Gujarat Mineral Development Corp Ltd Stock Forecast
Gujarat Mineral Development Corp Ltd stock upgraded to Strong Buy Candidate.
(Updated on Apr 26, 2024)
The Gujarat Mineral Development Corp Ltd stock price gained 3.94% on the last trading day (Friday, 26th Apr 2024), rising from ₹418.30 to ₹434.80. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 7.70% from a day low at ₹413.55 to a day high of ₹445.40. The price has risen in 7 of the last 10 days and is up by 10.27% 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, 5 million more shares were traded than the day before. In total, 9 million shares were bought and sold for approximately ₹3.71 billion.
Given the current short-term trend, the stock is expected to fall -13.51% during the next 3 months and, with a 90% probability hold a price between ₹251.66 and ₹376.06 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GMDCLTD.NS Signals & Forecast
The Gujarat Mineral Development Corp 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 ₹404.89 and ₹379.74. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 34.28%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Gujarat Mineral Development Corp Ltd stock
Gujarat Mineral Development Corp Ltd finds support from accumulated volume at ₹429.75 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 ₹31.85 between high and low, or 7.70%. For the last week, the stock has had daily average volatility of 4.74%.
Since the Gujarat Mineral Development Corp Ltd has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹419.06 (-3.62%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 29 days ago.)
Trading Expectations (GMDCLTD.NS) For The Upcoming Trading Day Of Monday 29th
For the upcoming trading day on Monday, 29th we expect Gujarat Mineral Development Corporation Limited to open at ₹431.25, and during the day (based on 14 day Average True Range), to move between ₹415.74 and ₹453.86, which gives a possible trading interval of +/-₹19.06 (+/-4.38%) up or down from last closing price. If Gujarat Mineral Development Corporation Limited takes out the full calculated possible swing range there will be an estimated 8.77% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹429.75 (1.16%) than the resistance at ₹472.70 (8.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Gujarat Mineral Development Corporation Limited stock A Buy?
Gujarat Mineral Development Corp Ltd holds several positive signals and despite the stock being in a falling trend, we considered it to be a good choice at these current levels. We expect Gujarat Mineral Development Corp Ltd stock will perform very well in the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.173 Strong Buy Candidate Upgraded
Predicted Opening Price for Gujarat Mineral Development Corporation Limited of Monday, April 29, 2024
| Fair opening price April 29, 2024 | Current price |
|---|---|
| ₹431.25 ( 0.82%) | ₹434.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GMDCLTD.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 463.10 | 6.51 % | |
| R2 | 450.93 | 3.71 % | ||
| R1 | 443.42 | 1.98 % | ||
| Current price: | 434.80 | |||
| Support | S1 | 419.08 | -3.61 % | |
| S2 | 411.57 | -5.34 % | ||
| S3 | 399.40 | -8.14 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 495.60 | 13.98 % | |
| R2 | 489.45 | 12.57 % | ||
| R1 | 472.70 | 8.72 % | ||
| Current price | 434.80 | |||
| Support | S1 | 429.75 | -1.16% | |
| S2 | 410.00 | -5.70% | ||
| S3 | 374.45 | -13.88% |
GMDCLTD Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 22, 2022 | Sep 22, 2022 | Sep 22, 2022 | ₹4.30 | 2.92% |
| 2 | Nov 17, 2021 | Nov 17, 2021 | Nov 17, 2021 | ₹0.200 | 0.294% |
| 3 | Dec 22, 2020 | Dec 22, 2020 | Dec 22, 2020 | ₹2.00 | 4.18% |
| 4 | May 09, 2019 | Sep 20, 2019 | Oct 30, 2019 | ₹2.00 | 3.12% |
| 5 | May 09, 2018 | Sep 19, 2018 | Oct 29, 2018 | ₹3.50 | 4.16% |
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