TRIVENI intraday stock forecast for tomorrow

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Triveni Engineering & Industries Limited

Symbol: NSE: TRIVENI

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₹426.1
52W Low: ₹250.1 52W High: ₹433.65
1D Return: 2.69%
1W Return: 8.22%
1M Return: 14.50%

Last Close: ₹426.1

Last Update: 2024-07-12

TRIVENI Today’s Performance

TRIVENI opened today at ₹419 and marked a high of ₹433.65. The low price was ₹416.4 and the stock finally closed at ₹426.1. This data is crucial to forecast TRIVENI’s targets for tomorrow’s day trading session. Learn more

Today, shares of Triveni Engineering & Industries Limited closed above previous closing, which is evident from the formation of Higher High. In the coming days, the stock may continue to rise, suggesting a bullish forecast.

Strength Matrix graph shows how TRIVENI 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 TRIVENI 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.
  • ADX points to a solid bullish trend emerging.
  • SAR points to slight bullish signals, with potential for mild upward movement.
  • SAR signals a potential bullish reversal, possible upward movement.

Potential Weaknessess

  • RSI suggests overbought conditions, indicating potential for a pullback or correction.

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Daily prediction for the week

Day Target Value
Monday ₹434.37
Tuesday ₹436.04
Wednesday ₹442.63
Thursday ₹449.22
Friday ₹453.29

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

  • The initial target value for TRIVENI on Monday is projected to be ₹434.37.
  • With favorable market conditions, the target value on Wednesday could reach ₹442.63.
  • By the end of the week, the target value for TRIVENI on Friday is expected to potentially reach ₹453.29, considering bullish market trends.

Tomorrow's price forecast review for TRIVENI

Tomorrow's Price prediction review image for TRIVENI

Opening above mean value ₹425.38, will indicate bullish sentiment in Triveni Engineering & Industries Limited. Any dip in price should be considered as an opportunity to Buy the stock. The maximum price that TRIVENI can reach tomorrow will be 434.37 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 417.12 as minimum, and ₹399.87 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.

TRIVENI’s Tomorrow's Forecast Based On Opening Price

1. Gap Up Opening

This section provides insights on how TRIVENI 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 (434.37)

Trade: Enter a SELL position when the stock reaches ₹434.37.

Target: Keep target price at ₹425.38.

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

When to Avoid:

  • Keep Stop Loss above 434.37 (5 min candle closing basis).
  • Avoid when risk to reward is not favorable.

1.2 Opening Above Resistance (434.37)

Trade: Initiate a BUY position when the first candle (5 min) closes above 434.37

Target: Aim for the first target of 442.63 later, trail up to 451.62.

Rationale: TRIVENI opening above Resistance (434.37) suggests a strong bullish sentiment. This way, traders can gain the advantage of a possible upmove.

When to Avoid:

  • Remember to keep SL below 434.37.
  • 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 TRIVENI 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 ₹417.12.

Target: Place an exit order at ₹425.38 making it an intraday target.

Rationale: If TRIVENI 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 417.12.
  • 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 TRIVENI when it finds resistance near 425.38.

Target: Aim for a minimum 1:1 risk-reward and keep a target of 417.12. 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 425.38.
  • 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 417.12.

3. Flat Opening

TRIVENI 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 TRIVENI, 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 425.38 is broken.

Target: Aim for a target up to the previous day's low of 416.4 and after achieving TP1, extend targets further up to 434.37.

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

3.3) Bullish Price Action

Action: If TRIVENI starts the day on a bullish note, its targets will be 434.37 and 442.63.

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

When to Avoid:

  • Keep SL below 425.38 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.

TRIVENI's vs. Nifty's Performance

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

Overview of Returns

Period TRIVENI's Returns Nifty's Returns
Daily 2.69% 0.77%
Weekly 8.22% 0.82%
Monthly 14.50% 5.06%

Today, TRIVENI returned 2.69% while the Nifty returned 0.77%.

Previous week, the stock returned 8.22% compared to 0.82% return of flagship index Nifty.

In the Last one month, shares of TRIVENI presented return of 14.50%, where as Nifty stands at 5.06% returns.

TRIVENI's Volatality Analysis

Chart above shows volatality and price comparison of TRIVENI'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
399.87
S2
408.13
S1
417.12
Pivot
425.38
R1
434.37
R2
442.63
R3
451.62
426.1
Based on the current close price of ₹426.1, the upcoming session is expected to be neutral/trend continuation.
Predicted share price range for tomorrow is: High ₹438.66 and Low ₹413.54.

Should you hold TRIVENI tomorrow?

Recommendation: Hold (Last Close Above Weekly Pivot)

Weekly Pivot Analysis

Last Close: ₹426.10

Weekly Pivot: ₹425.38

Status: The stock closed above the weekly pivot, indicating potential support and a positive outlook for tomorrow.

Why This Matters?

Pivot points are used to identify potential support and resistance levels. Stocks closing above the weekly pivot are considered to have a bullish sentiment, suggesting that the stock may continue to rise, which is why a "Hold" recommendation is made.

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