ESAB India Limited Stock Forecast
ESAB India Limited stock upgraded from Hold/Accumulate to Buy Candidate after Thursday trading session.
(Updated on May 23, 2024)
The ESAB India Limited stock price gained 0.202% on the last trading day (Thursday, 23rd May 2024), rising from ₹5,731.60 to ₹5,743.15. During the last trading day the stock fluctuated 2.84% from a day low at ₹5,695.00 to a day high of ₹5,856.65. The price has risen in 5 of the last 10 days and is up by 14.12% over the past 2 weeks. Volume fell on the last day by -817 shares and in total, 5 thousand shares were bought and sold for approximately ₹31.04 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 middle of a 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 12.30% during the next 3 months and, with a 90% probability hold a price between ₹5,776.96 and ₹6,761.37 at the end of this 3-month period.
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ESABINDIA.NS Signals & Forecast
The ESAB India 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 ₹5,810.36. On a fall, the stock will find some support from the long-term average at approximately ₹5,325.60. 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. 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. A sell signal was issued from a pivot top point on Thursday, May 16, 2024, and so far it has fallen -3.72%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for ESAB India Limited stock
ESAB India Limited finds support from accumulated volume at ₹5,628.45 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 ₹161.65 between high and low, or 2.84%. For the last week, the stock has had daily average volatility of 2.26%.
Our recommended stop-loss: ₹5,547.37 (-3.41%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 22 days ago.)
Trading Expectations (ESABINDIA.NS) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect ESAB India Limited to open at ₹5,764.93, and during the day (based on 14 day Average True Range), to move between ₹5,564.10 and ₹5,922.20, which gives a possible trading interval of +/-₹179.05 (+/-3.12%) up or down from last closing price. If ESAB India Limited takes out the full calculated possible swing range there will be an estimated 6.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹5,821.15 (1.36%) than the support at ₹5,628.45 (2.00%), 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 ESAB India 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 ESAB India 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: 1.341 Buy Candidate Upgraded
Predicted Opening Price for ESAB India Limited of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| ₹5,764.93 ( 0.379%) | ₹5,743.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ESABINDIA.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5,926.58 | 3.19 % | |
| R2 | 5,864.83 | 2.12 % | ||
| R1 | 5,826.68 | 1.45 % | ||
| Current price: | 5,743.15 | |||
| Support | S1 | 5,703.18 | -0.696 % | |
| S2 | 5,665.03 | -1.36 % | ||
| S3 | 5,603.28 | -2.44 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 5,965.20 | 3.87 % | |
| R2 | 5,914.20 | 2.98 % | ||
| R1 | 5,821.15 | 1.36 % | ||
| Current price | 5,743.15 | |||
| Support | S1 | 5,628.45 | -2.00% | |
| S2 | 4,978.10 | -13.32% | ||
| S3 | 4,797.90 | -16.46% |
ESABINDIA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Apr 05, 2024 | Apr 05, 2024 | Apr 24, 2024 | ₹24.00 | 0.466% |
| 2 | Nov 24, 2023 | Nov 24, 2023 | Nov 24, 2023 | ₹0 | 0% |
| 3 | Aug 03, 2023 | Aug 03, 2023 | Aug 03, 2023 | ₹20.00 | 0.426% |
| 4 | Feb 20, 2023 | Feb 20, 2023 | Feb 20, 2023 | ₹28.00 | 0.684% |
| 5 | Nov 18, 2022 | Nov 18, 2022 | Nov 18, 2022 | ₹30.00 | 0.773% |
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