Benares Hotels Limited Stock Forecast
Benares Hotels Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 17, 2024)
The Benares Hotels Limited stock price gained 0.88% on the last trading day (Friday, 17th May 2024), rising from ₹9,009.20 to ₹9,088.75. During the last trading day the stock fluctuated 2.80% from a day low at ₹8,900.00 to a day high of ₹9,149.25. The price has been going up and down for this period, and there has been a -4.41% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 136 more shares were traded than the day before. In total, 274 shares were bought and sold for approximately ₹2.49 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 Benares Hotels Limited stock with a 90% probability to be traded between ₹8,610.86 and ₹9,610.39 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
BENARAS.BO Signals & Forecast
The Benares Hotels 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 ₹9,090.41. On a fall, the stock will find some support from the long-term average at approximately ₹9,031.58. 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. Volume is rising along with the price. This is considered to be a good technical signal. 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 Friday, May 03, 2024, and so far it has fallen -4.41%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Benares Hotels Limited stock
Benares Hotels Limited finds support from accumulated volume at ₹8,961.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ₹249.25 between high and low, or 2.80%. For the last week the stock has had daily average volatility of 3.05%.
Our recommended stop-loss: ₹8,641.33 (-4.92%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (BENARAS.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Benares Hotels Limited to open at ₹9,046.00, and during the day (based on 14 day Average True Range), to move between ₹8,740.54 and ₹9,436.96, which gives a possible trading interval of +/-₹348.21 (+/-3.83%) up or down from last closing price. If Benares Hotels Limited takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹9,131.70 (0.47%) than the support at ₹8,961.95 (1.40%), 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 Benares Hotels Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Benares Hotels Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.281 Buy Candidate Upgraded
Predicted Opening Price for Benares Hotels Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹9,046.00 ( 0.470%) | ₹9,088.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BENARAS.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9,295.25 | 2.27 % | |
| R2 | 9,200.04 | 1.22 % | ||
| R1 | 9,141.21 | 0.577 % | ||
| Current price: | 9,088.75 | |||
| Support | S1 | 8,950.79 | -1.52 % | |
| S2 | 8,891.96 | -2.17 % | ||
| S3 | 8,796.75 | -3.21 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9,355.65 | 2.94 % | |
| R2 | 9,252.40 | 1.80 % | ||
| R1 | 9,131.70 | 0.473 % | ||
| Current price | 9,088.75 | |||
| Support | S1 | 8,961.95 | -1.40% | |
| S2 | 8,902.65 | -2.05% | ||
| S3 | 8,849.70 | -2.63% |
BENARAS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 17, 2023 | Aug 17, 2023 | Sep 23, 2023 | ₹20.00 | 0.347% |
| 2 | Aug 30, 2022 | Aug 30, 2022 | Oct 08, 2022 | ₹10.00 | 0.371% |
| 3 | Sep 21, 2020 | Sep 21, 2020 | Oct 29, 2020 | ₹7.50 | 0.642% |
| 4 | Aug 21, 2019 | Aug 21, 2019 | Sep 29, 2019 | ₹15.00 | 1.15% |
| 5 | Aug 14, 2018 | Aug 14, 2018 | Sep 23, 2018 | ₹15.00 | 1.15% |
FAQ
Click here for our free guide on how to buy Benares Hotels Limited Stock.
