Castrol India Limited Stock Forecast
Castrol India Limited stock upgraded to Hold/Accumulate.
(Updated on May 10, 2024)
The Castrol India Limited stock price gained 2.16% on the last trading day (Friday, 10th May 2024), rising from ₹187.35 to ₹191.40. During the last trading day the stock fluctuated 6.22% from a day low at ₹188.20 to a day high of ₹199.90. The price has fallen in 6 of the last 10 days and is down by -10.01% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 million more shares were traded than the day before. In total, 11 million shares were bought and sold for approximately ₹2.10 billion.
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 ₹187.41 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Castrol India Limited stock with a 90% probability to be traded between ₹190.23 and ₹227.89 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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CASTROLIND.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 09, 2024, and so far it has risen 2.16%. Further rise is indicated until a new top pivot has been found. 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. The Castrol India 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 ₹195.09 and ₹204.91. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Castrol India Limited stock
Castrol India Limited finds support from accumulated volume at ₹191.00 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 ₹11.70 between high and low, or 6.22%. For the last week, the stock has had daily average volatility of 4.58%.
Our recommended stop-loss: ₹180.80 (-5.54%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (CASTROLIND.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Castrol India Limited to open at ₹193.17, and during the day (based on 14 day Average True Range), to move between ₹183.51 and ₹199.29, which gives a possible trading interval of +/-₹7.89 (+/-4.12%) up or down from last closing price. If Castrol India Limited takes out the full calculated possible swing range there will be an estimated 8.25% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹191.00 (0.21%) than the resistance at ₹207.70 (8.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Castrol India Limited stock A Buy?
Castrol India 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.212 Hold/Accumulate Upgraded
Predicted Opening Price for Castrol India Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹193.17 ( 0.92%) | ₹191.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CASTROLIND.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 204.87 | 7.04 % | |
| R2 | 200.40 | 4.70 % | ||
| R1 | 197.64 | 3.26 % | ||
| Current price: | 191.40 | |||
| Support | S1 | 188.70 | -1.41 % | |
| S2 | 185.94 | -2.85 % | ||
| S3 | 181.47 | -5.19 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 223.40 | 16.72 % | |
| R2 | 211.25 | 10.37 % | ||
| R1 | 207.70 | 8.52 % | ||
| Current price | 191.40 | |||
| Support | S1 | 191.00 | -0.209% | |
| S2 | 189.75 | -0.86% | ||
| S3 | 185.95 | -2.85% |
CASTROLIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Mar 21, 2024 | Apr 26, 2024 | ₹4.50 | 2.12% |
| 2 | Mar 20, 2024 | Mar 20, 2024 | Apr 26, 2024 | ₹4.50 | 2.12% |
| 3 | Aug 08, 2023 | Aug 08, 2023 | Aug 08, 2023 | ₹3.00 | 2.03% |
| 4 | May 04, 2023 | May 04, 2023 | May 04, 2023 | ₹3.50 | 2.92% |
| 5 | May 03, 2023 | May 03, 2023 | May 03, 2023 | ₹3.50 | 2.86% |
FAQ
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