Madras Fertilizers Limited Stock Forecast
Stronger technical forecast for Madras Fertilizers Limited stock price after Tuesday trading.
(Updated on May 21, 2024)
The Madras Fertilizers Limited stock price gained 4.10% on the last trading day (Tuesday, 21st May 2024), rising from ₹87.80 to ₹91.40. During the last trading day the stock fluctuated 5.49% from a day low at ₹87.40 to a day high of ₹92.20. The price has risen in 6 of the last 10 days and is up by 5.24% 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, 453 thousand more shares were traded than the day before. In total, 453 thousand shares were bought and sold for approximately ₹41.37 million.
The stock lies the upper part of a 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 ₹92.50 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 -4.58% during the next 3 months and, with a 90% probability hold a price between ₹72.17 and ₹88.26 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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MADRASFERT.NS Signals & Forecast
The Madras Fertilizers 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 ₹87.30 and ₹89.66. 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 Monday, April 29, 2024, and so far it has fallen -2.45%. 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). The stock had a Golden Star Signal on Friday, November 24, 2023 in the long-term chart.
Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Golden Star 12 Months
The stock had a Golden Star Signal on Friday, November 24, 2023 in the long-term chart.Golden Star Signal is when the short-term moving average, the long-term moving average, and price line meet in a special combination. This combination is very rare and often followed by long and strong gains for the stock in question.
Support, Risk & Stop-loss for Madras Fertilizers Limited stock
Madras Fertilizers Limited finds support from accumulated volume at ₹86.85 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 ₹4.80 between high and low, or 5.49%. For the last week, the stock has had daily average volatility of 2.54%.
Our recommended stop-loss: ₹86.52 (-5.34%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 46 days ago.)
Trading Expectations (MADRASFERT.NS) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Madras Fertilizers Limited to open at ₹90.33, and during the day (based on 14 day Average True Range), to move between ₹88.29 and ₹94.51, which gives a possible trading interval of +/-₹3.11 (+/-3.40%) up or down from last closing price. If Madras Fertilizers Limited takes out the full calculated possible swing range there will be an estimated 6.81% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹92.05 (0.71%) than the support at ₹86.85 (4.98%), 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 Madras Fertilizers Limited stock A Buy?
Madras Fertilizers 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.000 Hold/Accumulate Upgraded
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Madras Fertilizers Limited of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| ₹90.33 ( 1.17%) | ₹91.40 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MADRASFERT.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 95.13 | 4.08 % | |
| R2 | 93.30 | 2.08 % | ||
| R1 | 92.17 | 0.84 % | ||
| Current price: | 91.40 | |||
| Support | S1 | 88.50 | -3.17 % | |
| S2 | 87.37 | -4.41 % | ||
| S3 | 85.53 | -6.42 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 92.75 | 1.48 % | |
| R2 | 92.65 | 1.37 % | ||
| R1 | 92.05 | 0.711 % | ||
| Current price | 91.40 | |||
| Support | S1 | 86.85 | -4.98% | |
| S2 | 82.85 | -9.35% | ||
| S3 | 80.95 | -11.43% |
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