Elecon Engineering Company Limited Stock Forecast
Volatile ride for Elecon Engineering Company Limited stock price on Friday moving between ₹920.05 and ₹1,035.20
(Updated on May 10, 2024)
The Elecon Engineering Company Limited stock price fell by -1.27% on the last day (Friday, 10th May 2024) from ₹1,009.30 to ₹996.45. During the last trading day the stock fluctuated 12.52% from a day low at ₹920.05 to a day high of ₹1,035.20. The price has fallen in 6 of the last 10 days and is down by -11.52% for this period. Volume has increased on the last day by 728 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, 947 thousand shares were bought and sold for approximately ₹943.89 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 13.09% during the next 3 months and, with a 90% probability hold a price between ₹1,017.92 and ₹1,358.15 at the end of this 3-month period.
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ELECON.NS Signals & Forecast
There are few to no technical positive signals at the moment. The Elecon Engineering Company Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹1,058.55 and ₹1,033.81. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, April 19, 2024, and so far it has fallen -14.56%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Elecon Engineering Company Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹872.95 and ₹870.25. 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, Elecon Engineering Company Limited finds support just below today's level at ₹872.95. If this is broken, then the next support from accumulated volume will be at ₹870.25 and ₹809.80.
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 ₹115.15 between high and low, or 12.52%. For the last week, the stock has had daily average volatility of 6.48%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELECON.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Elecon Engineering Company Limited to open at ₹983.90, and during the day (based on 14 day Average True Range), to move between ₹944.29 and ₹1,048.61, which gives a possible trading interval of +/-₹52.16 (+/-5.23%) up or down from last closing price. If Elecon Engineering Company Limited takes out the full calculated possible swing range there will be an estimated 10.47% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,002.15 (0.57%) than the support at ₹872.95 (12.39%), 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 Elecon Engineering Company Limited stock A Buy?
The Elecon Engineering Company Limited stock holds several negative signals and despite the positive trend, we believe Elecon Engineering Company Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.002 Strong Sell Candidate Downgraded
Predicted Opening Price for Elecon Engineering Company Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹983.90 ( 1.26%) | ₹996.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELECON.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,099.05 | 10.30 % | |
| R2 | 1,055.06 | 5.88 % | ||
| R1 | 1,027.89 | 3.15 % | ||
| Current price: | 996.45 | |||
| Support | S1 | 939.91 | -5.67 % | |
| S2 | 912.74 | -8.40 % | ||
| S3 | 868.75 | -12.82 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,166.25 | 17.04 % | |
| R2 | 1,155.70 | 15.98 % | ||
| R1 | 1,002.15 | 0.572 % | ||
| Current price | 996.45 | |||
| Support | S1 | 872.95 | -12.39% | |
| S2 | 870.25 | -12.66% | ||
| S3 | 809.80 | -18.73% |
ELECON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Oct 31, 2023 | Oct 31, 2023 | Oct 31, 2023 | ₹0 | 0% |
| 2 | Jun 09, 2023 | Jun 09, 2023 | Jun 09, 2023 | ₹2.00 | 0.354% |
| 3 | Jun 09, 2022 | Jun 09, 2022 | Jun 09, 2022 | ₹0.400 | 0.159% |
| 4 | Jul 22, 2021 | Jul 22, 2021 | Jul 22, 2021 | ₹0.400 | 0.275% |
| 5 | May 07, 2019 | Sep 06, 2019 | Oct 17, 2019 | ₹0.200 | 0.673% |
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