full calculated possible swing range there will be an estimated 4.54% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹516.65, some ₹13.50 (2.55%) from the current price of ₹530.15, our system finds the risk reward attractive.

Is Nippon India ETF Shariah BeES stock A Buy?

Nippon India ETF Shariah BeES holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.

Current score: 0.000 Hold/Accumulate Unchanged

Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.

Predicted Opening Price for Nippon India ETF Shariah BeES of Friday, July 5, 2024

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