Electrosteel Castings Limited Stock Forecast
Green day on Friday for Electrosteel Castings Limited
(Updated on May 31, 2024)
The Electrosteel Castings Limited stock price gained 2.35% on the last trading day (Friday, 31st May 2024), rising from ₹157.20 to ₹160.90. During the last trading day the stock fluctuated 3.76% from a day low at ₹157.10 to a day high of ₹163.00. The price has fallen in 6 of the last 10 days and is down by -7.56% for this period. Volume fell on the last day by -414 thousand shares and in total, 1 million shares were bought and sold for approximately ₹216.77 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 lower part of a very wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹157.39 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 5.84% during the next 3 months and, with a 90% probability hold a price between ₹166.58 and ₹221.94 at the end of this 3-month period.
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ELECTCAST.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 2.35%. 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. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Electrosteel Castings Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹165.81 and ₹181.03. A break-up above any of these levels will issue buy signals.
Support, Risk & Stop-loss for Electrosteel Castings Limited stock
Electrosteel Castings Limited finds support from accumulated volume at ₹155.60 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 ₹5.90 between high and low, or 3.76%. For the last week, the stock has had daily average volatility of 4.44%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (ELECTCAST.NS) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Electrosteel Castings Limited to open at ₹160.33, and during the day (based on 14 day Average True Range), to move between ₹153.00 and ₹168.80, which gives a possible trading interval of +/-₹7.90 (+/-4.91%) up or down from last closing price. If Electrosteel Castings Limited takes out the full calculated possible swing range there will be an estimated 9.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹155.60 (3.29%) than the resistance at ₹172.70 (7.33%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Electrosteel Castings Limited stock A Buy?
The Electrosteel Castings Limited stock holds several negative signals and despite the positive trend, we believe Electrosteel Castings Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -1.340 Sell Candidate Unchanged
Predicted Opening Price for Electrosteel Castings Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹160.33 ( 0.352%) | ₹160.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELECTCAST.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 166.23 | 3.31 % | |
| R2 | 163.98 | 1.91 % | ||
| R1 | 162.59 | 1.05 % | ||
| Current price: | 160.90 | |||
| Support | S1 | 158.08 | -1.75 % | |
| S2 | 156.69 | -2.62 % | ||
| S3 | 154.43 | -4.02 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 196.75 | 22.28 % | |
| R2 | 193.70 | 20.39 % | ||
| R1 | 172.70 | 7.33 % | ||
| Current price | 160.90 | |||
| Support | S1 | 155.60 | -3.29% | |
| S2 | 146.15 | -9.17% | ||
| S3 | 143.30 | -10.94% |
ELECTCAST Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2024 | Feb 21, 2024 | Mar 09, 2024 | ₹0.500 | 0.302% |
| 2 | Sep 08, 2022 | Sep 08, 2022 | Sep 08, 2022 | ₹0.80 | 2.04% |
| 3 | Aug 26, 2021 | Aug 26, 2021 | Aug 26, 2021 | ₹0.250 | 0.706% |
| 4 | Jun 15, 2020 | Sep 07, 2020 | Oct 15, 2020 | ₹0.300 | 1.65% |
| 5 | Jun 15, 2020 | Sep 01, 2020 | Sep 15, 2020 | ₹0.300 | 1.75% |
FAQ
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