Dhanlaxmi Bank Limited Stock Forecast
Dhanlaxmi Bank Limited stock downgraded to Hold/Accumulate
(Updated on Jun 21, 2024)
The Dhanlaxmi Bank Limited stock price fell by -1.60% on the last day (Friday, 21st Jun 2024) from ₹44.88 to ₹44.16. During the last trading day the stock fluctuated 6.31% from a day low at ₹43.55 to a day high of ₹46.30. The price has risen in 8 of the last 10 days and is up by 7.31% over the past 2 weeks. Volume has increased on the last day by 318 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately ₹124.48 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -7.00% during the next 3 months and, with a 90% probability hold a price between ₹36.19 and ₹43.07 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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DHANBANK.NS Signals & Forecast
The Dhanlaxmi Bank 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 ₹43.08 and ₹42.27. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, June 20, 2024, and so far it has fallen -1.60%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Dhanlaxmi Bank Limited stock
Dhanlaxmi Bank Limited finds support from accumulated volume at ₹42.75 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹2.75 (6.31%) between high and low. For the last week, the stock has had daily average volatility of 4.38%.
Our recommended stop-loss: ₹42.85 (-2.96%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (DHANBANK.NS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Dhanlaxmi Bank Limited to open at ₹44.67, and during the day (based on 14 day Average True Range), to move between ₹42.53 and ₹45.79, which gives a possible trading interval of +/-₹1.63 (+/-3.69%) up or down from last closing price. If Dhanlaxmi Bank Limited takes out the full calculated possible swing range there will be an estimated 7.37% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹44.88 (1.63%) than the support at ₹42.75 (3.19%), 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 Dhanlaxmi Bank Limited stock A Buy?
Dhanlaxmi Bank Limited 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: 0.232 Hold/Accumulate Downgraded
Predicted Opening Price for Dhanlaxmi Bank Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹44.67 ( 1.15%) | ₹44.16 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for DHANBANK.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 47.42 | 7.38% |
| R2 | 46.37 | 5.00% |
| R1 | 45.72 | 3.53% |
| Price | 44.16 | |
| S1 | 43.62 | -1.22% |
| S2 | 42.97 | -2.69% |
| S3 | 41.92 | -5.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 47.95 | 8.58% |
| R2 | 47.05 | 6.54% |
| R1 | 44.88 | 1.63% |
| Price | 44.16 | |
| S1 | 42.75 | -3.19% |
| S2 | 42.10 | -4.66% |
| S3 | 41.95 | -5.00% |
DHANBANK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 23, 2011 | Jun 10, 2011 | Jul 22, 2011 | ₹0.500 | 0.464% |
| 2 | May 11, 2010 | Jul 07, 2010 | Aug 14, 2010 | ₹0.500 | 0.268% |
| 3 | Apr 29, 2009 | Jul 16, 2009 | Aug 01, 2009 | ₹1.00 | 0.80% |
| 4 | Jun 06, 2008 | Sep 11, 2008 | Oct 01, 2008 | ₹0.500 | 0.697% |
| 5 | May 25, 2006 | Sep 11, 2006 | Sep 28, 2006 | ₹0.360 | 1.73% |
FAQ
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