Damodar Industries Ltd Stock Forecast
On Thursday, Damodar Industries Ltd stock price gained an impressive 5.12%
(Updated on Apr 18, 2024)
The Damodar Industries Ltd stock price gained 5.12% on the last trading day (Thursday, 18th Apr 2024), rising from ₹49.85 to ₹52.40. During the last trading day the stock fluctuated 7.85% from a day low at ₹49.05 to a day high of ₹52.90. The price has risen in 7 of the last 10 days and is up by 11.73% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 30 thousand more shares were traded than the day before. In total, 47 thousand shares were bought and sold for approximately ₹2.47 million.
Given the current short-term trend, the stock is expected to fall -22.82% during the next 3 months and, with a 90% probability hold a price between ₹29.59 and ₹40.44 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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DAMODARIND.NS Signals & Forecast
Mostly positive signals in the chart today. The Damodar Industries 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 ₹51.64 and ₹49.33. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, March 28, 2024, and so far it has risen 25.66%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Damodar Industries Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹49.45 and ₹42.05. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Damodar Industries Ltd finds support just below today's level at ₹49.45. If this is broken, then the next support from accumulated volume will be at ₹42.05 and ₹41.70.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹3.85 between high and low, or 7.85%. For the last week, the stock has had daily average volatility of 4.93%.
The Damodar Industries Ltd stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought and the RSI is still moving upwards. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely, and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: ₹50.58 (-3.48%) (This stock has high daily movements and this gives high risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 13 days ago.)
Trading Expectations (DAMODARIND.NS) For The Upcoming Trading Day Of Friday 19th
For the upcoming trading day on Friday, 19th we expect Damodar Industries Ltd to open at ₹51.45, and during the day (based on 14 day Average True Range), to move between ₹49.44 and ₹55.36, which gives a possible trading interval of +/-₹2.96 (+/-5.65%) up or down from last closing price. If Damodar Industries Ltd takes out the full calculated possible swing range there will be an estimated 11.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹53.05 (1.24%) than the support at ₹49.45 (5.63%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Damodar Industries Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.605 Buy Candidate Upgraded
Predicted Opening Price for Damodar Industries Ltd of Friday, April 19, 2024
Fair opening price April 19, 2024 | Current price |
---|---|
₹51.45 ( 1.81%) | ₹52.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DAMODARIND.NS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 55.30 | 5.53 % | |
R2 | 53.83 | 2.73 % | ||
R1 | 52.92 | 0.99 % | ||
Current price: | 52.40 | |||
Support | S1 | 49.98 | -4.62 % | |
S2 | 49.07 | -6.35 % | ||
S3 | 47.60 | -9.16 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 64.90 | 23.85 % | |
R2 | 62.70 | 19.66 % | ||
R1 | 53.05 | 1.24 % | ||
Current price | 52.40 | |||
Support | S1 | 49.45 | -5.63% | |
S2 | 42.05 | -19.75% | ||
S3 | 41.70 | -20.42% |
DAMODARIND Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 15, 2022 | Jul 15, 2022 | Jul 15, 2022 | ₹0.500 | 1.11% |
2 | May 26, 2019 | Jun 28, 2019 | Aug 31, 2019 | ₹0.750 | 2.58% |
3 | May 27, 2018 | Jun 28, 2018 | Aug 27, 2018 | ₹1.50 | 2.94% |
4 | May 29, 2017 | Jun 19, 2017 | Sep 10, 2017 | ₹1.40 | 3.03% |
FAQ
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