Kitex Garments Limited Stock Forecast
Red day on Friday for Kitex Garments Limited stock after losing 0.87%
(Updated on May 31, 2024)
The Kitex Garments Limited stock price fell by -0.87% on the last day (Friday, 31st May 2024) from ₹202.15 to ₹200.40. During the last trading day the stock fluctuated 3.29% from a day low at ₹198.80 to a day high of ₹205.35. The price has fallen in 7 of the last 10 days and is down by -4.32% for this period. 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 -4 thousand shares and in total, 4 thousand shares were bought and sold for approximately ₹852.50 thousand.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Kitex Garments Limited stock with a 90% probability to be traded between ₹185.58 and ₹222.98 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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KITEX.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 Kitex Garments 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 ₹205.95 and ₹203.86. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, May 21, 2024, and so far it has fallen -8.78%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
Support, Risk & Stop-loss for Kitex Garments Limited stock
Kitex Garments Limited finds support from accumulated volume at ₹195.25 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹6.55 between high and low, or 3.29%. For the last week the stock has had daily average volatility of 2.12%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (KITEX.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Kitex Garments Limited to open at ₹201.52, and during the day (based on 14 day Average True Range), to move between ₹193.54 and ₹207.26, which gives a possible trading interval of +/-₹6.86 (+/-3.42%) up or down from last closing price. If Kitex Garments Limited takes out the full calculated possible swing range there will be an estimated 6.84% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹202.65 (1.12%) than the support at ₹195.25 (2.57%), 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 Kitex Garments Limited stock A Buy?
Kitex Garments Limited holds several negative signals and is within a 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: -3.077 Sell Candidate Unchanged
Predicted Opening Price for Kitex Garments Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹201.52 ( 0.557%) | ₹200.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for KITEX.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 208.07 | 3.83 % | |
| R2 | 205.56 | 2.58 % | ||
| R1 | 204.02 | 1.81 % | ||
| Current price: | 200.40 | |||
| Support | S1 | 199.01 | -0.691 % | |
| S2 | 197.47 | -1.46 % | ||
| S3 | 194.97 | -2.71 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 211.60 | 5.59 % | |
| R2 | 206.20 | 2.89 % | ||
| R1 | 202.65 | 1.12 % | ||
| Current price | 200.40 | |||
| Support | S1 | 195.25 | -2.57% | |
| S2 | 192.45 | -3.97% | ||
| S3 | 180.65 | -9.86% |
KITEX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 22, 2023 | Sep 22, 2023 | Oct 29, 2023 | ₹1.50 | 0% |
| 2 | Aug 19, 2022 | Aug 19, 2022 | Sep 28, 2022 | ₹1.50 | 0% |
| 3 | Nov 16, 2017 | Nov 16, 2017 | Nov 30, 2017 | ₹0.750 | 0% |
| 4 | Jun 09, 2017 | Jun 09, 2017 | Jul 17, 2017 | ₹0.750 | 0% |
| 5 | Nov 17, 2016 | Nov 17, 2016 | Nov 17, 2016 | ₹0.750 | 0% |
FAQ
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