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

Redtape Limited

Symbol: NSE:REDTAPE

ISIN: N/A

726.90

As on 2024-07-24

411.05 (52W Low) 810.05 (52W High)

REDTAPE's Today's Performance

Redtape Limited started the day by opening at 719.00 today 2024-07-24. Its shares reached a high of 737.05 and dipped to a low of 714.05 in intraday. When the markets closed, REDTAPE’s stock price settled at ₹726.90 per share. Also check out its key support and resistance levels.

REDTAPE Buy/Sell Targets

Tomorrow, buy REDTAPE when its price reaches ₹ 726.90 with a stop-loss order at ₹ 716.18. You can set the target price as ₹ 737.62 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 REDTAPE 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 REDTAPE

Downside Targets Value in ₹
Tomorrow Down Target 1 738
Tomorrow Down Target 2 749
Tomorrow Down Target 3 761

Important Levels for REDTAPE

Holding Levels Value in ₹
Tomorrow Up Target 1 715
Tomorrow Up Target 2 703
Tomorrow Up Target 3 692
Based on where the stock opens tomorrow, if REDTAPE opens on a positive note, our first target will be ₹738. If Target 1 is achieved, we will aim for Target 2 which is ₹749.

But if REDTAPE falls below the average value of ₹726.00, you can enter a sell side position with target number 1 - ₹715 and second target - ₹703 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 REDTAPE

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

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

Tomorrow's Volume based share price Forecast for REDTAPE

REDTAPE'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 284%.

Reversal detection for REDTAPE

Predicted trend chart of REDTAPE tomorrow for price forecast
REDTAPE may trend may continue to be bullish since stock is making higher highs and we can get target of ₹715 in morning tomorrow
Target 1 tomorrow735
Target 2 tomorrow740
Target 3 tomorrow749
 

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 REDTAPE'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 REDTAPE opens on a positive note, our first target will be ₹737.95. If Target 1 is achieved, we will aim for Target 2 which is ₹749.00.

But if REDTAPE falls below the average value of ₹726.00, you can enter a sell side position with target number 1 - ₹714.95 and second target - ₹703.00

REDTAPE's Weekly Targets
1st Up Target 742.30
2nd Up Target 757.70
1st Down Target 706.25
2nd Down Target 685.60

As the week for REDTAPE ended on bullish sentiments, we can expect further continuation of this sentiment. REDTAPE's initial target will be 742.30 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 706.25 in the upcoming week.

Weekly OHLC Values
Open 713.00
High 737.05
Low 701.00
Close 726.90

Week for REDTAPE started with an open price of 713.00, and the close was at 726.90. REDTAPE reached the highest of 737.05 and dipped lowest up to 701.00 last week. This indicates a bullish sentiment for the week.

REDTAPE full month swing targets
Monthly Up Target 1 778.35
Monthly Up Target 2 793.75
Monthly Down Target 1 670.20
Monthly Down Target 2 613.50

Targets of ₹778.35 can be expected to be reached in the coming month. Once REDTAPE achieved this target, we can aim for the next upside target of ₹793.75.

REDTAPE if fails to hold upside, down targets of ₹670.20 and ₹613.50 can be achieved by end of this month.

For complete three weeks if REDTAPE 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

REDTAPE is expected to reach the target of 737.95 in tomorrow's trading session.

After achieving the initial target in REDTAPE, we will aim for higher targets of 749.00 tomorrow.

However, if REDTAPE starts to trade below ₹726.00, then we will shift our focus to the sell side and aim for down targets of 714.95 and 703.00.