Benares Hotels Limited Stock Forecast
Benares Hotels Limited stock price down 1.34% on Friday
(Updated on May 31, 2024)
The Benares Hotels Limited stock price fell by -1.34% on the last day (Friday, 31st May 2024) from ₹8,757.55 to ₹8,640.50. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 2.42% from a day low at ₹8,581.00 to a day high of ₹8,789.00. The price has fallen in 7 of the last 10 days and is down by -4.09% for this period. Volume has increased on the last day by 32 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, 281 shares were bought and sold for approximately ₹2.43 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at ₹8,582.24 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Benares Hotels Limited stock with a 90% probability to be traded between ₹8,695.51 and ₹9,676.72 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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BENARAS.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Benares Hotels 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 ₹8,822.10 and ₹9,025.48. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, May 03, 2024, and so far it has fallen -9.13%. 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). 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 Benares Hotels Limited stock
Benares Hotels Limited finds support from accumulated volume at ₹8,579.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹208.00 (2.42%) between high and low. For the last week, the stock has had daily average volatility of 2.04%.
Benares Hotels Limited is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: ₹8,161.82 (-5.54%) (This stock has low daily movements and this gives low risk. Low RSI14 is 23 which reduces the risk some. There is a sell signal from a pivot top found 50 days ago.)
Trading Expectations (BENARAS.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Benares Hotels Limited to open at ₹8,670.17, and during the day (based on 14 day Average True Range), to move between ₹8,356.15 and ₹8,924.85, which gives a possible trading interval of +/-₹284.35 (+/-3.29%) up or down from last closing price. If Benares Hotels Limited takes out the full calculated possible swing range there will be an estimated 6.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹8,579.35 (0.71%) than the resistance at ₹8,961.95 (3.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Benares Hotels Limited stock A Buy?
Benares Hotels 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: 0.904 Hold/Accumulate Unchanged
Predicted Opening Price for Benares Hotels Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹8,670.17 ( 0.343%) | ₹8,640.50 |
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 | 8,878.17 | 2.75 % | |
| R2 | 8,798.71 | 1.83 % | ||
| R1 | 8,749.62 | 1.26 % | ||
| Current price: | 8,640.50 | |||
| Support | S1 | 8,590.71 | -0.576 % | |
| S2 | 8,541.62 | -1.14 % | ||
| S3 | 8,462.17 | -2.06 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9,355.65 | 8.28 % | |
| R2 | 9,252.40 | 7.08 % | ||
| R1 | 8,961.95 | 3.72 % | ||
| Current price | 8,640.50 | |||
| Support | S1 | 8,579.35 | -0.708% | |
| S2 | 8,578.55 | -0.717% | ||
| S3 | 8,471.15 | -1.96% |
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
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