Unichem Laboratories Limited Stock Forecast

Unichem Laboratories Limited stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on May 21, 2024)

UNICHEMLAB.BO Signals & Forecast

The Unichem Laboratories Limited 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 ₹555.21 and ₹551.75. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 3.23%. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Unichem Laboratories Limited stock

Unichem Laboratories Limited finds support from accumulated volume at ₹555.25 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹17.70 between high and low, or 3.22%. For the last week the stock has had daily average volatility of 3.03%.

Our recommended stop-loss: ₹532.85 (-5.02%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 11 days ago.)

Trading Expectations (UNICHEMLAB.BO) For The Upcoming Trading Day Of Wednesday 22nd

For the upcoming trading day on Wednesday, 22nd we expect Unichem Laboratories Limited to open at ₹559.57, and during the day (based on 14 day Average True Range), to move between ₹537.17 and ₹584.83, which gives a possible trading interval of +/-₹23.83 (+/-4.25%) up or down from last closing price. If Unichem Laboratories Limited takes out the full calculated possible swing range there will be an estimated 8.49% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹563.90 (0.52%) than the support at ₹555.25 (1.02%), 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 Unichem Laboratories Limited stock 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 Unichem Laboratories Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.

Current score: 3.760 Buy Candidate Downgraded

Predicted Opening Price for Unichem Laboratories Limited of Wednesday, May 22, 2024

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