Amarjothi Spinning Mills Limited Stock Forecast
Red day on Friday for Amarjothi Spinning Mills Limited stock after losing 0.245%
(Updated on Jun 14, 2024)
The Amarjothi Spinning Mills Limited stock price fell by -0.245% on the last day (Friday, 14th Jun 2024) from ₹183.50 to ₹183.05. During the last trading day the stock fluctuated 0.411% from a day low at ₹182.30 to a day high of ₹183.05. The price has risen in 6 of the last 10 days and is up by 3.07% over the past 2 weeks. Volume has increased on the last day by 932 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 7 thousand shares were bought and sold for approximately ₹1.37 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Amarjothi Spinning Mills Limited stock with a 90% probability to be traded between ₹168.72 and ₹191.69 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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AMARJOTHI.BO Signals & Forecast
The Amarjothi Spinning Mills Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹179.57 and ₹179.26. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, June 13, 2024, and so far it has fallen -0.245%. Further fall is indicated until a new bottom pivot has been found. Amarjothi Spinning Mills Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Amarjothi Spinning Mills Limited stock
Amarjothi Spinning Mills Limited finds support from accumulated volume at ₹180.25 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 ₹0.750 between high and low, or 0.411%. For the last week, the stock has had daily average volatility of 2.98%.
Our recommended stop-loss: ₹177.71 (-2.92%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (AMARJOTHI.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Amarjothi Spinning Mills Limited to open at ₹182.80, and during the day (based on 14 day Average True Range), to move between ₹176.75 and ₹189.35, which gives a possible trading interval of +/-₹6.30 (+/-3.44%) up or down from last closing price. If Amarjothi Spinning Mills Limited takes out the full calculated possible swing range there will be an estimated 6.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹183.50 (0.25%) than the support at ₹180.25 (1.53%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Amarjothi Spinning Mills Limited stock A Buy?
Amarjothi Spinning Mills Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.527 Hold/Accumulate Unchanged
Predicted Opening Price for Amarjothi Spinning Mills Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹182.80 ( 0.137%) | ₹183.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AMARJOTHI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 183.55 | 0.273% |
| R2 | 183.26 | 0.117% |
| R1 | 183.09 | 0.0199% |
| Price | 183.05 | |
| S1 | 182.51 | -0.293% |
| S2 | 182.34 | -0.390% |
| S3 | 182.05 | -0.546% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 186.50 | 1.88% |
| R2 | 186.15 | 1.69% |
| R1 | 183.50 | 0.246% |
| Price | 183.05 | |
| S1 | 180.25 | -1.53% |
| S2 | 174.75 | -4.53% |
| S3 | 169.25 | -7.54% |
AMARJOTHI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 29, 2024 | Aug 29, 2024 | Oct 05, 2024 | ₹2.20 | 1.20% |
| 2 | Sep 20, 2023 | Sep 20, 2023 | Oct 27, 2023 | ₹2.20 | 1.41% |
| 3 | Sep 21, 2022 | Sep 21, 2022 | Oct 29, 2022 | ₹2.20 | 1.22% |
| 4 | Sep 15, 2021 | Sep 15, 2021 | Oct 23, 2021 | ₹2.10 | 1.24% |
| 5 | Sep 18, 2020 | Sep 18, 2020 | Oct 28, 2020 | ₹2.00 | 3.67% |
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