Banaras Beads Limited Stock Forecast
Weaker technical forecast for Banaras Beads Limited as stock downgraded to Hold/Accumulate.
(Updated on Jun 28, 2024)
The Banaras Beads Limited stock price fell by -0.683% on the last day (Friday, 28th Jun 2024) from ₹101.06 to ₹100.37. During the last trading day the stock fluctuated 5.70% from a day low at ₹97.60 to a day high of ₹103.16. The price has been going up and down for this period, and there has been a 9.89% gain for the last 2 weeks. Volume has increased on the last day by 39 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, 86 thousand shares were bought and sold for approximately ₹8.66 million.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹101.04 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Banaras Beads Limited stock with a 90% probability to be traded between ₹81.44 and ₹99.71 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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BANARBEADS.NS Signals & Forecast
The Banaras Beads 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 ₹98.19 and ₹92.10. 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 27, 2024, and so far it has fallen -0.683%. 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 Banaras Beads Limited stock
Banaras Beads Limited finds support from accumulated volume at ₹97.07 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 ₹5.56 between high and low, or 5.70%. For the last week, the stock has had daily average volatility of 4.62%.
Our recommended stop-loss: ₹97.74 (-2.62%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (BANARBEADS.NS) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Banaras Beads Limited to open at ₹100.38, and during the day (based on 14 day Average True Range), to move between ₹96.01 and ₹104.73, which gives a possible trading interval of +/-₹4.36 (+/-4.35%) up or down from last closing price. If Banaras Beads Limited takes out the full calculated possible swing range there will be an estimated 8.70% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹100.85 (0.48%) than the support at ₹97.07 (3.29%), 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 Banaras Beads Limited stock A Buy?
Banaras Beads 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.206 Hold/Accumulate Downgraded
Predicted Opening Price for Banaras Beads Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹100.38 ( 0.0066%) | ₹100.37 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BANARBEADS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 105.94 | 5.55% |
| R2 | 103.81 | 3.43% |
| R1 | 102.50 | 2.12% |
| Price | 100.37 | |
| S1 | 98.25 | -2.11% |
| S2 | 96.94 | -3.42% |
| S3 | 94.82 | -5.53% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 101.06 | 0.687% |
| R2 | 100.96 | 0.588% |
| R1 | 100.85 | 0.478% |
| Price | 100.37 | |
| S1 | 97.07 | -3.29% |
| S2 | 96.77 | -3.59% |
| S3 | 96.53 | -3.83% |
BANARBEADS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 12, 2024 | Feb 12, 2024 | Mar 01, 2024 | ₹2.00 | 1.99% |
| 2 | Jan 30, 2023 | Jan 30, 2023 | Jan 30, 2023 | ₹2.00 | 2.35% |
| 3 | Nov 11, 2021 | Nov 11, 2021 | Nov 11, 2021 | ₹2.00 | 2.49% |
| 4 | May 25, 2017 | Sep 20, 2017 | Oct 28, 2017 | ₹1.00 | 1.59% |
| 5 | Mar 03, 2016 | Mar 16, 2016 | Mar 28, 2016 | ₹2.50 | 5.58% |
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