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

Rainbow Childrens Medicare Limited

Symbol: NSE:RAINBOW

ISIN: INE961O01016

1,341.75

As on 2024-05-17

878.00 (52W Low) 1,649.00 (52W High)

RAINBOW's Today's Performance

Rainbow Childrens Medicare Limited started the day by opening at 1,370.00 today 2024-05-17. Its shares reached a high of 1,370.00 and dipped to a low of 1,331.05 in intraday. When the markets closed, RAINBOW’s stock price settled at ₹1,341.75 per share. Also check out its key support and resistance levels.

RAINBOW Buy/Sell Targets

Tomorrow, sell RAINBOW when its price reaches ₹ 1,341.75 with a stop-loss order at ₹ 1,360.93. You can set the target price as ₹ 1,322.57 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 RAINBOW 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 RAINBOW

Downside Targets Value in ₹
Tomorrow Down Target 1 1,364
Tomorrow Down Target 2 1,387
Tomorrow Down Target 3 1,403

Important Levels for RAINBOW

Holding Levels Value in ₹
Tomorrow Up Target 1 1,325
Tomorrow Up Target 2 1,309
Tomorrow Up Target 3 1,286
Based on where the stock opens tomorrow, if RAINBOW opens on a positive note, our first target will be ₹1,364. If Target 1 is achieved, we will aim for Target 2 which is ₹1,387.

But if RAINBOW falls below the average value of ₹1,347.60, you can enter a sell side position with target number 1 - ₹1,325 and second target - ₹1,309 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 RAINBOW

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

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

Tomorrow's Volume based share price Forecast for RAINBOW

RAINBOW'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 -5%.

Reversal detection for RAINBOW

Predicted trend chart of RAINBOW tomorrow for price forecast
RAINBOW may trend may continue to be bearish since stock is making lower low and we can get target of ₹1352 in morning tomorrow
Target 1 tomorrow1362
Target 2 tomorrow1372
Target 3 tomorrow1387
 

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 RAINBOW'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 RAINBOW opens on a positive note, our first target will be ₹1,364.15. If Target 1 is achieved, we will aim for Target 2 which is ₹1,386.55.

But if RAINBOW falls below the average value of ₹1,347.60, you can enter a sell side position with target number 1 - ₹1,325.20 and second target - ₹1,308.65

RAINBOW's Weekly Targets
1st Up Target 1,392.68
2nd Up Target 1,443.62
1st Down Target 1,305.88
2nd Down Target 1,270.02

As the week for RAINBOW ended on bearish sentiments, we can expect further continuation of this sentiment. RAINBOW's initial target will be 1,392.68 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 1,305.88 in the upcoming week.

Weekly OHLC Values
Open 1,405.80
High 1,407.75
Low 1,320.95
Close 1,341.75

Week for RAINBOW started with an open price of 1,405.80, and the close was at 1,341.75. RAINBOW reached the highest of 1,407.75 and dipped lowest up to 1,320.95 last week. This indicates a bearish sentiment for the week.

RAINBOW full month swing targets
Monthly Up Target 1 1,479.48
Monthly Up Target 2 1,530.42
Monthly Down Target 1 1,219.08
Monthly Down Target 2 1,096.42

Targets of ₹1,479.48 can be expected to be reached in the coming month. Once RAINBOW achieved this target, we can aim for the next upside target of ₹1,530.42.

RAINBOW if fails to hold upside, down targets of ₹1,219.08 and ₹1,096.42 can be achieved by end of this month.

For complete three weeks if RAINBOW 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 RAINBOW

Symbol Name Industry
SUNPHARMA Sun Pharmaceutical Industries Limited Drug Manufacturers - Specialty & Generic
CIPLA Cipla Limited Drug Manufacturers - General
DRREDDY Dr. Reddy's Laboratories Limited Drug Manufacturers - Specialty & Generic
ZYDUSLIFE Zydus Lifesciences Limited Drug Manufacturers - Specialty & Generic
APOLLOHOSP Apollo Hospitals Enterprise Limited Medical Care Facilities

Summary

RAINBOW is expected to reach the target of 1,364.15 in tomorrow's trading session.

After achieving the initial target in RAINBOW, we will aim for higher targets of 1,386.55 tomorrow.

However, if RAINBOW starts to trade below ₹1,347.60, then we will shift our focus to the sell side and aim for down targets of 1,325.20 and 1,308.65.