Thyrocare Technologies Limited (THYROCARE) Stock Price Target Analysis for Tomorrow

THYROCARE’s Tomorrow's Forecast Based On Opening Price

1. Gap Up Opening

This section provides insights on how THYROCARE 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 (897.47)

Trade: Enter a SELL position when the stock reaches ₹897.47.

Target: Keep target price at ₹874.43.

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

When to Avoid:

• Keep Stop Loss above 897.47 (5 min candle closing basis).
• Avoid when risk to reward is not favorable.

1.2 Opening Above Resistance (897.47)

Trade: Initiate a BUY position when the first candle (5 min) closes above 897.47

Target: Aim for the first target of 913.03 later, trail up to 936.07.

Rationale: THYROCARE opening above Resistance (897.47) suggests a strong bullish sentiment. This way, traders can gain the advantage of a possible upmove.

When to Avoid:

• Remember to keep SL below 897.47.
• 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 THYROCARE 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 ₹858.87.

Target: Place an exit order at ₹874.43 making it an intraday target.

Rationale: If THYROCARE 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 858.87.
• 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 THYROCARE when it finds resistance near 874.43.

Target: Aim for a minimum 1:1 risk-reward and keep a target of 858.87. 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 874.43.
• 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 858.87.

3. Flat Opening

THYROCARE 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 THYROCARE, 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 874.43 is broken.

Target: Aim for a target up to the previous day's low of 851.4 and after achieving TP1, extend targets further up to 897.47.

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

3.3) Bullish Price Action

Action: If THYROCARE starts the day on a bullish note, its targets will be 897.47 and 913.03.

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

When to Avoid:

• Keep SL below 874.43 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.