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

Elgi Rubber Company Limited

Symbol: NSE:ELGIRUBCO

ISIN: INE819L01012

95.74

As on 2024-10-09

44.70 (52W Low) 113.28 (52W High)

ELGIRUBCO's Today's Performance

Elgi Rubber Company Limited started the day by opening at 92.99 today 2024-10-09. Its shares reached a high of 97.49 and dipped to a low of 92.50 in intraday. When the markets closed, ELGIRUBCO’s stock price settled at ₹95.74 per share. Also check out its key support and resistance levels.

ELGIRUBCO Buy/Sell Targets

Tomorrow, buy ELGIRUBCO when its price reaches ₹ 95.74 with a stop-loss order at ₹ 93.74. You can set the target price as ₹ 97.74 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 ELGIRUBCO 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 ELGIRUBCO

Downside Targets Value in ₹
Tomorrow Down Target 1 98
Tomorrow Down Target 2 100
Tomorrow Down Target 3 103

Important Levels for ELGIRUBCO

Holding Levels Value in ₹
Tomorrow Up Target 1 93
Tomorrow Up Target 2 90
Tomorrow Up Target 3 88
Based on where the stock opens tomorrow, if ELGIRUBCO opens on a positive note, our first target will be ₹98. If Target 1 is achieved, we will aim for Target 2 which is ₹100.

But if ELGIRUBCO falls below the average value of ₹95.24, you can enter a sell side position with target number 1 - ₹93 and second target - ₹90 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 ELGIRUBCO

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

Based on this, the predicted sentiment for ELGIRUBCO is moderate bullish.

Tomorrow's Volume based share price Forecast for ELGIRUBCO

ELGIRUBCO's Volume is currently in a Decreasing trend, and Price is in a Upward direction. Therefore, we can say the stock is in a moderate bullish trend. Volume trend strength over the last month compared to the last week is 610%.

Reversal detection for ELGIRUBCO

Predicted trend chart of ELGIRUBCO tomorrow for price forecast
ELGIRUBCO may reverse its trend from upside (Short term bearish outlook) and we can get target of ₹93 in morning tomorrow
Target 1 tomorrow97
Target 2 tomorrow98
Target 3 tomorrow100
 

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 ELGIRUBCO'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 ELGIRUBCO opens on a positive note, our first target will be ₹97.99. If Target 1 is achieved, we will aim for Target 2 which is ₹100.23.

But if ELGIRUBCO falls below the average value of ₹95.24, you can enter a sell side position with target number 1 - ₹93.00 and second target - ₹90.25

ELGIRUBCO's Weekly Targets
1st Up Target 98.04
2nd Up Target 100.34
1st Down Target 92.97
2nd Down Target 90.20

As the week for ELGIRUBCO ended on bullish sentiments, we can expect further continuation of this sentiment. ELGIRUBCO's initial target will be 98.04 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 92.97 in the upcoming week.

Weekly OHLC Values
Open 93.15
High 97.57
Low 92.50
Close 95.74

Week for ELGIRUBCO started with an open price of 93.15, and the close was at 95.74. ELGIRUBCO reached the highest of 97.57 and dipped lowest up to 92.50 last week. This indicates a bullish sentiment for the week.

ELGIRUBCO full month swing targets
Monthly Up Target 1 103.11
Monthly Up Target 2 105.41
Monthly Down Target 1 87.90
Monthly Down Target 2 80.06

Targets of ₹103.11 can be expected to be reached in the coming month. Once ELGIRUBCO achieved this target, we can aim for the next upside target of ₹105.41.

ELGIRUBCO if fails to hold upside, down targets of ₹87.90 and ₹80.06 can be achieved by end of this month.

For complete three weeks if ELGIRUBCO 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

ELGIRUBCO is expected to reach the target of 97.99 in tomorrow's trading session.

After achieving the initial target in ELGIRUBCO, we will aim for higher targets of 100.23 tomorrow.

However, if ELGIRUBCO starts to trade below ₹95.24, then we will shift our focus to the sell side and aim for down targets of 93.00 and 90.25.