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Price and trend forecast of NITINSPIN for Tomorrow, Weekly, Monthly

Nitin Spinners Limited

Symbol: NSE:NITINSPIN

ISIN: INE229H01012

343.25

As on 2024-05-17

227.00 (52W Low) 394.60 (52W High)

NITINSPIN's Today's Performance

Nitin Spinners Limited started the day by opening at 348.80 today 2024-05-17. Its shares reached a high of 359.15 and dipped to a low of 341.10 in intraday. When the markets closed, NITINSPIN’s stock price settled at ₹343.25 per share. Also check out its key support and resistance levels.

NITINSPIN Buy/Sell Targets

Tomorrow, sell NITINSPIN when its price reaches ₹ 343.25 with a stop-loss order at ₹ 350.39. You can set the target price as ₹ 336.11 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.

In the sections below, we will discuss detailed share price target of NITINSPIN for tomorrow's session along with weekly levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Down levels for NITINSPIN

Downside Targets Value in ₹
Tomorrow Down Target 1 355
Tomorrow Down Target 2 366
Tomorrow Down Target 3 373

Important Levels for NITINSPIN

Holding Levels Value in ₹
Tomorrow Up Target 1 337
Tomorrow Up Target 2 330
Tomorrow Up Target 3 318
Based on where the stock opens tomorrow, if NITINSPIN opens on a positive note, our first target will be ₹355. If Target 1 is achieved, we will aim for Target 2 which is ₹366.

But if NITINSPIN falls below the average value of ₹347.83, you can enter a sell side position with target number 1 - ₹337 and second target - ₹330 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.

Daily Volume chart of NITINSPIN

Looking at NITINSPIN, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.

In terms of its price, NITINSPIN has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for NITINSPIN is strong bearish.

Tomorrow's Volume based share price Forecast for NITINSPIN

NITINSPIN's Volume is currently in a Increasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a strong bearish trend. Volume trend strength over the last month compared to the last week is 125%.

Reversal detection for NITINSPIN

Predicted trend chart of NITINSPIN tomorrow for price forecast
NITINSPIN may trend may continue to be bearish since stock is making lower low and we can get target of ₹350 in morning tomorrow
Target 1 tomorrow355
Target 2 tomorrow359
Target 3 tomorrow366
 

Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.

Combine this trend forecast with NITINSPIN's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.

Based on where the stock opens tomorrow, if NITINSPIN opens on a positive note, our first target will be ₹354.57. If Target 1 is achieved, we will aim for Target 2 which is ₹365.88.

But if NITINSPIN falls below the average value of ₹347.83, you can enter a sell side position with target number 1 - ₹336.52 and second target - ₹329.78

NITINSPIN's Weekly Targets
1st Up Target 359.98
2nd Up Target 376.72
1st Down Target 325.68
2nd Down Target 308.12

As the week for NITINSPIN ended on bullish sentiments, we can expect further continuation of this sentiment. NITINSPIN's initial target will be 359.98 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 325.68 in the upcoming week.

Weekly OHLC Values
Open 343.00
High 359.15
Low 324.85
Close 343.25

Week for NITINSPIN started with an open price of 343.00, and the close was at 343.25. NITINSPIN reached the highest of 359.15 and dipped lowest up to 324.85 last week. This indicates a bullish sentiment for the week.

NITINSPIN full month swing targets
Monthly Up Target 1 394.28
Monthly Up Target 2 411.02
Monthly Down Target 1 291.38
Monthly Down Target 2 239.52

Targets of ₹394.28 can be expected to be reached in the coming month. Once NITINSPIN achieved this target, we can aim for the next upside target of ₹411.02.

NITINSPIN if fails to hold upside, down targets of ₹291.38 and ₹239.52 can be achieved by end of this month.

For complete three weeks if NITINSPIN is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.

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Summary

NITINSPIN is expected to reach the target of 354.57 in tomorrow's trading session.

After achieving the initial target in NITINSPIN, we will aim for higher targets of 365.88 tomorrow.

However, if NITINSPIN starts to trade below ₹347.83, then we will shift our focus to the sell side and aim for down targets of 336.52 and 329.78.