Axita Cotton Limited Stock Forecast
Axita Cotton Limited stock price ended at ₹21.18 on Friday, after losing 0.282%.
(Updated on Jun 28, 2024)
The Axita Cotton Limited stock price fell by -0.282% on the last day (Friday, 28th Jun 2024) from ₹21.24 to ₹21.18. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 1.57% from a day low at ₹21.06 to a day high of ₹21.39. The price has fallen in 7 of the last 10 days and is down by -1.49% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -55 thousand shares and in total, 648 thousand shares were bought and sold for approximately ₹13.72 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 Axita Cotton Limited stock with a 90% probability to be traded between ₹20.66 and ₹23.10 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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AXITA.NS 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 Axita Cotton 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 ₹21.49 and ₹21.36. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -6.03%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Axita Cotton Limited stock
Axita Cotton Limited finds support from accumulated volume at ₹21.00 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 ₹0.330 between high and low, or 1.57%. For the last week, the stock has had daily average volatility of 1.71%.
Our recommended stop-loss: ₹20.29 (-4.22%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 16 days ago.)
Trading Expectations (AXITA.NS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Axita Cotton Limited to open at ₹21.21, and during the day (based on 14 day Average True Range), to move between ₹20.61 and ₹21.75, which gives a possible trading interval of +/-₹0.571 (+/-2.70%) up or down from last closing price. If Axita Cotton Limited takes out the full calculated possible swing range there will be an estimated 5.40% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹21.00 (0.85%) than the resistance at ₹21.37 (0.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Axita Cotton Limited stock A Buy?
Axita Cotton Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: -0.563 Hold/Accumulate Unchanged
Predicted Opening Price for Axita Cotton Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹21.21 ( 0.142%) | ₹21.18 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for AXITA.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 21.54 | 1.70% |
| R2 | 21.41 | 1.10% |
| R1 | 21.34 | 0.737% |
| Price | 21.18 | |
| S1 | 21.08 | -0.454% |
| S2 | 21.01 | -0.82% |
| S3 | 20.88 | -1.42% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 22.54 | 6.42% |
| R2 | 22.15 | 4.58% |
| R1 | 21.37 | 0.90% |
| Price | 21.18 | |
| S1 | 21.00 | -0.85% |
| S2 | 20.10 | -5.10% |
| S3 | 20.00 | -5.57% |
AXITA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 17, 2023 | Nov 17, 2023 | Dec 03, 2023 | ₹0.0750 | 0.304% |
| 2 | Nov 13, 2023 | Nov 13, 2023 | Nov 13, 2023 | ₹0.100 | 0.492% |
| 3 | Sep 19, 2022 | Sep 19, 2022 | Oct 26, 2022 | ₹0.0375 | 0.147% |
FAQ
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