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

Bharat Wire Ropes Limited

Symbol: NSE:BHARATWIRE

ISIN: INE316L01019

293.05

As on 2024-04-16

147.80 (52W Low) 400.60 (52W High)

BHARATWIRE's Today's Performance

Bharat Wire Ropes Limited started the day by opening at 295.95 today 2024-04-16. Its shares reached a high of 300.00 and dipped to a low of 290.00 in intraday. When the markets closed, BHARATWIRE’s stock price settled at ₹293.05 per share. Also check out its key support and resistance levels.

BHARATWIRE Buy/Sell Targets

Tomorrow, sell BHARATWIRE when its price reaches ₹ 293.05 with a stop-loss order at ₹ 298.73. You can set the target price as ₹ 287.37 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 BHARATWIRE for tomorrow's session along with weekly support and resistance. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.

Important Resistance for BHARATWIRE

Resistance Levels Value in ₹
Tomorrow Resistance 1 299
Tomorrow Resistance 2 304
Tomorrow Resistance 3 309

Important Supports for BHARATWIRE

Support Levels Value in ₹
Tomorrow Support 1 289
Tomorrow Support 2 284
Tomorrow Support 3 279
Based on where the stock opens tomorrow, if BHARATWIRE opens on a positive note, our first target will be ₹299. If Target 1 is achieved, we will aim for Target 2 which is ₹304.

But if BHARATWIRE falls below the average value of ₹294.35, you can enter a sell side position with target number 1 - ₹289 and second target - ₹284 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 BHARATWIRE

Looking at BHARATWIRE, we've seen a Decreasing 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, BHARATWIRE has been on a Downward path, giving us insights how its value changes in the market.

Based on this, the predicted sentiment for BHARATWIRE is moderate bearish.

Tomorrow's Volume based share price Forecast for BHARATWIRE

BHARATWIRE's Volume is currently in a Decreasing trend, and Price is in a Downward direction. Therefore, we can say the stock is in a moderate bearish trend. Volume trend strength over the last month compared to the last week is -70%.

Reversal detection for BHARATWIRE

Predicted trend chart of BHARATWIRE tomorrow for price forecast
BHARATWIRE may trend may continue to be bearish since stock is making lower low and we can get target of ₹296 in morning tomorrow
Target 1 tomorrow298
Target 2 tomorrow301
Target 3 tomorrow304
 

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 BHARATWIRE'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 BHARATWIRE opens on a positive note, our first target will be ₹298.70. If Target 1 is achieved, we will aim for Target 2 which is ₹304.35.

But if BHARATWIRE falls below the average value of ₹294.35, you can enter a sell side position with target number 1 - ₹288.70 and second target - ₹284.35

BHARATWIRE's Weekly Targets
1st Up Target 301.33
2nd Up Target 309.62
1st Down Target 286.23
2nd Down Target 279.42

As the week for BHARATWIRE ended on bullish sentiments, we can expect further continuation of this sentiment. BHARATWIRE's initial target will be 301.33 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 286.23 in the upcoming week.

Weekly OHLC Values
Open 290.10
High 302.80
Low 287.70
Close 293.05

Week for BHARATWIRE started with an open price of 290.10, and the close was at 293.05. BHARATWIRE reached the highest of 302.80 and dipped lowest up to 287.70 last week. This indicates a bullish sentiment for the week.

BHARATWIRE full month swing targets
Monthly Up Target 1 316.43
Monthly Up Target 2 324.72
Monthly Down Target 1 271.13
Monthly Down Target 2 249.22

Targets of ₹316.43 can be expected to be reached in the coming month. Once BHARATWIRE achieved this target, we can aim for the next upside target of ₹324.72.

BHARATWIRE if fails to hold upside, down targets of ₹271.13 and ₹249.22 can be achieved by end of this month.

For complete three weeks if BHARATWIRE 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

BHARATWIRE is expected to reach the target of 298.70 in tomorrow's trading session.

After achieving the initial target in BHARATWIRE, we will aim for higher targets of 304.35 tomorrow.

However, if BHARATWIRE starts to trade below ₹294.35, then we will shift our focus to the sell side and aim for down targets of 288.70 and 284.35.