Jayaswal Neco Industries Limited Stock Forecast
Jayaswal Neco Industries Limited stock upgraded from Sell Candidate to Buy Candidate after Wednesday trading session.
(Updated on Apr 24, 2024)
The Jayaswal Neco Industries Limited stock price gained 5.00% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹50.25 to ₹52.76. During the last trading day the stock fluctuated 6.59% from a day low at ₹49.50 to a day high of ₹52.76. The price has fallen in 6 of the last 10 days and is down by -4.97% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 2 thousand more shares were traded than the day before. In total, 40 thousand shares were bought and sold for approximately ₹2.11 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 -7.21% during the next 3 months and, with a 90% probability hold a price between ₹40.62 and ₹54.65 at the end of this 3-month period.
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JAYNECOIND.BO Signals & Forecast
The Jayaswal Neco Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹50.88 and ₹51.36. A breakdown below any of these levels will issue sell signals. 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 Friday, April 05, 2024, and so far it has fallen -4.97%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Jayaswal Neco Industries Limited stock
Jayaswal Neco Industries Limited finds support from accumulated volume at ₹51.58 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 ₹3.26 between high and low, or 6.59%. For the last week, the stock has had daily average volatility of 4.71%.
Our recommended stop-loss: ₹50.20 (-4.85%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (JAYNECOIND.BO) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Jayaswal Neco Industries Limited to open at ₹51.67, and during the day (based on 14 day Average True Range), to move between ₹50.14 and ₹55.38, which gives a possible trading interval of +/-₹2.62 (+/-4.97%) up or down from last closing price. If Jayaswal Neco Industries Limited takes out the full calculated possible swing range there will be an estimated 9.94% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹51.58 (2.24%) than the resistance at ₹54.15 (2.63%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Jayaswal Neco Industries Limited will release earnings BMO on Tuesday, April 30, 2024. We will update the financials statements for Jayaswal Neco Industries Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.23% in the first trading day after earnings release.
Is Jayaswal Neco Industries Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.715 Buy Candidate Upgraded
Predicted Opening Price for Jayaswal Neco Industries Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹51.67 ( 2.06%) | ₹52.76 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for JAYNECOIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 54.93 | 4.12 % | |
| R2 | 53.69 | 1.76 % | ||
| R1 | 52.92 | 0.301 % | ||
| Current price: | 52.76 | |||
| Support | S1 | 50.43 | -4.42 % | |
| S2 | 49.66 | -5.88 % | ||
| S3 | 48.41 | -8.24 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 62.67 | 18.78 % | |
| R2 | 59.69 | 13.13 % | ||
| R1 | 54.15 | 2.63 % | ||
| Current price | 52.76 | |||
| Support | S1 | 51.58 | -2.24% | |
| S2 | 50.95 | -3.43% | ||
| S3 | 49.50 | -6.18% |
FAQ
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