Cummins India Limited Stock Forecast
Green day on Wednesday for Cummins India Limited stock after gaining 2.21%
(Updated on May 08, 2024)
The Cummins India Limited stock price gained 2.21% on the last trading day (Wednesday, 8th May 2024), rising from ₹3,371.25 to ₹3,445.70. During the last trading day the stock fluctuated 3.31% from a day low at ₹3,351.50 to a day high of ₹3,462.55. The price has risen in 7 of the last 10 days and is up by 9.08% over the past 2 weeks. Volume fell on the last day by -8 thousand shares and in total, 4 thousand shares were bought and sold for approximately ₹12.95 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹3,463.89 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 30.22% during the next 3 months and, with a 90% probability hold a price between ₹4,118.24 and ₹4,510.84 at the end of this 3-month period.
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CUMMINSIND.BO Signals & Forecast
Mostly positive signals in the chart today. The Cummins India Limited 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 ₹3,359.18 and ₹3,060.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 28.84%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Cummins India Limited stock
Cummins India Limited finds support from accumulated volume at ₹3,404.95 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 ₹111.05 between high and low, or 3.31%. For the last week, the stock has had daily average volatility of 4.18%.
Our recommended stop-loss: ₹3,342.33 (-3.00%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 34 days ago.)
Trading Expectations (CUMMINSIND.BO) For The Upcoming Trading Day Of Thursday 9th
For the upcoming trading day on Thursday, 9th we expect Cummins India Limited to open at ₹3,419.92, and during the day (based on 14 day Average True Range), to move between ₹3,347.47 and ₹3,543.93, which gives a possible trading interval of +/-₹98.23 (+/-2.85%) up or down from last closing price. If Cummins India Limited takes out the full calculated possible swing range there will be an estimated 5.70% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹3,404.95, some ₹40.75 (1.18%) from the current price of ₹3,445.70, our system finds the risk reward attractive.
Is Cummins India Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Cummins India Limited stock to perform well in the short-term.
Current score: 4.907 Buy Candidate Unchanged
Predicted Opening Price for Cummins India Limited of Thursday, May 9, 2024
| Fair opening price May 9, 2024 | Current price |
|---|---|
| ₹3,419.92 ( 0.748%) | ₹3,445.70 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CUMMINSIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 3,530.97 | 2.47 % | |
| R2 | 3,488.55 | 1.24 % | ||
| R1 | 3,462.34 | 0.483 % | ||
| Current price: | 3,445.70 | |||
| Support | S1 | 3,377.50 | -1.98 % | |
| S2 | 3,351.29 | -2.74 % | ||
| S3 | 3,308.87 | -3.97 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 3,445.70 | |||
| Support | S1 | 3,404.95 | -1.18% | |
| S2 | 2,766.05 | -19.72% | ||
| S3 | 2,603.70 | -24.44% |
CUMMINSIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Feb 21, 2024 | Mar 06, 2024 | ₹18.00 | 0.646% |
| 2 | Jul 26, 2023 | Jul 26, 2023 | Aug 31, 2023 | ₹13.00 | 0.763% |
| 3 | Feb 21, 2023 | Feb 21, 2023 | Mar 08, 2023 | ₹12.00 | 0.719% |
| 4 | Feb 15, 2018 | Feb 15, 2018 | Mar 01, 2018 | ₹5.00 | 0.622% |
| 5 | Jul 27, 2017 | Jul 27, 2017 | Sep 01, 2017 | ₹9.00 | 0.99% |
FAQ
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