Bannari Amman Spinning Mills Limited Stock Forecast
Bannari Amman Spinning Mills Limited stock price ended at ₹48.68 on Wednesday, after losing 1.00%.
(Updated on Jun 26, 2024)
The Bannari Amman Spinning Mills Limited stock price fell by -1.00% on the last day (Wednesday, 26th Jun 2024) from ₹49.17 to ₹48.68. During the last trading day the stock fluctuated 3.54% from a day low at ₹48.24 to a day high of ₹49.95. The price has risen in 6 of the last 10 days and is up by 11.65% over the past 2 weeks. 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 -411 thousand shares and in total, 107 thousand shares were bought and sold for approximately ₹5.22 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 8.17% during the next 3 months and, with a 90% probability hold a price between ₹45.87 and ₹59.45 at the end of this 3-month period.
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BASML.NS Signals & Forecast
The Bannari Amman Spinning Mills Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹48.77. On a fall, the stock will find some support from the long-term average at approximately ₹47.10. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 20, 2024, and so far it has fallen -4.08%. 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 Bannari Amman Spinning Mills Limited stock
Bannari Amman Spinning Mills Limited finds support from accumulated volume at ₹48.07 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 ₹1.71 between high and low, or 3.54%. For the last week, the stock has had daily average volatility of 6.03%.
Our recommended stop-loss: ₹46.74 (-3.99%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (BASML.NS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Bannari Amman Spinning Mills Limited to open at ₹48.96, and during the day (based on 14 day Average True Range), to move between ₹46.22 and ₹51.14, which gives a possible trading interval of +/-₹2.46 (+/-5.05%) up or down from last closing price. If Bannari Amman Spinning Mills Limited takes out the full calculated possible swing range there will be an estimated 10.09% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹49.17 (1.01%) than the support at ₹48.07 (1.25%), 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 Bannari Amman Spinning Mills Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Bannari Amman Spinning Mills Limited stock to perform well in the short-term.
Current score: 4.688 Buy Candidate Unchanged
Predicted Opening Price for Bannari Amman Spinning Mills Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹48.96 ( 0.568%) | ₹48.68 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BASML.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 50.67 | 4.08% |
| R2 | 50.01 | 2.74% |
| R1 | 49.61 | 1.91% |
| Price | 48.68 | |
| S1 | 48.30 | -0.774% |
| S2 | 47.90 | -1.60% |
| S3 | 47.25 | -2.94% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 52.35 | 7.54% |
| R2 | 49.25 | 1.17% |
| R1 | 49.17 | 1.01% |
| Price | 48.68 | |
| S1 | 48.07 | -1.25% |
| S2 | 44.40 | -8.79% |
| S3 | 38.05 | -21.84% |
BASML Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 16, 2022 | Sep 16, 2022 | Sep 16, 2022 | ₹0.600 | 1.02% |
| 2 | Sep 01, 2022 | Sep 01, 2022 | Sep 01, 2022 | ₹0.600 | 1.01% |
| 3 | May 30, 2019 | Aug 08, 2019 | Sep 17, 2019 | ₹0.515 | 0.730% |
| 4 | May 30, 2018 | Sep 14, 2018 | Oct 15, 2018 | ₹0.515 | 0.479% |
| 5 | May 30, 2017 | Sep 15, 2017 | Oct 07, 2017 | ₹0.579 | 0.375% |
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