Greenlam Industries Ltd Stock Forecast
Green day on Friday for Greenlam Industries Ltd stock after gaining 3.33%
(Updated on Apr 19, 2024)
The Greenlam Industries Ltd stock price gained 3.33% on the last trading day (Friday, 19th Apr 2024), rising from ₹555.80 to ₹574.30. During the last trading day the stock fluctuated 7.83% from a day low at ₹551.55 to a day high of ₹594.75. The price has fallen in 6 of the last 10 days and is down by -1.96% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 24 thousand more shares were traded than the day before. In total, 43 thousand shares were bought and sold for approximately ₹24.51 million.
The stock lies in the upper part of a very wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹590.85 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 3.48% during the next 3 months and, with a 90% probability hold a price between ₹476.15 and ₹611.40 at the end of this 3-month period.
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GREENLAM.NS Signals & Forecast
The Greenlam 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 ₹560.71 and ₹523.97. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Monday, April 08, 2024, and so far it has fallen -2.36%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Greenlam Industries Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹539.75 and ₹503.25. 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, Greenlam Industries Ltd finds support just below today's level at ₹539.75. If this is broken, then the next support from accumulated volume will be at ₹503.25 and ₹457.20.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹43.20 between high and low, or 7.83%. For the last week, the stock has had daily average volatility of 4.41%.
Our recommended stop-loss: ₹550.25 (-4.19%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (GREENLAM.NS) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Greenlam Industries Ltd to open at ₹573.53, and during the day (based on 14 day Average True Range), to move between ₹550.42 and ₹598.18, which gives a possible trading interval of +/-₹23.88 (+/-4.16%) up or down from last closing price. If Greenlam Industries Ltd takes out the full calculated possible swing range there will be an estimated 8.32% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹574.75 (0.08%) than the support at ₹539.75 (6.02%), 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.
Earnings coming up
Greenlam Industries Ltd will release earnings BMO on Monday, April 22, 2024. We will update the financials statements for Greenlam Industries Ltd, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.05% in the first trading day after earnings release.
Is Greenlam 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 Greenlam Industries Ltd stock to perform well in the short-term.
Current score: 3.484 Buy Candidate Unchanged
Predicted Opening Price for Greenlam Industries Ltd of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ₹573.53 ( 0.133%) | ₹574.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GREENLAM.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 616.73 | 7.39 % | |
| R2 | 600.23 | 4.52 % | ||
| R1 | 590.04 | 2.74 % | ||
| Current price: | 574.30 | |||
| Support | S1 | 557.03 | -3.01 % | |
| S2 | 546.84 | -4.78 % | ||
| S3 | 530.33 | -7.66 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 588.20 | 2.42 % | |
| R2 | 585.80 | 2.00 % | ||
| R1 | 574.75 | 0.0784 % | ||
| Current price | 574.30 | |||
| Support | S1 | 539.75 | -6.02% | |
| S2 | 503.25 | -12.37% | ||
| S3 | 457.20 | -20.39% |
GREENLAM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 30, 2023 | Jun 30, 2023 | Jun 30, 2023 | ₹1.50 | 0.332% |
| 2 | Jul 07, 2022 | Jul 07, 2022 | Jul 07, 2022 | ₹1.20 | 0.367% |
| 3 | Aug 04, 2021 | Aug 04, 2021 | Aug 04, 2021 | ₹1.00 | 0.368% |
| 4 | Mar 04, 2020 | Mar 17, 2020 | Mar 30, 2020 | ₹0.80 | 0.84% |
| 5 | May 30, 2019 | Aug 01, 2019 | Aug 01, 2019 | ₹0.600 | 0.436% |
FAQ
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