Elgi Rubber Company Limited Stock Forecast
Elgi Rubber Company Limited stock upgraded to Buy Candidate.
(Updated on Jun 21, 2024)
The Elgi Rubber Company Limited stock price fell by -0.93% on the last day (Friday, 21st Jun 2024) from ₹74.19 to ₹73.50. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 1.17% from a day low at ₹72.70 to a day high of ₹73.55. The price has fallen in 6 of the last 10 days but is still up by 2.01% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -28 thousand shares and in total, 23 thousand shares were bought and sold for approximately ₹1.67 million.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹70.83 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 54.68% during the next 3 months and, with a 90% probability hold a price between ₹109.56 and ₹142.73 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
ELGIRUBCO.NS Signals & Forecast
The Elgi Rubber Company Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹77.44. On a fall, the stock will find some support from the long-term average at approximately ₹69.97. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Monday, May 27, 2024, and so far it has fallen -11.07%. 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 together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Elgi Rubber Company Limited stock
Elgi Rubber Company Limited finds support from accumulated volume at ₹71.05 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 ₹0.85 between high and low, or 1.17%. For the last week, the stock has had daily average volatility of 0.613%.
Our recommended stop-loss: ₹69.21 (-5.84%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 68 days ago.)
Trading Expectations (ELGIRUBCO.NS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Elgi Rubber Company Limited to open at ₹73.25, and during the day (based on 14 day Average True Range), to move between ₹69.60 and ₹77.40, which gives a possible trading interval of +/-₹3.90 (+/-5.31%) up or down from last closing price. If Elgi Rubber Company Limited takes out the full calculated possible swing range there will be an estimated 10.62% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹71.05 (3.33%) than the resistance at ₹76.40 (3.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Elgi Rubber Company Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Elgi Rubber Company Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.282 Buy Candidate Upgraded
Predicted Opening Price for Elgi Rubber Company Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹73.25 ( 0.340%) | ₹73.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ELGIRUBCO.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 74.10 | 0.82% |
| R2 | 73.78 | 0.375% |
| R1 | 73.57 | 0.102% |
| Price | 73.50 | |
| S1 | 72.93 | -0.782% |
| S2 | 72.72 | -1.05% |
| S3 | 72.40 | -1.50% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 82.65 | 12.45% |
| R2 | 79.15 | 7.69% |
| R1 | 76.40 | 3.95% |
| Price | 73.50 | |
| S1 | 71.05 | -3.33% |
| S2 | 69.75 | -5.10% |
| S3 | 62.25 | -15.31% |
ELGIRUBCO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 06, 2020 | Mar 18, 2020 | Mar 26, 2020 | ₹0.160 | 1.39% |
| 2 | Aug 16, 2017 | Aug 16, 2017 | Aug 16, 2017 | ₹0.130 | 0.289% |
| 3 | May 30, 2016 | Sep 01, 2016 | Sep 01, 2016 | ₹0.370 | 1.16% |
| 4 | May 28, 2015 | Sep 16, 2015 | Oct 26, 2015 | ₹0.210 | 0.734% |
| 5 | May 19, 2014 | Sep 18, 2014 | Oct 27, 2014 | ₹0.370 | 1.24% |
FAQ
Click here for our free guide on how to buy Elgi Rubber Company Limited Stock.
