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

Kitex Garments Limited

Symbol: NSE:KITEX

ISIN: INE602G01020

195.45

As on 2024-04-16

145.90 (52W Low) 287.60 (52W High)

KITEX's Today's Performance

Kitex Garments Limited started the day by opening at 194.50 today 2024-04-16. Its shares reached a high of 198.00 and dipped to a low of 191.65 in intraday. When the markets closed, KITEX’s stock price settled at ₹195.45 per share. Also check out its key support and resistance levels.

KITEX Buy/Sell Targets

Tomorrow, buy KITEX when its price reaches ₹ 195.45 with a stop-loss order at ₹ 192.42. You can set the target price as ₹ 198.48 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 KITEX 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 KITEX

Resistance Levels Value in ₹
Tomorrow Resistance 1 198
Tomorrow Resistance 2 201
Tomorrow Resistance 3 205

Important Supports for KITEX

Support Levels Value in ₹
Tomorrow Support 1 192
Tomorrow Support 2 189
Tomorrow Support 3 186
Based on where the stock opens tomorrow, if KITEX opens on a positive note, our first target will be ₹198. If Target 1 is achieved, we will aim for Target 2 which is ₹201.

But if KITEX falls below the average value of ₹195.03, you can enter a sell side position with target number 1 - ₹192 and second target - ₹189 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 KITEX

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

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

Tomorrow's Volume based share price Forecast for KITEX

KITEX'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 16%.

Reversal detection for KITEX

Predicted trend chart of KITEX tomorrow for price forecast
KITEX may trend may continue to be bullish since stock is making higher highs and we can get target of ₹195 in morning tomorrow
Target 1 tomorrow197
Target 2 tomorrow199
Target 3 tomorrow201
 

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 KITEX'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 KITEX opens on a positive note, our first target will be ₹198.42. If Target 1 is achieved, we will aim for Target 2 which is ₹201.38.

But if KITEX falls below the average value of ₹195.03, you can enter a sell side position with target number 1 - ₹192.07 and second target - ₹188.68

KITEX's Weekly Targets
1st Up Target 198.63
2nd Up Target 201.82
1st Down Target 191.73
2nd Down Target 188.02

As the week for KITEX ended on bearish sentiments, we can expect further continuation of this sentiment. KITEX's initial target will be 198.63 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 191.73 in the upcoming week.

Weekly OHLC Values
Open 197.00
High 198.10
Low 191.20
Close 195.45

Week for KITEX started with an open price of 197.00, and the close was at 195.45. KITEX reached the highest of 198.10 and dipped lowest up to 191.20 last week. This indicates a bearish sentiment for the week.

KITEX full month swing targets
Monthly Up Target 1 205.53
Monthly Up Target 2 208.72
Monthly Down Target 1 184.83
Monthly Down Target 2 174.22

Targets of ₹205.53 can be expected to be reached in the coming month. Once KITEX achieved this target, we can aim for the next upside target of ₹208.72.

KITEX if fails to hold upside, down targets of ₹184.83 and ₹174.22 can be achieved by end of this month.

For complete three weeks if KITEX 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 KITEX

Symbol Name Industry
MARUTI Maruti Suzuki India Limited Auto Manufacturers
TATAMTRDVR Tata Motors Limited Auto Manufacturers
TATAMOTORS Tata Motors Limited Auto Manufacturers
TITAN Titan Company Limited Luxury Goods
BAJAJ-AUTO Bajaj Auto Limited Auto Manufacturers

Summary

KITEX is expected to reach the target of 198.42 in tomorrow's trading session.

After achieving the initial target in KITEX, we will aim for higher targets of 201.38 tomorrow.

However, if KITEX starts to trade below ₹195.03, then we will shift our focus to the sell side and aim for down targets of 192.07 and 188.68.