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

Chennai Petroleum Corporation Limited

Symbol: NSE:CHENNPETRO

ISIN: INE178A01016

1,015.50

As on 2024-07-24

347.90 (52W Low) 1,275.00 (52W High)

CHENNPETRO's Today's Performance

Chennai Petroleum Corporation Limited started the day by opening at 995.00 today 2024-07-24. Its shares reached a high of 1,025.00 and dipped to a low of 991.05 in intraday. When the markets closed, CHENNPETRO’s stock price settled at ₹1,015.50 per share. Also check out its key support and resistance levels.

CHENNPETRO Buy/Sell Targets

Tomorrow, buy CHENNPETRO when its price reaches ₹ 1,015.50 with a stop-loss order at ₹ 987.93. You can set the target price as ₹ 1,043.08 to capture potential gains. This buy 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 CHENNPETRO 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 CHENNPETRO

Downside Targets Value in ₹
Tomorrow Down Target 1 1,030
Tomorrow Down Target 2 1,044
Tomorrow Down Target 3 1,064

Important Levels for CHENNPETRO

Holding Levels Value in ₹
Tomorrow Up Target 1 996
Tomorrow Up Target 2 977
Tomorrow Up Target 3 962
Based on where the stock opens tomorrow, if CHENNPETRO opens on a positive note, our first target will be ₹1,030. If Target 1 is achieved, we will aim for Target 2 which is ₹1,044.

But if CHENNPETRO falls below the average value of ₹1,010.52, you can enter a sell side position with target number 1 - ₹996 and second target - ₹977 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 CHENNPETRO

Looking at CHENNPETRO, 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, CHENNPETRO has been on a Downward path, giving us insights how its value changes in the market.

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

Tomorrow's Volume based share price Forecast for CHENNPETRO

CHENNPETRO's Volume is currently in a Increasing 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 -45%.

Reversal detection for CHENNPETRO

Predicted trend chart of CHENNPETRO tomorrow for price forecast
CHENNPETRO may trend may continue to be bullish since stock is making higher highs and we can get target of ₹991 in morning tomorrow
Target 1 tomorrow1023
Target 2 tomorrow1031
Target 3 tomorrow1044
 

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 CHENNPETRO'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 CHENNPETRO opens on a positive note, our first target will be ₹1,029.98. If Target 1 is achieved, we will aim for Target 2 which is ₹1,044.47.

But if CHENNPETRO falls below the average value of ₹1,010.52, you can enter a sell side position with target number 1 - ₹996.03 and second target - ₹976.57

CHENNPETRO's Weekly Targets
1st Up Target 1,058.10
2nd Up Target 1,100.70
1st Down Target 961.60
2nd Down Target 907.70

As the week for CHENNPETRO ended on bearish sentiments, we can expect further continuation of this sentiment. CHENNPETRO's initial target will be 1,058.10 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 961.60 in the upcoming week.

Weekly OHLC Values
Open 1,034.95
High 1,046.80
Low 950.30
Close 1,015.50

Week for CHENNPETRO started with an open price of 1,034.95, and the close was at 1,015.50. CHENNPETRO reached the highest of 1,046.80 and dipped lowest up to 950.30 last week. This indicates a bearish sentiment for the week.

CHENNPETRO full month swing targets
Monthly Up Target 1 1,154.60
Monthly Up Target 2 1,197.20
Monthly Down Target 1 865.10
Monthly Down Target 2 714.70

Targets of ₹1,154.60 can be expected to be reached in the coming month. Once CHENNPETRO achieved this target, we can aim for the next upside target of ₹1,197.20.

CHENNPETRO if fails to hold upside, down targets of ₹865.10 and ₹714.70 can be achieved by end of this month.

For complete three weeks if CHENNPETRO 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.

Related Stocks in the Same Sector as CHENNPETRO

Symbol Name Industry
RELIANCE Reliance Industries Limited Oil & Gas Refining & Marketing
ADANIENT Adani Enterprises Limited Thermal Coal
ONGC Oil & Natural Gas Corporation Limited Oil & Gas Integrated
COALINDIA Coal India Limited Thermal Coal
IOC Indian Oil Corporation Limited Oil & Gas Refining & Marketing

Summary

CHENNPETRO is expected to reach the target of 1,029.98 in tomorrow's trading session.

After achieving the initial target in CHENNPETRO, we will aim for higher targets of 1,044.47 tomorrow.

However, if CHENNPETRO starts to trade below ₹1,010.52, then we will shift our focus to the sell side and aim for down targets of 996.03 and 976.57.