UTI Nifty Next 50 ETF Stock Forecast

UTI Nifty Next 50 ETF stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Jun 25, 2024)

UTINEXT50.BO Signals & Forecast

The UTI Nifty Next 50 ETF stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹76.05. On a fall, the stock will find some support from the long-term average at approximately ₹72.43. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, June 18, 2024, and so far it has fallen -1.16%. Further fall is indicated until a new bottom pivot has been found. UTI Nifty Next 50 ETF gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".

Support, Risk & Stop-loss for UTI Nifty Next 50 ETF stock

UTI Nifty Next 50 ETF finds support from accumulated volume at ₹73.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹0.90 (1.19%) between high and low. For the last week, the stock has had daily average volatility of 1.78%.

Our recommended stop-loss: ₹73.63 (-2.98%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 13 days ago.)

Trading Expectations (UTINEXT50.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect UTI Nifty Next 50 ETF to open at ₹76.03, and during the day (based on 14 day Average True Range), to move between ₹74.04 and ₹77.74, which gives a possible trading interval of +/-₹1.85 (+/-2.44%) up or down from last closing price. If UTI Nifty Next 50 ETF takes out the full calculated possible swing range there will be an estimated 4.89% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹76.06 (0.22%) than the support at ₹73.90 (2.62%), 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 UTI Nifty Next 50 ETF stock A Buy?

UTI Nifty Next 50 ETF 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: 0.325 Hold/Accumulate Downgraded

Predicted Opening Price for UTI Nifty Next 50 ETF of Wednesday, June 26, 2024

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