Kanoria Chemicals & Industries Limited Stock Forecast
Weaker technical forecast for Kanoria Chemicals & Industries Limited as stock downgraded to Hold/Accumulate.
(Updated on Apr 16, 2024)
The Kanoria Chemicals & Industries Limited stock price gained 0.279% on the last trading day (Tuesday, 16th Apr 2024), rising from ₹125.55 to ₹125.90. During the last trading day the stock fluctuated 7.20% from a day low at ₹122.20 to a day high of ₹131.00. The price has risen in 7 of the last 10 days and is up by 7.79% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 6 thousand more shares were traded than the day before. In total, 87 thousand shares were bought and sold for approximately ₹10.99 million.
The stock lies the upper part of a very wide and falling 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 ₹130.12 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -14.56% during the next 3 months and, with a 90% probability hold a price between ₹81.09 and ₹111.18 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.
KANORICHEM.NS Signals & Forecast
The Kanoria Chemicals & Industries Limited 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 ₹124.66 and ₹117.52. 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 Friday, April 12, 2024, and so far it has fallen -3.78%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Kanoria Chemicals & Industries Limited stock
Kanoria Chemicals & Industries Limited finds support from accumulated volume at ₹125.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ₹8.80 between high and low, or 7.20%. For the last week, the stock has had daily average volatility of 6.26%.
The Kanoria Chemicals & Industries Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: ₹119.85 (-4.80%) (This stock has high daily movements and this gives high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from a pivot top found 2 days ago.)
Trading Expectations (KANORICHEM.NS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Kanoria Chemicals & Industries Limited to open at ₹126.37, and during the day (based on 14 day Average True Range), to move between ₹119.69 and ₹132.11, which gives a possible trading interval of +/-₹6.21 (+/-4.93%) up or down from last closing price. If Kanoria Chemicals & Industries Limited takes out the full calculated possible swing range there will be an estimated 9.87% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹125.15 (0.60%) than the resistance at ₹130.85 (3.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Kanoria Chemicals & Industries Limited stock A Buy?
Kanoria Chemicals & Industries Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. 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 Hold/Accumulate candidate.
Current score: 0.925 Hold/Accumulate Downgraded
Predicted Opening Price for Kanoria Chemicals & Industries Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| ₹126.37 ( 0.371%) | ₹125.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KANORICHEM.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 135.17 | 7.36 % | |
| R2 | 131.81 | 4.69 % | ||
| R1 | 129.73 | 3.04 % | ||
| Current price: | 125.90 | |||
| Support | S1 | 123.01 | -2.30 % | |
| S2 | 120.93 | -3.95 % | ||
| S3 | 117.57 | -6.62 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 137.40 | 9.13 % | |
| R2 | 132.80 | 5.48 % | ||
| R1 | 130.85 | 3.93 % | ||
| Current price | 125.90 | |||
| Support | S1 | 125.15 | -0.596% | |
| S2 | 123.25 | -2.10% | ||
| S3 | 109.15 | -13.30% |
KANORICHEM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 24, 2022 | Aug 24, 2022 | Aug 24, 2022 | ₹1.00 | 0.769% |
| 2 | Aug 27, 2019 | Aug 27, 2019 | Aug 27, 2019 | ₹0.750 | 1.80% |
| 3 | Sep 05, 2018 | Sep 05, 2018 | Sep 05, 2018 | ₹1.50 | 2.17% |
| 4 | May 30, 2017 | Aug 24, 2017 | Oct 04, 2017 | ₹1.50 | 1.81% |
| 5 | Aug 24, 2016 | Aug 24, 2016 | Aug 24, 2016 | ₹1.50 | 2.12% |
FAQ
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