Alkem Laboratories Limited Stock Forecast
Alkem Laboratories Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The Alkem Laboratories Limited stock price gained 0.0874% on the last trading day (Friday, 14th Jun 2024), rising from ₹5,093.60 to ₹5,098.05. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 2.47% from a day low at ₹5,059.95 to a day high of ₹5,185.00. The price has risen in 9 of the last 10 days and is up by 5.95% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 1 thousand more shares were traded than the day before. In total, 3 thousand shares were bought and sold for approximately ₹15.44 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 5.72% during the next 3 months and, with a 90% probability hold a price between ₹5,010.12 and ₹5,860.97 at the end of this 3-month period.
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ALKEM.BO Signals & Forecast
The Alkem Laboratories Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹5,020.14 and ₹5,082.83. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 8.53%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Alkem Laboratories Limited stock
Alkem Laboratories Limited finds support from accumulated volume at ₹4,951.90 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹125.05 between high and low, or 2.47%. For the last week, the stock has had daily average volatility of 1.83%.
Since the Alkem Laboratories Limited has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹4,815.73 (-5.54%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (ALKEM.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Alkem Laboratories Limited to open at ₹5,114.33, and during the day (based on 14 day Average True Range), to move between ₹4,946.30 and ₹5,249.80, which gives a possible trading interval of +/-₹151.75 (+/-2.98%) up or down from last closing price. If Alkem Laboratories Limited takes out the full calculated possible swing range there will be an estimated 5.95% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹4,951.90 (2.87%) than the resistance at ₹5,265.10 (3.28%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Alkem Laboratories Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Alkem Laboratories Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.089 Buy Candidate Upgraded
Predicted Opening Price for Alkem Laboratories Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹5,114.33 ( 0.319%) | ₹5,098.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ALKEM.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5,239.38 | 2.77% |
| R2 | 5,191.61 | 1.84% |
| R1 | 5,162.10 | 1.26% |
| Price | 5,098.05 | |
| S1 | 5,066.56 | -0.618% |
| S2 | 5,037.05 | -1.20% |
| S3 | 4,989.28 | -2.13% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 5,337.95 | 4.71% |
| R2 | 5,330.00 | 4.55% |
| R1 | 5,265.10 | 3.28% |
| Price | 5,098.05 | |
| S1 | 4,951.90 | -2.87% |
| S2 | 4,940.20 | -3.10% |
| S3 | 4,901.50 | -3.86% |
ALKEM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 10, 2024 | Aug 10, 2024 | Sep 04, 2024 | ₹5.00 | 0.0981% |
| 2 | Feb 16, 2024 | Feb 16, 2024 | Mar 01, 2024 | ₹35.00 | 0.683% |
| 3 | Aug 10, 2023 | Aug 10, 2023 | Sep 24, 2023 | ₹10.00 | 0.282% |
| 4 | Feb 16, 2018 | Feb 16, 2018 | Mar 11, 2018 | ₹6.00 | 0.272% |
| 5 | Aug 31, 2017 | Aug 31, 2017 | Oct 01, 2017 | ₹9.00 | 0.492% |
FAQ
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