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

Indian Overseas Bank

Symbol: NSE:IOB

ISIN: INE565A01014

63.25

As on 2024-04-24

23.30 (52W Low) 83.75 (52W High)

IOB's Today's Performance

Indian Overseas Bank started the day by opening at 63.50 today 2024-04-24. Its shares reached a high of 64.20 and dipped to a low of 63.10 in intraday. When the markets closed, IOB’s stock price settled at ₹63.25 per share. Also check out its key support and resistance levels.

IOB Buy/Sell Targets

Tomorrow, sell IOB when its price reaches ₹ 63.25 with a stop-loss order at ₹ 64.08. You can set the target price as ₹ 62.42 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 IOB 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 IOB

Downside Targets Value in ₹
Tomorrow Down Target 1 64
Tomorrow Down Target 2 65
Tomorrow Down Target 3 65

Important Levels for IOB

Holding Levels Value in ₹
Tomorrow Up Target 1 63
Tomorrow Up Target 2 62
Tomorrow Up Target 3 62
Based on where the stock opens tomorrow, if IOB opens on a positive note, our first target will be ₹64. If Target 1 is achieved, we will aim for Target 2 which is ₹65.

But if IOB falls below the average value of ₹63.52, you can enter a sell side position with target number 1 - ₹63 and second target - ₹62 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 IOB

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

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

Tomorrow's Volume based share price Forecast for IOB

IOB'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 65%.

Reversal detection for IOB

Predicted trend chart of IOB tomorrow for price forecast
IOB may trend may continue to be bearish since stock is making lower low and we can get target of ₹64 in morning tomorrow
Target 1 tomorrow64
Target 2 tomorrow64
Target 3 tomorrow65
 

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 IOB'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 IOB opens on a positive note, our first target will be ₹63.93. If Target 1 is achieved, we will aim for Target 2 which is ₹64.62.

But if IOB falls below the average value of ₹63.52, you can enter a sell side position with target number 1 - ₹62.83 and second target - ₹62.42

IOB's Weekly Targets
1st Up Target 64.65
2nd Up Target 66.05
1st Down Target 61.70
2nd Down Target 60.15

As the week for IOB ended on bullish sentiments, we can expect further continuation of this sentiment. IOB's initial target will be 64.65 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 61.70 in the upcoming week.

Weekly OHLC Values
Open 61.90
High 64.50
Low 61.55
Close 63.25

Week for IOB started with an open price of 61.90, and the close was at 63.25. IOB reached the highest of 64.50 and dipped lowest up to 61.55 last week. This indicates a bullish sentiment for the week.

IOB full month swing targets
Monthly Up Target 1 67.60
Monthly Up Target 2 69.00
Monthly Down Target 1 58.75
Monthly Down Target 2 54.25

Targets of ₹67.60 can be expected to be reached in the coming month. Once IOB achieved this target, we can aim for the next upside target of ₹69.00.

IOB if fails to hold upside, down targets of ₹58.75 and ₹54.25 can be achieved by end of this month.

For complete three weeks if IOB 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 IOB

Symbol Name Industry
HDFCBANK HDFC Bank Limited Banks - Regional
ICICIBANK ICICI Bank Limited Banks - Regional
SBIN State Bank of India Banks - Regional
LICI Life Insurance Corporation Of India Insurance - Life
BAJFINANCE Bajaj Finance Limited Credit Services

Summary

IOB is expected to reach the target of 63.93 in tomorrow's trading session.

After achieving the initial target in IOB, we will aim for higher targets of 64.62 tomorrow.

However, if IOB starts to trade below ₹63.52, then we will shift our focus to the sell side and aim for down targets of 62.83 and 62.42.