Banas Finance Limited Stock Forecast
Banas Finance Limited stock downgraded from Sell Candidate to Strong Sell Candidate after Tuesday trading session.
(Updated on Jun 25, 2024)
The Banas Finance Limited stock price fell by -3.50% on the last day (Tuesday, 25th Jun 2024) from ₹10.29 to ₹9.93. During the last trading day the stock fluctuated 6.59% from a day low at ₹9.71 to a day high of ₹10.35. The price has been going up and down for this period, and there has been a -9.32% loss for the last 2 weeks. Volume has increased on the last day by 204 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, 363 thousand shares were bought and sold for approximately ₹3.60 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -35.45% during the next 3 months and, with a 90% probability hold a price between ₹3.93 and ₹9.35 at the end of this 3-month period. 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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BANASFN.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 Banas Finance Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹10.61 and ₹11.75. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -50.65%. 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 Banas Finance 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.
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 ₹0.640 between high and low, or 6.59%. For the last week, the stock has had daily average volatility of 4.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (BANASFN.BO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Banas Finance Limited to open at ₹10.00, and during the day (based on 14 day Average True Range), to move between ₹9.08 and ₹10.78, which gives a possible trading interval of +/-₹0.85 (+/-8.57%) up or down from last closing price. If Banas Finance Limited takes out the full calculated possible swing range there will be an estimated 17.14% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ₹10.41, some ₹0.480 (4.83%) from the current price of ₹9.93, our system finds the risk reward not very attractive.
Is Banas Finance Limited stock A Buy?
Banas Finance Limited holds several negative signals and is within a very wide and 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.087 Strong Sell Candidate Downgraded
Predicted Opening Price for Banas Finance Limited of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| ₹10.00 ( 0.671%) | ₹9.93 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BANASFN.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.64 | 7.12% |
| R2 | 10.39 | 4.65% |
| R1 | 10.24 | 3.13% |
| Price | 9.93 | |
| S1 | 9.75 | -1.79% |
| S2 | 9.60 | -3.31% |
| S3 | 9.36 | -5.77% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.62 | 6.95% |
| R2 | 10.48 | 5.54% |
| R1 | 10.41 | 4.83% |
| Price | 9.93 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
FAQ
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