Magna Electro Castings Limited Stock Forecast
Magna Electro Castings Limited stock downgraded from Buy Candidate to Sell Candidate after Friday trading session.
(Updated on May 17, 2024)
The Magna Electro Castings Limited stock price fell by -3.27% on the last day (Friday, 17th May 2024) from ₹461.20 to ₹446.10. During the last trading day the stock fluctuated 7.74% from a day low at ₹431.55 to a day high of ₹464.95. The price has risen in 6 of the last 10 days but is still down by -1.57% for this period. Volume has increased on the last day by 6 thousand 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, 9 thousand shares were bought and sold for approximately ₹3.96 million.
The stock lies in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹431.78 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 8.79% during the next 3 months and, with a 90% probability hold a price between ₹469.73 and ₹549.24 at the end of this 3-month period.
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MAGNAELQ.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Magna Electro Castings 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 ₹452.34 and ₹457.76. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 22, 2024, and so far it has fallen -9.33%. 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). 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 Magna Electro Castings Limited stock
Magna Electro Castings Limited finds support from accumulated volume at ₹426.00 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 ₹33.40 between high and low, or 7.74%. For the last week, the stock has had daily average volatility of 4.37%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MAGNAELQ.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Magna Electro Castings Limited to open at ₹447.53, and during the day (based on 14 day Average True Range), to move between ₹426.25 and ₹465.95, which gives a possible trading interval of +/-₹19.85 (+/-4.45%) up or down from last closing price. If Magna Electro Castings Limited takes out the full calculated possible swing range there will be an estimated 8.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹447.05 (0.21%) than the support at ₹426.00 (4.51%), 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 Magna Electro Castings Limited stock A Buy?
The Magna Electro Castings Limited stock holds several negative signals and despite the positive trend, we believe Magna Electro Castings Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. 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 Sell candidate.
Current score: -2.725 Sell Candidate Downgraded
Predicted Opening Price for Magna Electro Castings Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹447.53 ( 0.321%) | ₹446.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAGNAELQ.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 480.93 | 7.81 % | |
| R2 | 468.17 | 4.95 % | ||
| R1 | 460.29 | 3.18 % | ||
| Current price: | 446.10 | |||
| Support | S1 | 434.77 | -2.54 % | |
| S2 | 426.89 | -4.31 % | ||
| S3 | 414.13 | -7.17 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 459.00 | 2.89 % | |
| R2 | 456.40 | 2.31 % | ||
| R1 | 447.05 | 0.213 % | ||
| Current price | 446.10 | |||
| Support | S1 | 426.00 | -4.51% | |
| S2 | 422.15 | -5.37% | ||
| S3 | 402.45 | -9.78% |
MAGNAELQ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 18, 2023 | Aug 18, 2023 | Aug 18, 2023 | ₹3.00 | 0.665% |
| 2 | Aug 18, 2022 | Aug 18, 2022 | Aug 18, 2022 | ₹2.50 | 0.84% |
| 3 | Sep 15, 2021 | Sep 15, 2021 | Sep 15, 2021 | ₹1.50 | 0.87% |
| 4 | Feb 25, 2020 | Feb 25, 2020 | Feb 25, 2020 | ₹2.50 | 1.64% |
| 5 | Aug 08, 2019 | Aug 08, 2019 | Aug 08, 2019 | ₹2.50 | 1.52% |
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