Finolex Cables Limited Stock Forecast
Green day on Thursday for Finolex Cables Limited
(Updated on Apr 25, 2024)
The Finolex Cables Limited stock price gained 0.0494% on the last trading day (Thursday, 25th Apr 2024), rising from ₹1,011.80 to ₹1,012.30. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 1.75% from a day low at ₹1,003.45 to a day high of ₹1,021.00. The price has risen in 6 of the last 10 days and is up by 1.08% over the past 2 weeks. Volume fell on the last day by -108 thousand shares and in total, 90 thousand shares were bought and sold for approximately ₹90.83 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 stockhas broken the wide and falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is ₹991.78, a level that may pose a second chance to hit a runner. According to fan-theory ₹1,186.38 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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FINCABLES.NS Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Wednesday, April 03, 2024, and so far it has fallen -0.256%. 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). The Finolex Cables Limited 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 ₹992.76 and ₹952.38. A breakdown below any of these levels will issue sell signals. 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.
Support, Risk & Stop-loss for Finolex Cables Limited stock
Finolex Cables Limited finds support from accumulated volume at ₹974.50 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹17.55 between high and low, or 1.75%. For the last week the stock has had daily average volatility of 2.49%.
Our recommended stop-loss: ₹976.61 (-3.53%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (FINCABLES.NS) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect Finolex Cables Limited to open at ₹1,012.25, and during the day (based on 14 day Average True Range), to move between ₹983.54 and ₹1,041.06, which gives a possible trading interval of +/-₹28.76 (+/-2.84%) up or down from last closing price. If Finolex Cables Limited takes out the full calculated possible swing range there will be an estimated 5.68% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,012.65 (0.03%) than the support at ₹974.50 (3.73%), 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 Finolex Cables Limited stock A Buy?
Finolex Cables Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.322 Hold/Accumulate Unchanged
Predicted Opening Price for Finolex Cables Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| ₹1,012.25 ( 0.0049%) | ₹1,012.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FINCABLES.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,029.80 | 1.73 % | |
| R2 | 1,023.10 | 1.07 % | ||
| R1 | 1,018.95 | 0.657 % | ||
| Current price: | 1,012.30 | |||
| Support | S1 | 1,005.55 | -0.667 % | |
| S2 | 1,001.40 | -1.08 % | ||
| S3 | 994.70 | -1.74 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,130.60 | 11.69 % | |
| R2 | 1,058.45 | 4.56 % | ||
| R1 | 1,012.65 | 0.0346 % | ||
| Current price | 1,012.30 | |||
| Support | S1 | 974.50 | -3.73% | |
| S2 | 967.35 | -4.44% | ||
| S3 | 877.95 | -13.27% |
FINCABLES Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 15, 2022 | Sep 15, 2022 | Sep 15, 2022 | ₹6.00 | 1.26% |
| 2 | Sep 16, 2021 | Sep 16, 2021 | Sep 16, 2021 | ₹5.50 | 1.06% |
| 3 | Sep 17, 2020 | Sep 17, 2020 | Sep 17, 2020 | ₹5.50 | 1.91% |
| 4 | May 29, 2019 | Sep 05, 2019 | Oct 17, 2019 | ₹4.50 | 1.27% |
| 5 | May 28, 2018 | Sep 12, 2018 | Oct 25, 2018 | ₹4.00 | 0.85% |
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