Finolex Industries Ltd Stock Forecast
Finolex Industries Ltd stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on May 03, 2024)
The Finolex Industries Ltd stock price gained 0.632% on the last trading day (Friday, 3rd May 2024), rising from ₹269.05 to ₹270.75. During the last trading day the stock fluctuated 3.82% from a day low at ₹267.05 to a day high of ₹277.25. The price has risen in 5 of the last 10 days and is up by 7.42% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 879 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately ₹392.96 million.
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 27.47% during the next 3 months and, with a 90% probability hold a price between ₹308.01 and ₹358.41 at the end of this 3-month period.
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FINPIPE.NS Signals & Forecast
The Finolex 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 ₹269.81 and ₹248.64. A breakdown below any of these levels will issue sell signals. 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. A sell signal was issued from a pivot top point on Wednesday, April 24, 2024, and so far it has fallen -1.22%. 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).
Support, Risk & Stop-loss for Finolex Industries Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹244.75 and ₹235.60. 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, Finolex Industries Ltd finds support just below today's level at ₹244.75. If this is broken, then the next support from accumulated volume will be at ₹235.60 and ₹231.30.
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 ₹10.20 between high and low, or 3.82%. For the last week, the stock has had daily average volatility of 2.40%.
Our recommended stop-loss: ₹260.25 (-3.88%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (FINPIPE.NS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Finolex Industries Ltd to open at ₹271.68, and during the day (based on 14 day Average True Range), to move between ₹261.77 and ₹279.73, which gives a possible trading interval of +/-₹8.98 (+/-3.32%) up or down from last closing price. If Finolex Industries Ltd takes out the full calculated possible swing range there will be an estimated 6.63% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹271.10 (0.13%) than the support at ₹244.75 (9.60%), 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 Industries Ltd 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 Finolex Industries Ltd 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: 3.456 Buy Candidate Upgraded
Predicted Opening Price for Finolex Industries Ltd of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹271.68 ( 0.345%) | ₹270.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for FINPIPE.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 281.88 | 4.11 % | |
| R2 | 277.99 | 2.67 % | ||
| R1 | 275.58 | 1.78 % | ||
| Current price: | 270.75 | |||
| Support | S1 | 267.79 | -1.09 % | |
| S2 | 265.38 | -1.98 % | ||
| S3 | 261.48 | -3.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 274.10 | 1.24 % | |
| R2 | 273.10 | 0.87 % | ||
| R1 | 271.10 | 0.129 % | ||
| Current price | 270.75 | |||
| Support | S1 | 244.75 | -9.60% | |
| S2 | 235.60 | -12.98% | ||
| S3 | 231.30 | -14.57% |
FINPIPE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 22, 2022 | Aug 22, 2022 | Aug 22, 2022 | ₹2.00 | 1.41% |
| 2 | Sep 14, 2021 | Sep 14, 2021 | Sep 14, 2021 | ₹2.00 | 1.08% |
| 3 | Feb 27, 2020 | Mar 09, 2020 | Mar 27, 2020 | ₹2.00 | 2.65% |
| 4 | May 25, 2019 | Sep 12, 2019 | Sep 30, 2019 | ₹2.00 | 1.68% |
| 5 | May 23, 2018 | Sep 19, 2018 | Oct 29, 2018 | ₹2.00 | 1.85% |
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