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

Newgen Software Technologies Limited

Symbol: NSE:NEWGEN

ISIN: INE619B01017

924.95

As on 2024-06-13

605.04 (52W Low) 1,645.00 (52W High)

NEWGEN's Today's Performance

Newgen Software Technologies Limited started the day by opening at 945.00 today 2024-06-13. Its shares reached a high of 946.00 and dipped to a low of 921.20 in intraday. When the markets closed, NEWGEN’s stock price settled at ₹924.95 per share. Also check out its key support and resistance levels.

NEWGEN Buy/Sell Targets

Tomorrow, sell NEWGEN when its price reaches ₹ 924.95 with a stop-loss order at ₹ 937.56. You can set the target price as ₹ 912.34 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 NEWGEN 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 NEWGEN

Downside Targets Value in ₹
Tomorrow Down Target 1 940
Tomorrow Down Target 2 956
Tomorrow Down Target 3 965

Important Levels for NEWGEN

Holding Levels Value in ₹
Tomorrow Up Target 1 915
Tomorrow Up Target 2 906
Tomorrow Up Target 3 891
Based on where the stock opens tomorrow, if NEWGEN opens on a positive note, our first target will be ₹940. If Target 1 is achieved, we will aim for Target 2 which is ₹956.

But if NEWGEN falls below the average value of ₹930.72, you can enter a sell side position with target number 1 - ₹915 and second target - ₹906 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 NEWGEN

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

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

Tomorrow's Volume based share price Forecast for NEWGEN

NEWGEN'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 -67%.

Reversal detection for NEWGEN

Predicted trend chart of NEWGEN tomorrow for price forecast
NEWGEN may trend may continue to be bearish since stock is making lower low and we can get target of ₹935 in morning tomorrow
Target 1 tomorrow940
Target 2 tomorrow946
Target 3 tomorrow956
 

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 NEWGEN'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 NEWGEN opens on a positive note, our first target will be ₹940.23. If Target 1 is achieved, we will aim for Target 2 which is ₹955.52.

But if NEWGEN falls below the average value of ₹930.72, you can enter a sell side position with target number 1 - ₹915.43 and second target - ₹905.92

NEWGEN's Weekly Targets
1st Up Target 956.03
2nd Up Target 987.12
1st Down Target 907.53
2nd Down Target 890.12

As the week for NEWGEN ended on bearish sentiments, we can expect further continuation of this sentiment. NEWGEN's initial target will be 956.03 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 907.53 in the upcoming week.

Weekly OHLC Values
Open 955.00
High 969.70
Low 921.20
Close 924.95

Week for NEWGEN started with an open price of 955.00, and the close was at 924.95. NEWGEN reached the highest of 969.70 and dipped lowest up to 921.20 last week. This indicates a bearish sentiment for the week.

NEWGEN full month swing targets
Monthly Up Target 1 1,004.53
Monthly Up Target 2 1,035.62
Monthly Down Target 1 859.03
Monthly Down Target 2 793.12

Targets of ₹1,004.53 can be expected to be reached in the coming month. Once NEWGEN achieved this target, we can aim for the next upside target of ₹1,035.62.

NEWGEN if fails to hold upside, down targets of ₹859.03 and ₹793.12 can be achieved by end of this month.

For complete three weeks if NEWGEN 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 NEWGEN

Symbol Name Industry
TCS Tata Consultancy Services Limited Information Technology Services
INFY Infosys Limited Information Technology Services
CYIENTDLM Cyient DLM Limited Electronic Components
HCLTECH HCL Technologies Limited Information Technology Services
IDEAFORGE ideaForge Technology Limited Computer Hardware

Summary

NEWGEN is expected to reach the target of 940.23 in tomorrow's trading session.

After achieving the initial target in NEWGEN, we will aim for higher targets of 955.52 tomorrow.

However, if NEWGEN starts to trade below ₹930.72, then we will shift our focus to the sell side and aim for down targets of 915.43 and 905.92.