Asian Paints Limited Stock Forecast
Asian Paints Limited stock upgraded to Sell Candidate.
(Updated on May 09, 2024)
The Asian Paints Limited stock price fell by -4.68% on the last day (Thursday, 9th May 2024) from ₹2,844.25 to ₹2,711.00. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.91% from a day low at ₹2,705.00 to a day high of ₹2,865.00. The price has fallen in 6 of the last 10 days and is down by -5.45% for this period. Volume has increased on the last day by 177 thousand 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, 276 thousand shares were bought and sold for approximately ₹747.83 million.
The stock has broken the falling short-term trend down. Firstly a stronger fallrate is indicated, but false breaks and "sell-off" may occur. However, a further fall is realistic and any reactions back to the breaking point (₹2,718.27) are considered to be a "second chance" to get out. According to the fan-theory ₹2,471.31 will represent the new bottom line of the next trend, but it is far too early to say this for certain.
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ASIANPAINT.BO Signals & Forecast
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. The Asian Paints Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹2,882.48 and ₹2,858.84. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -8.84%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Asian Paints Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹160.00 between high and low, or 5.91%. For the last week the stock has had daily average volatility of 3.13%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ASIANPAINT.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Asian Paints Limited to open at ₹2,760.33, and during the day (based on 14 day Average True Range), to move between ₹2,647.16 and ₹2,774.84, which gives a possible trading interval of +/-₹63.84 (+/-2.35%) up or down from last closing price. If Asian Paints Limited takes out the full calculated possible swing range there will be an estimated 4.71% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ₹2,793.75, some ₹82.75 (3.05%) from the current price of ₹2,711.00, our system finds the risk reward not very attractive.
Is Asian Paints Limited stock A Buy?
Asian Paints Limited holds several negative signals and is within a falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -4.125 Sell Candidate Upgraded
Predicted Opening Price for Asian Paints Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹2,760.33 ( 1.82%) | ₹2,711.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ASIANPAINT.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,920.33 | 7.72 % | |
| R2 | 2,859.21 | 5.47 % | ||
| R1 | 2,821.45 | 4.07 % | ||
| Current price: | 2,711.00 | |||
| Support | S1 | 2,699.21 | -0.435 % | |
| S2 | 2,661.45 | -1.83 % | ||
| S3 | 2,600.33 | -4.08 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2,973.80 | 9.69 % | |
| R2 | 2,815.25 | 3.85 % | ||
| R1 | 2,793.75 | 3.05 % | ||
| Current price | 2,711.00 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
ASIANPAINT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 03, 2023 | Nov 03, 2023 | Nov 25, 2023 | ₹5.15 | 0.164% |
| 2 | Jun 09, 2023 | Jun 09, 2023 | Jul 27, 2023 | ₹21.25 | 0.630% |
| 3 | Oct 31, 2017 | Oct 31, 2017 | Nov 03, 2017 | ₹2.65 | 0.226% |
| 4 | Jun 15, 2017 | Jun 15, 2017 | Jul 27, 2017 | ₹7.65 | 0.666% |
| 5 | Nov 01, 2016 | Nov 01, 2016 | Nov 01, 2016 | ₹2.65 | 0.246% |
FAQ
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