UTI Mutual Fund ETF Forecast

UTI Mutual Fund ETF upgraded from Buy Candidate to Strong Buy Candidate after Thursday trading session.
(Updated on Jun 20, 2024)

UTISXN50.BO Signals & Forecast

The UTI Mutual Fund ETF 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 ₹85.44 and ₹81.43. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Saturday, May 18, 2024, and so far it has risen 12.54%. 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. 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 not be. The very low volume increases the risk and reduces the other technical signals issued.

Support, Risk & Stop-loss for UTI Mutual Fund ETF

UTI Mutual Fund finds support from accumulated volume at ₹83.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This ETF has average movements during the day, but be aware of low or falling volume as this increases the risk. During the last day, the ETF moved ₹1.46 between high and low, or 1.70%. For the last week the ETF has had daily average volatility of 1.68%.

Our recommended stop-loss: ₹82.85 (-4.33%) (This ETF has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 23 days ago.)

Trading Expectations (UTISXN50.BO) For The Upcoming Trading Day Of Friday 21st

For the upcoming trading day on Friday, 21st we expect UTI Mutual Fund to open at ₹86.75, and during the day (based on 14 day Average True Range), to move between ₹84.37 and ₹88.83, which gives a possible trading interval of +/-₹2.23 (+/-2.57%) up or down from last closing price. If UTI Mutual Fund takes out the full calculated possible swing range there will be an estimated 5.14% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹83.05, some ₹3.55 (4.10%) from the current price of ₹86.60, our system finds the risk reward attractive.

Is UTI Mutual Fund ETF A Buy?

UTI Mutual Fund holds several positive signals and has broken the strong rising trend up. As the ETF is also in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Buy to a Strong Buy candidate.

Current score: 5.156 Strong Buy Candidate Upgraded

Predicted Opening Price for UTI Mutual Fund of Friday, June 21, 2024

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