Elegant Marbles and Grani Industries Ltd Stock Forecast
Stronger technical forecast for Elegant Marbles and Grani Industries Ltd stock price after Friday trading.
(Updated on May 17, 2024)
The Elegant Marbles and Grani Industries Ltd stock price gained 1.35% on the last trading day (Friday, 17th May 2024), rising from ₹259.80 to ₹263.30. During the last trading day the stock fluctuated 4.65% from a day low at ₹258.00 to a day high of ₹270.00. The price has fallen in 6 of the last 10 days and is down by -4.1% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 6 thousand shares were bought and sold for approximately ₹1.54 million.
The stock lies in the middle of a very wide and weak 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 3.60% during the next 3 months and, with a 90% probability hold a price between ₹236.44 and ₹322.05 at the end of this 3-month period.
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ELEMARB.BO Signals & Forecast
The Elegant Marbles and Grani 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 ₹258.50 and ₹257.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 4.67%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Elegant Marbles and Grani Industries Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹248.15 and ₹246.90. 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, Elegant Marbles and Grani Industries Ltd finds support just below today's level at ₹248.15. If this is broken, then the next support from accumulated volume will be at ₹246.90 and ₹225.60.
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 ₹12.00 between high and low, or 4.65%. For the last week, the stock has had daily average volatility of 5.88%.
Our recommended stop-loss: ₹250.33 (-4.93%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (ELEMARB.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Elegant Marbles and Grani Industries Limited to open at ₹263.77, and during the day (based on 14 day Average True Range), to move between ₹244.84 and ₹281.76, which gives a possible trading interval of +/-₹18.46 (+/-7.01%) up or down from last closing price. If Elegant Marbles and Grani Industries Limited takes out the full calculated possible swing range there will be an estimated 14.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹248.15 (5.75%) than the resistance at ₹294.50 (11.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elegant Marbles and Grani Industries Limited stock A Buy?
Elegant Marbles and Grani Industries Ltd holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.767 Strong Buy Candidate Upgraded
Predicted Opening Price for Elegant Marbles and Grani Industries Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹263.77 ( 0.177%) | ₹263.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELEMARB.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 275.77 | 4.73 % | |
| R2 | 271.18 | 2.99 % | ||
| R1 | 268.35 | 1.92 % | ||
| Current price: | 263.30 | |||
| Support | S1 | 259.18 | -1.56 % | |
| S2 | 256.35 | -2.64 % | ||
| S3 | 251.77 | -4.38 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 308.20 | 17.05 % | |
| R2 | 300.20 | 14.01 % | ||
| R1 | 294.50 | 11.85 % | ||
| Current price | 263.30 | |||
| Support | S1 | 248.15 | -5.75% | |
| S2 | 246.90 | -6.23% | ||
| S3 | 225.60 | -14.32% |
ELEMARB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 06, 2023 | Jul 06, 2023 | Sep 01, 2023 | ₹3.30 | 0% |
| 2 | Jul 05, 2022 | Jul 05, 2022 | Aug 11, 2022 | ₹2.75 | 0% |
| 3 | Jun 30, 2022 | Jun 30, 2022 | Jun 30, 2022 | ₹2.75 | 0% |
| 4 | Mar 22, 2016 | Mar 22, 2016 | Mar 22, 2016 | ₹2.00 | 0% |
| 5 | Jul 08, 2015 | Jul 08, 2015 | Jul 08, 2015 | ₹2.00 | 0% |
FAQ
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