G.M.Breweries Limited Stock Forecast
G.M.Breweries Limited stock downgraded to Buy Candidate
(Updated on May 22, 2024)
The G.M.Breweries Limited stock price fell by -1.16% on the last day (Wednesday, 22nd May 2024) from ₹802.15 to ₹792.85. During the last trading day the stock fluctuated 3.20% from a day low at ₹784.00 to a day high of ₹809.10. The price has been going up and down for this period, and there has been a 3.48% gain for the last 2 weeks. Volume has increased on the last day by 336 shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 18 thousand shares were bought and sold for approximately ₹13.93 million.
The stock lies in the middle of a 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 35.11% during the next 3 months and, with a 90% probability hold a price between ₹1,013.34 and ₹1,106.80 at the end of this 3-month period.
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GMBREW.BO Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -1.16%. 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 rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely. The G.M.Breweries 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 ₹770.85 and ₹756.82. A breakdown below any of these levels will issue sell signals.
Support, Risk & Stop-loss for G.M.Breweries Limited stock
G.M.Breweries Limited finds support from accumulated volume at ₹757.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹25.10 (3.20%) between high and low. For the last week, the stock has had daily average volatility of 3.17%.
Our recommended stop-loss: ₹767.31 (-3.22%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (GMBREW.BO) For The Upcoming Trading Day Of Thursday 23rd
For the upcoming trading day on Thursday, 23rd we expect G.M.Breweries Limited to open at ₹795.32, and during the day (based on 14 day Average True Range), to move between ₹767.32 and ₹818.38, which gives a possible trading interval of +/-₹25.53 (+/-3.22%) up or down from last closing price. If G.M.Breweries Limited takes out the full calculated possible swing range there will be an estimated 6.44% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹794.40 (0.20%) than the support at ₹757.00 (4.52%), 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 G.M.Breweries 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 G.M.Breweries Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.094 Buy Candidate Downgraded
Predicted Opening Price for G.M.Breweries Limited of Thursday, May 23, 2024
| Fair opening price May 23, 2024 | Current price |
|---|---|
| ₹795.32 ( 0.311%) | ₹792.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMBREW.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 820.42 | 3.48 % | |
| R2 | 810.83 | 2.27 % | ||
| R1 | 804.90 | 1.52 % | ||
| Current price: | 792.85 | |||
| Support | S1 | 785.73 | -0.90 % | |
| S2 | 779.80 | -1.65 % | ||
| S3 | 770.22 | -2.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 802.15 | 1.17 % | ||
| R1 | 794.40 | 0.195 % | ||
| Current price | 792.85 | |||
| Support | S1 | 757.00 | -4.52% | |
| S2 | 741.60 | -6.46% | ||
| S3 | 714.05 | -9.94% |
GMBREW Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 09, 2024 | May 09, 2024 | Jun 15, 2024 | ₹7.00 | 0.88% |
| 2 | May 16, 2023 | May 16, 2023 | Jun 22, 2023 | ₹6.00 | 1.02% |
| 3 | May 09, 2017 | May 09, 2017 | Jun 17, 2017 | ₹3.00 | 0.86% |
| 4 | May 10, 2016 | May 10, 2016 | May 10, 2016 | ₹2.50 | 0.523% |
| 5 | May 08, 2015 | May 08, 2015 | May 08, 2015 | ₹2.50 | 3.51% |
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