Damodar Industries Ltd Stock Forecast
Explanation to Bollinger's Bands
Bollinger Bands was created by John Bollinger in the early 1980s, its purpose is to define price action relative to the assets highs and lows. This technical indicator is used to identify buy and sell signals and has proven very well in doing so.
Bollinger Bands consist of a set of three curves drawn in relation to securities prices. The middle band is a measure of the intermediate-term trend, usually a simple moving average, that serves as the base for the upper and lower bands. The interval between the upper and lower bands and the middle band is determined by volatility, typically the standard deviation of the same data that were used for the average. StockInvest.us uses Bollingers suggested 20 day average.
Middle Bollinger Band = 20-period simple moving average
Upper Bollinger Band = Middle Bollinger Band + 2 * 20-period standard deviation
Lower Bollinger Band = Middle Bollinger Band - 2 * 20-period standard deviation
BandWidth defines the current width of the band.
%b defines the current position within the band.
BandWidth = (Upper Bollinger Band - Lower Bollinger Band) / Middle Bollinger Band
%b = (Last - Lower Bollinger Band) / (Upper Bollinger Band - Lower Bollinger Band)
Live Samples:
Bottlenecks in bandwidth indicate an upcoming change. Break up through the moving average line or continuous movements above the moving average line indicate a break up, and vice versa.
Source: http://www.bollingerbands.com
Weaker technical forecast for Damodar Industries Ltd as stock downgraded to Hold/Accumulate.
(Updated on May 01, 2024)
No changes to the price of Damodar Industries Ltd stock on the last trading day (Wednesday, 1st May 2024). During the last trading day the stock fluctuated 0% from a day low at ₹53.15 to a day high of ₹53.15. The price has fallen in 5 of the last 10 days but is still up by 6.62% over the past 2 weeks.
The stockhas broken the very wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ₹52.98, a level that may pose a second chance to hit a runner. According to fan-theory ₹68.09 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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DAMODARIND.NS Signals & Forecast
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 ₹52.41 and ₹48.87. A breakdown below any of these levels will issue sell signals. 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 Tuesday, April 30, 2024, and so far it has fallen 0%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell on the last day without any changes to the price. This does not cause any direct divergence but may be an early warning and a possible "turning point". The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Damodar Industries Ltd stock
Damodar Industries Ltd finds support from accumulated volume at ₹53.05 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and therefore the general risk is considered very low. However, be aware of low or falling volume and make sure to keep an eye on the stock During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 3.12%
Our recommended stop-loss: ₹51.03 (-3.98%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (DAMODARIND.NS) For The Upcoming Trading Day Of Thursday 2nd
For the upcoming trading day on Thursday, 2nd we expect Damodar Industries Ltd to open at ₹53.15, and during the day (based on 14 day Average True Range), to move between ₹50.59 and ₹55.71, which gives a possible trading interval of +/-₹2.56 (+/-4.82%) up or down from last closing price. If Damodar Industries Ltd takes out the full calculated possible swing range there will be an estimated 9.65% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹53.05 (0.19%) than the resistance at ₹53.80 (1.22%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Damodar Industries Ltd stock A Buy?
Damodar Industries 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: -0.752 Hold/Accumulate Downgraded
Predicted Opening Price for Damodar Industries Ltd of Thursday, May 2, 2024
| Fair opening price May 2, 2024 | Current price |
|---|---|
| ₹53.15 ( 0%) | ₹53.15 |
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 | 53.15 | . | |
| R2 | 53.15 | . | ||
| R1 | 53.15 | . | ||
| Current price: | 53.15 | |||
| Support | S1 | 53.15 | . | |
| S2 | 53.15 | . | ||
| S3 | 53.15 | . |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 64.90 | 22.11 % | |
| R2 | 62.70 | 17.97 % | ||
| R1 | 53.80 | 1.22 % | ||
| Current price | 53.15 | |||
| Support | S1 | 53.05 | -0.188% | |
| S2 | 52.35 | -1.51% | ||
| S3 | 42.05 | -20.88% |
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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