Coral India Finance & Housing Limited (CORALFINAC) Stock Price Target Analysis for Tomorrow

CORALFINAC’s Tomorrow's Forecast Based On Opening Price

1. Gap Up Opening

This section provides insights on how CORALFINAC may perform if it opens with a gap up tomorrow. Typically, opening 0.50% above previous close is considered as a valid gap.

1.1 Opening Above Today's Close but Below Resistance (61.31)

Trade: Enter a SELL position when the stock reaches ₹61.31.

Target: Keep target price at ₹59.16.

Rationale: This strategy aims to capture the early morning pullback move towards the mean value.

When to Avoid:

• Keep Stop Loss above 61.31 (5 min candle closing basis).
• Avoid when risk to reward is not favorable.

1.2 Opening Above Resistance (61.31)

Trade: Initiate a BUY position when the first candle (5 min) closes above 61.31

Target: Aim for the first target of 63.00 later, trail up to 65.15.

Rationale: CORALFINAC opening above Resistance (61.31) suggests a strong bullish sentiment. This way, traders can gain the advantage of a possible upmove.

When to Avoid:

• Remember to keep SL below 61.31.
• Do not trade this strategy if the stock is in a downtrend in the last 3 days.

2. Gap Down Opening

Opening below 0.3% of previous day close is considered as a gap down opening. Section below explains how CORALFINAC may perform considering price action after gap down opening.

2.1 Opening Below Today's Close but Above Low Price

Trade: Place a BUY order at ₹57.47.

Target: Place an exit order at ₹59.16 making it an intraday target.

Rationale: If CORALFINAC does not make a low below its previous low, the trend may still be higher highs on the daily timeframe. This presents us with a Buy opportunity once the price retraces downside near its support.

When to Avoid:

• Place SL below support 57.47.
• Do not trade this when close and low price are close to each other, or if the market is negative.

2.2Breaking Below Today's Low

Trade: Enter a SELL position in CORALFINAC when it finds resistance near 59.16.

Target: Aim for a minimum 1:1 risk-reward and keep a target of 57.47. Accuracy is better if this happens after 10:15 AM.

Rationale: Breaking below previous day low signifies bearish pressure. In case the stock retraces upside, it may present traders with a good opportunity to open a new sell position to gain benefit from the bearishness in stock.

When to Avoid:

• Exit if the stock closes above 59.16.
• Avoid selling when it's trading near a major support area.

Additional Note: If the trend is bullish on a higher timeframe, it is suggested to enter a long position instead when the share price reaches 57.47.

3. Flat Opening

CORALFINAC opening near previous day close price will be considered as a flat open. Below is detailed explanation of how stock may perform based on price action.

3.1) General Trend Overview

Since today was a bullish day in CORALFINAC, this trend might continue tomorrow as well. However, flat opening suggests neutral sentiments or contunuation of previous day trend. So this section will consider both cases depending on how price action is in the early morning session.

3.2) Bearish Price Action

Action: If price action is weak and the stock is making lows, traders can consider creating a (Sell) entry once the mean value 59.16 is broken.

Target: Aim for a target up to the previous day's low of 57 and after achieving TP1, extend targets further up to 61.31.

Rationale: This strategy leverages the bearish trend continuation after an initial flat opening.

3.3) Bullish Price Action

Action: If CORALFINAC starts the day on a bullish note, its targets will be 61.31 and 63.00.

Rationale: Using this intraday strategy, traders can capitalize on the bullish momentum.

When to Avoid:

• Keep SL below 59.16 on a candle closing basis (exit when a 5-minute candle closes below pivot).
• Avoid this trade if the previous day was in a downtrend.