HINDZINC intraday stock forecast for tomorrow

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Hindustan Zinc Limited

Symbol: NSE: HINDZINC

Sector: Loading... / Loading...

₹664.65
52W Low: ₹284.6 52W High: ₹807.7
1D Return: -1.03%
1W Return: -3.12%
1M Return: -3.43%

Last Close: ₹664.65

Last Update: 2024-07-12

HINDZINC Today’s Performance

HINDZINC opened today at ₹679.95 and marked a high of ₹684. The low price was ₹660 and the stock finally closed at ₹664.65. This data is crucial to forecast HINDZINC’s targets for tomorrow’s day trading session. Learn more

Today, shares of Hindustan Zinc Limited closed below previous closing, which is evident from the formation of Lower Low. In the coming days, the stock may continue to fall, suggesting a bearish forecast.

Strength Matrix graph shows how HINDZINC might perform tomorrow by highlighting its price strength, momentum, volatility, and trend direction. Tracking these short-term trends daily can help better understand changes in the market.

Strength Matrix

Technical overview of how the stock may perform in the upcoming session.

Technical Strength and weaknesses

Understanding strengths and weaknesses in technical indicators is important as these points will help to decide whether or not to trade HINDZINC tomorrow.

Strengths

  • The price is above the SMA, suggesting moderate bullish signals. The market shows a consistent trend above the SMA, though vigilance is needed as market conditions could change.
  • SAR points to slight bullish signals, with potential for mild upward movement.
  • SAR signals a potential bullish reversal, possible upward movement.

Potential Weaknessess

  • RSI is oversold, indicating a potential for reversal, which might lead to increased price volatility or recovery.
  • Minor bearish trends expected.
  • ADX suggests bearish tendencies could be taking hold.

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Daily prediction for the week

Day Target Value
Monday ₹679.10
Tuesday ₹684.38
Wednesday ₹693.55
Thursday ₹702.72
Friday ₹708.38

Possible short term targets for HINDZINC in coming days if the stock remains bullish through the week.

  • The initial target value for HINDZINC on Monday is projected to be ₹679.10.
  • With favorable market conditions, the target value on Wednesday could reach ₹693.55.
  • By the end of the week, the target value for HINDZINC on Friday is expected to potentially reach ₹708.38, considering bullish market trends.

Tomorrow's price forecast review for HINDZINC

Tomorrow's Price prediction review image for HINDZINC

Opening above mean value ₹669.55, will indicate bullish sentiment in Hindustan Zinc Limited. Any dip in price should be considered as an opportunity to Buy the stock. The maximum price that HINDZINC can reach tomorrow will be 679.10 if the sentiments remains bullish. Reversal may happen if the price moves too far away from its mean.

If the price action is weak in the morning, then (symbol) may break below its mean. In such a case, keep the first target at 655.10 as minimum, and ₹631.10 as maximum.

Mean value also acts as Support when price is above and Resistance when price is below it. Day Traders can use this point to make long or short entries.

HINDZINC’s Tomorrow's Forecast Based On Opening Price

1. Gap Up Opening

This section provides insights on how HINDZINC 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 (679.10)

Trade: Enter a SELL position when the stock reaches ₹679.10.

Target: Keep target price at ₹669.55.

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

When to Avoid:

  • Keep Stop Loss above 679.10 (5 min candle closing basis).
  • Avoid when risk to reward is not favorable.

1.2 Opening Above Resistance (679.10)

Trade: Initiate a BUY position when the first candle (5 min) closes above 679.10

Target: Aim for the first target of 693.55 later, trail up to 703.10.

Rationale: HINDZINC opening above Resistance (679.10) suggests a strong bullish sentiment. This way, traders can gain the advantage of a possible upmove.

When to Avoid:

  • Remember to keep SL below 679.10.
  • 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 HINDZINC 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 ₹655.10.

Target: Place an exit order at ₹669.55 making it an intraday target.

Rationale: If HINDZINC 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 655.10.
  • 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 HINDZINC when it finds resistance near 669.55.

Target: Aim for a minimum 1:1 risk-reward and keep a target of 655.10. 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 669.55.
  • 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 655.10.

3. Flat Opening

HINDZINC 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 bearish day in HINDZINC, 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 669.55 is broken.

Target: Aim for a target up to the previous day's low of 660 and after achieving TP1, extend targets further up to 679.10.

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

3.3) Bullish Price Action

Action: If HINDZINC starts the day on a bullish note, its targets will be 679.10 and 693.55.

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

When to Avoid:

  • Keep SL below 669.55 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.

HINDZINC's vs. Nifty's Performance

Above charts shows close price comparison of HINDZINC and Nifty 50 for past 7 days highligting how stocks performance compared to the flagship index.

Overview of Returns

Period HINDZINC's Returns Nifty's Returns
Daily -1.03% 0.77%
Weekly -3.12% 0.82%
Monthly -3.43% 5.06%

Today, HINDZINC returned -1.03% while the Nifty returned 0.77%.

Previous week, the stock returned -3.12% compared to 0.82% return of flagship index Nifty.

In the Last one month, shares of HINDZINC presented return of -3.43%, where as Nifty stands at 5.06% returns.

HINDZINC's Volatality Analysis

Chart above shows volatality and price comparison of HINDZINC's over last 3 months. Volatality often referred to as IV is imporatnt in intraday trading since it gives insights on where stop loss and profit booking levels can be. For stock with higher volatality, its suggested to place a bigger stop loss since price movements can be aggressive.

Range Analysis

S3
631.1
S2
645.55
S1
655.1
Pivot
669.55
R1
679.1
R2
693.55
R3
703.1
664.65
Based on the current close price of ₹664.65, the upcoming session is expected to be neutral/trend continuation.
Predicted share price range for tomorrow is: High ₹691.8 and Low ₹637.5.

Should you hold HINDZINC tomorrow?

Recommendation: Sell (Last Close Below Weekly Pivot)

Weekly Pivot Analysis

Last Close: ₹664.65

Weekly Pivot: ₹669.55

Status: The stock closed below the weekly pivot, indicating potential resistance and a negative outlook for tomorrow.

Why This Matters?

Pivot points are used to identify potential support and resistance levels. Stocks closing below the weekly pivot are considered to have a bearish sentiment, suggesting that the stock may decline, which is why a "Sell" recommendation is made.

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