Inducto Steels Limited Stock Forecast
Red day on Friday for Inducto Steels Limited
(Updated on May 31, 2024)
The Inducto Steels Limited stock price fell by -0.350% on the last day (Friday, 31st May 2024) from ₹62.87 to ₹62.65. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 8.52% from a day low at ₹60.56 to a day high of ₹65.72. The price has been going up and down for this period, and there has been a 2.69% gain for the last 2 weeks. Volume has increased on the last day by 795 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, 3 thousand shares were bought and sold for approximately ₹159.07 thousand.
The stock lies in the middle of a wide and weak 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 4.65% during the next 3 months and, with a 90% probability hold a price between ₹63.31 and ₹74.34 at the end of this 3-month period.
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INDCTST.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 2.69%. Further rise is indicated until a new top pivot has been found. 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 Inducto Steels Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹63.53 and ₹64.94. A break-up above any of these levels will issue buy signals. Inducto Steels Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Inducto Steels Limited stock
Inducto Steels Limited finds support from accumulated volume at ₹61.87 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 ₹5.16 between high and low, or 8.52%. For the last week, the stock has had daily average volatility of 8.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (INDCTST.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Inducto Steels Limited to open at ₹62.98, and during the day (based on 14 day Average True Range), to move between ₹57.98 and ₹67.32, which gives a possible trading interval of +/-₹4.67 (+/-7.46%) up or down from last closing price. If Inducto Steels Limited takes out the full calculated possible swing range there will be an estimated 14.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹61.87 (1.25%) than the resistance at ₹64.50 (2.95%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Inducto Steels Limited stock A Buy?
The Inducto Steels Limited stock holds several negative signals and despite the positive trend, we believe Inducto Steels Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.008 Sell Candidate Unchanged
Predicted Opening Price for Inducto Steels Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹62.98 ( 0.521%) | ₹62.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for INDCTST.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 68.14 | 8.76 % | |
| R2 | 66.17 | 5.61 % | ||
| R1 | 64.95 | 3.67 % | ||
| Current price: | 62.65 | |||
| Support | S1 | 61.01 | -2.62 % | |
| S2 | 59.79 | -4.57 % | ||
| S3 | 57.82 | -7.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 66.55 | 6.23 % | |
| R2 | 64.73 | 3.32 % | ||
| R1 | 64.50 | 2.95 % | ||
| Current price | 62.65 | |||
| Support | S1 | 61.87 | -1.25% | |
| S2 | 61.02 | -2.60% | ||
| S3 | 57.96 | -7.49% |
INDCTST Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 18, 2013 | Sep 18, 2013 | Sep 18, 2013 | ₹3.50 | 9.23% |
| 2 | Sep 14, 2012 | Sep 14, 2012 | Sep 14, 2012 | ₹3.00 | 8.82% |
| 3 | Sep 19, 2011 | Sep 19, 2011 | Sep 19, 2011 | ₹2.50 | 7.18% |
| 4 | Sep 17, 2010 | Sep 17, 2010 | Sep 17, 2010 | ₹2.00 | 5.00% |
| 5 | Sep 17, 2009 | Sep 17, 2009 | Sep 17, 2009 | ₹1.50 | 5.23% |
FAQ
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