Byke Hospitality Ltd Stock Forecast
Byke Hospitality Ltd stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 14, 2024)
The Byke Hospitality Ltd stock price fell by -0.93% on the last day (Friday, 14th Jun 2024) from ₹75.96 to ₹75.25. During the last trading day the stock fluctuated 4.39% from a day low at ₹74.02 to a day high of ₹77.27. The price has been going up and down for this period, and there has been a 8.27% gain for the last 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 -251 thousand shares and in total, 170 thousand shares were bought and sold for approximately ₹12.78 million.
The stock lies in the middle of a very wide and strong 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 22.54% during the next 3 months and, with a 90% probability hold a price between ₹82.91 and ₹106.99 at the end of this 3-month period.
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BYKE.NS Signals & Forecast
The Byke Hospitality Ltd 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 ₹73.48 and ₹73.25. 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 Monday, May 06, 2024, and so far it has fallen -5.70%. 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 Byke Hospitality Ltd stock
Byke Hospitality Ltd finds support from accumulated volume at ₹74.85 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 ₹3.25 between high and low, or 4.39%. For the last week, the stock has had daily average volatility of 6.18%.
Our recommended stop-loss: ₹70.75 (-5.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 54 days ago.)
Trading Expectations (BYKE.NS) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Byke Hospitality Ltd to open at ₹75.51, and during the day (based on 14 day Average True Range), to move between ₹70.98 and ₹79.52, which gives a possible trading interval of +/-₹4.27 (+/-5.67%) up or down from last closing price. If Byke Hospitality Ltd takes out the full calculated possible swing range there will be an estimated 11.34% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹74.85 (0.53%) than the resistance at ₹75.96 (0.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Byke Hospitality Ltd stock A Buy?
Byke Hospitality Ltd 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: -0.224 Hold/Accumulate Downgraded
Predicted Opening Price for Byke Hospitality Ltd of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹75.51 ( 0.350%) | ₹75.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for BYKE.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 78.76 | 4.67% |
| R2 | 77.52 | 3.02% |
| R1 | 76.75 | 2.00% |
| Price | 75.25 | |
| S1 | 74.27 | -1.30% |
| S2 | 73.50 | -2.32% |
| S3 | 72.26 | -3.97% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 78.80 | 4.72% |
| R2 | 76.25 | 1.33% |
| R1 | 75.96 | 0.94% |
| Price | 75.25 | |
| S1 | 74.85 | -0.532% |
| S2 | 73.70 | -2.06% |
| S3 | 73.45 | -2.39% |
BYKE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 28, 2018 | Sep 18, 2018 | Oct 27, 2018 | ₹1.00 | 1.34% |
| 2 | May 29, 2017 | Sep 08, 2017 | Oct 18, 2017 | ₹1.00 | 0.605% |
| 3 | May 20, 2016 | Sep 09, 2016 | Oct 20, 2016 | ₹1.00 | 0.542% |
| 4 | May 27, 2015 | Sep 16, 2015 | Oct 26, 2015 | ₹1.00 | 0.634% |
| 5 | Sep 03, 2014 | Sep 03, 2014 | Sep 03, 2014 | ₹0.750 | 0.465% |
FAQ
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