UTI Nifty Next 50 ETF Stock Forecast
UTI Nifty Next 50 ETF stock price up 1.80% on Friday
(Updated on Jun 14, 2024)
The UTI Nifty Next 50 ETF stock price gained 1.80% on the last trading day (Friday, 14th Jun 2024), rising from ₹74.88 to ₹76.23. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.20% from a day low at ₹74.04 to a day high of ₹76.41. The price has risen in 7 of the last 10 days and is up by 8.28% over the past 2 weeks. Volume fell on the last day by -16 thousand shares and in total, 3 thousand shares were bought and sold for approximately ₹231.82 thousand. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a strong 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 ₹76.94 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 19.65% during the next 3 months and, with a 90% probability hold a price between ₹86.81 and ₹92.06 at the end of this 3-month period.
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UTINEXT50.BO Signals & Forecast
The UTI Nifty Next 50 ETF 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 ₹74.09 and ₹71.19. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 7.32%. 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 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.
In general the stock tends to have controlled movements and therefore the general risk is considered low. However, be aware of low or falling volume and make sure to keep an eye on the stock. During the last day, the stock moved ₹2.37 between high and low, or 3.20%. For the last week the stock has had daily average volatility of 2.20%.
Our recommended stop-loss: ₹73.40 (-3.71%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 9 days ago.)
Trading Expectations (UTINEXT50.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect UTI Nifty Next 50 ETF to open at ₹75.56, and during the day (based on 14 day Average True Range), to move between ₹74.05 and ₹78.41, which gives a possible trading interval of +/-₹2.18 (+/-2.87%) 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 5.73% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹73.90, some ₹2.33 (3.06%) from the current price of ₹76.23, our system finds the risk reward attractive.
Is UTI Nifty Next 50 ETF stock A Buy?
UTI Nifty Next 50 ETF holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.
Current score: 6.731 Strong Buy Candidate Unchanged
Predicted Opening Price for UTI Nifty Next 50 ETF of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹75.56 ( 0.88%) | ₹76.23 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UTINEXT50.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 77.93 | 2.23% |
| R2 | 77.02 | 1.04% |
| R1 | 76.47 | 0.309% |
| Price | 76.23 | |
| S1 | 74.65 | -2.07% |
| S2 | 74.10 | -2.80% |
| S3 | 73.19 | -3.99% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 76.23 | |
| S1 | 73.90 | -3.06% |
| S2 | 71.03 | -6.82% |
| S3 | 70.40 | -7.65% |
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