Indraprastha Gas Limited Stock Forecast
Weaker technical forecast for Indraprastha Gas Limited as stock downgraded to Sell Candidate.
(Updated on May 31, 2024)
The Indraprastha Gas Limited stock price fell by -2.89% on the last day (Friday, 31st May 2024) from ₹456.60 to ₹443.40. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.54% from a day low at ₹435.00 to a day high of ₹454.75. The price has risen in 6 of the last 10 days and is up by 0.65% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -48 thousand shares and in total, 114 thousand shares were bought and sold for approximately ₹50.50 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹430.79 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 7.24% during the next 3 months and, with a 90% probability hold a price between ₹462.00 and ₹531.20 at the end of this 3-month period.
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IGL.BO Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Indraprastha Gas Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹458.54 and ₹452.24. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, April 09, 2024, and so far it has fallen -6.77%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Indraprastha Gas Limited stock
Indraprastha Gas Limited finds support from accumulated volume at ₹437.25 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 ₹19.75 (4.54%) between high and low. For the last week, the stock has had daily average volatility of 3.32%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (IGL.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Indraprastha Gas Limited to open at ₹444.38, and during the day (based on 14 day Average True Range), to move between ₹428.22 and ₹458.58, which gives a possible trading interval of +/-₹15.18 (+/-3.42%) up or down from last closing price. If Indraprastha Gas Limited takes out the full calculated possible swing range there will be an estimated 6.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹437.25 (1.39%) than the resistance at ₹451.75 (1.88%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Indraprastha Gas Limited stock A Buy?
The Indraprastha Gas Limited stock holds several negative signals and despite the positive trend, we believe Indraprastha Gas Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -4.254 Sell Candidate Downgraded
Predicted Opening Price for Indraprastha Gas Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹444.38 ( 0.222%) | ₹443.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for IGL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 464.13 | 4.68 % | |
| R2 | 456.59 | 2.97 % | ||
| R1 | 451.93 | 1.92 % | ||
| Current price: | 443.40 | |||
| Support | S1 | 436.84 | -1.48 % | |
| S2 | 432.18 | -2.53 % | ||
| S3 | 424.63 | -4.23 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 475.35 | 7.21 % | |
| R2 | 460.60 | 3.88 % | ||
| R1 | 451.75 | 1.88 % | ||
| Current price | 443.40 | |||
| Support | S1 | 437.25 | -1.39% | |
| S2 | 430.95 | -2.81% | ||
| S3 | 430.15 | -2.99% |
IGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Nov 15, 2023 | Nov 15, 2023 | Dec 01, 2023 | ₹4.00 | 1.01% |
| 2 | Mar 31, 2023 | Mar 31, 2023 | Feb 24, 2023 | ₹10.00 | 2.28% |
| 3 | Sep 18, 2017 | Sep 18, 2017 | Oct 28, 2017 | ₹5.00 | 1.58% |
| 4 | Nov 29, 2016 | Nov 29, 2016 | Nov 29, 2016 | ₹3.50 | 2.12% |
| 5 | Sep 16, 2016 | Sep 16, 2016 | Sep 16, 2016 | ₹6.00 | 3.99% |
FAQ
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