Tata Elxsi Limited Stock Forecast
Tata Elxsi Limited stock downgraded to Hold/Accumulate
(Updated on May 21, 2024)
The Tata Elxsi Limited stock price fell by -1.65% on the last day (Tuesday, 21st May 2024) from ₹7,359.35 to ₹7,238.20. During the last trading day the stock fluctuated 1.69% from a day low at ₹7,225.00 to a day high of ₹7,347.30. The price has risen in 6 of the last 10 days and is up by 2.12% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -1 thousand shares and in total, 4 thousand shares were bought and sold for approximately ₹26.59 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -8.44% during the next 3 months and, with a 90% probability hold a price between ₹6,240.95 and ₹7,049.78 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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TATAELXSI.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, April 24, 2024, and so far it has risen 2.89%. 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. The Tata Elxsi Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹7,416.09. On a fall, the stock will find some support from the short-term average at ₹7,198.27. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. 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 Tata Elxsi Limited stock
Tata Elxsi Limited finds support from accumulated volume at ₹7,093.75 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 ₹122.30 between high and low, or 1.69%. For the last week the stock has had daily average volatility of 1.63%.
Our recommended stop-loss: ₹6,844.74 (-5.44%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 27 days ago.)
Trading Expectations (TATAELXSI.BO) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Tata Elxsi Limited to open at ₹7,270.17, and during the day (based on 14 day Average True Range), to move between ₹7,097.06 and ₹7,379.34, which gives a possible trading interval of +/-₹141.14 (+/-1.95%) up or down from last closing price. If Tata Elxsi Limited takes out the full calculated possible swing range there will be an estimated 3.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹7,093.75 (2.00%) than the resistance at ₹7,403.85 (2.29%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Tata Elxsi Limited stock A Buy?
Tata Elxsi Limited 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.604 Hold/Accumulate Downgraded
Predicted Opening Price for Tata Elxsi Limited of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| ₹7,270.17 ( 0.442%) | ₹7,238.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TATAELXSI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 7,392.47 | 2.13 % | |
| R2 | 7,345.75 | 1.49 % | ||
| R1 | 7,316.89 | 1.09 % | ||
| Current price: | 7,238.20 | |||
| Support | S1 | 7,223.45 | -0.204 % | |
| S2 | 7,194.59 | -0.603 % | ||
| S3 | 7,147.87 | -1.25 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8,017.80 | 10.77 % | |
| R2 | 8,001.25 | 10.54 % | ||
| R1 | 7,403.85 | 2.29 % | ||
| Current price | 7,238.20 | |||
| Support | S1 | 7,093.75 | -2.00% | |
| S2 | 7,047.75 | -2.63% | ||
| S3 | 7,035.10 | -2.81% |
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