The Jammu and Kashmir Bank Limited Stock Forecast
Red day on Thursday for The Jammu and Kashmir Bank Limited
(Updated on Jun 27, 2024)
The The Jammu and Kashmir Bank Limited stock price fell by -1.16% on the last day (Thursday, 27th Jun 2024) from ₹116.95 to ₹115.59. It has now fallen 6 days in a row. During the last trading day the stock fluctuated 3.42% from a day low at ₹113.70 to a day high of ₹117.59. The price has fallen in 8 of the last 10 days and is down by -5.87% for this period. Volume has increased on the last day by 1 million 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 million shares were bought and sold for approximately ₹359.43 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -13.18% during the next 3 months and, with a 90% probability hold a price between ₹89.67 and ₹112.87 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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J&KBANK.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 6.49%. 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 The Jammu and Kashmir Bank 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 ₹118.66 and ₹124.62. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for The Jammu and Kashmir Bank Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹108.55. With no support from accumulated volume below today's level the risk is increased, as a drop below the support at ₹ may give a huge drop in the stock price.
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 ₹3.89 between high and low, or 3.42%. For the last week, the stock has had daily average volatility of 2.47%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (J&KBANK.NS) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect The Jammu and Kashmir Bank Limited to open at ₹115.63, and during the day (based on 14 day Average True Range), to move between ₹111.44 and ₹119.74, which gives a possible trading interval of +/-₹4.15 (+/-3.59%) up or down from last closing price. If The Jammu and Kashmir Bank Limited takes out the full calculated possible swing range there will be an estimated 7.18% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹116.55 (0.83%) than the support at ₹108.55 (6.09%), 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 The Jammu and Kashmir Bank Limited stock A Buy?
The Jammu and Kashmir Bank Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -1.878 Sell Candidate Unchanged
Predicted Opening Price for The Jammu and Kashmir Bank Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ₹115.63 ( 0.0317%) | ₹115.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for J&KBANK.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 119.52 | 3.40% |
| R2 | 118.03 | 2.11% |
| R1 | 117.11 | 1.32% |
| Price | 115.59 | |
| S1 | 114.14 | -1.25% |
| S2 | 113.22 | -2.05% |
| S3 | 111.74 | -3.33% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 135.60 | 17.31% |
| R2 | 134.85 | 16.66% |
| R1 | 116.55 | 0.83% |
| Price | 115.59 | |
| S1 | 108.55 | -6.09% |
| S2 | 0 | - |
| S3 | 0 | - |
J&KBANK Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 17, 2023 | Aug 17, 2023 | Aug 17, 2023 | ₹0.500 | 0.578% |
| 2 | Aug 14, 2023 | Aug 14, 2023 | Aug 14, 2023 | ₹0.500 | 0.644% |
| 3 | Jul 11, 2016 | Jul 11, 2016 | Jul 11, 2016 | ₹1.75 | 1.11% |
| 4 | Aug 13, 2015 | Aug 13, 2015 | Aug 13, 2015 | ₹2.10 | 1.33% |
| 5 | Jul 24, 2014 | Jul 24, 2014 | Jul 24, 2014 | ₹5.00 | 3.03% |
FAQ
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