Central Bank of India Stock Forecast
Red day on Tuesday for Central Bank of India
(Updated on Jul 02, 2024)
The Central Bank of India stock price fell by -0.84% on the last day (Tuesday, 2nd Jul 2024) from ₹63.12 to ₹62.59. During the last trading day the stock fluctuated 2.17% from a day low at ₹62.25 to a day high of ₹63.60. The price has fallen in 6 of the last 10 days and is down by -3.6% for this period. 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 -3 million shares and in total, 5 million shares were bought and sold for approximately ₹305.29 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 Central Bank of India stock with a 90% probability to be traded between ₹59.23 and ₹72.33 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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CENTRALBK.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 27, 2024, and so far it has risen 0.90%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Central Bank of India 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 ₹62.98 and ₹64.07. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Monday, May 27, 2024 and based on theory for this formation the price should fall by -19.64% to ₹50.30 within 20 trading days since signal was issued (Tuesday, June 25, 2024).
Support, Risk & Stop-loss for Central Bank of India stock
Central Bank of India finds support from accumulated volume at ₹61.75 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 ₹1.35 between high and low, or 2.17%. For the last week, the stock has had daily average volatility of 3.13%.
Our recommended stop-loss: ₹58.75 (-6.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 19 days ago.)
Trading Expectations (CENTRALBK.NS) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Central Bank of India to open at ₹62.81, and during the day (based on 14 day Average True Range), to move between ₹60.09 and ₹65.09, which gives a possible trading interval of +/-₹2.50 (+/-3.99%) up or down from last closing price. If Central Bank of India takes out the full calculated possible swing range there will be an estimated 7.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹61.75 (1.34%) than the resistance at ₹65.60 (4.81%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Central Bank of India stock A Buy?
Central Bank of India 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: 0.837 Hold/Accumulate Unchanged
Predicted Opening Price for Central Bank of India of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| ₹62.81 ( 0.357%) | ₹62.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CENTRALBK.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 64.16 | 2.51% |
| R2 | 63.65 | 1.69% |
| R1 | 63.33 | 1.18% |
| Price | 62.59 | |
| S1 | 62.30 | -0.467% |
| S2 | 61.98 | -0.98% |
| S3 | 61.46 | -1.80% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 72.30 | 15.51% |
| R2 | 68.15 | 8.88% |
| R1 | 65.60 | 4.81% |
| Price | 62.59 | |
| S1 | 61.75 | -1.34% |
| S2 | 60.95 | -2.62% |
| S3 | 60.50 | -3.34% |
CENTRALBK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 12, 2015 | Jun 23, 2015 | Jul 08, 2015 | ₹0.500 | 0.480% |
| 2 | May 10, 2013 | Jun 20, 2013 | Jul 08, 2013 | ₹2.50 | 4.11% |
| 3 | May 08, 2012 | Jun 21, 2012 | Jul 11, 2012 | ₹2.00 | 2.43% |
| 4 | May 06, 2011 | Jul 21, 2011 | Aug 12, 2011 | ₹1.50 | 1.37% |
| 5 | Oct 26, 2010 | Nov 09, 2010 | Nov 25, 2010 | ₹0.85 | 0.478% |
FAQ
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