Magna Electro Castings Limited Stock Forecast
Magna Electro Castings Limited stock upgraded to Buy Candidate.
(Updated on Jun 14, 2024)
The Magna Electro Castings Limited stock price gained 2.25% on the last trading day (Friday, 14th Jun 2024), rising from ₹453.00 to ₹463.20. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.04% from a day low at ₹446.00 to a day high of ₹464.00. The price has been going up and down for this period, and there has been a 0.72% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 thousand more shares were traded than the day before. In total, 5 thousand shares were bought and sold for approximately ₹2.44 million.
The stock lies in the middle of a wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 2.78% during the next 3 months and, with a 90% probability hold a price between ₹449.46 and ₹514.59 at the end of this 3-month period.
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MAGNAELQ.BO Signals & Forecast
The Magna Electro Castings 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 ₹449.11 and ₹455.27. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, June 05, 2024, and so far it has risen 6.32%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Magna Electro Castings Limited stock
Magna Electro Castings Limited finds support from accumulated volume at ₹459.00 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹18.00 between high and low, or 4.04%. For the last week the stock has had daily average volatility of 3.31%.
Our recommended stop-loss: ₹445.04 (-3.92%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (MAGNAELQ.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Magna Electro Castings Limited to open at ₹457.73, and during the day (based on 14 day Average True Range), to move between ₹441.13 and ₹485.27, which gives a possible trading interval of +/-₹22.07 (+/-4.77%) 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 9.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹465.25 (0.44%) than the support at ₹459.00 (0.91%), 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?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Magna Electro Castings Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.148 Buy Candidate Upgraded
Predicted Opening Price for Magna Electro Castings Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹457.73 ( 1.18%) | ₹463.20 |
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 | |
|---|---|---|
| R3 | 475.73 | 2.71% |
| R2 | 468.86 | 1.22% |
| R1 | 464.61 | 0.304% |
| Price | 463.20 | |
| S1 | 450.86 | -2.66% |
| S2 | 446.61 | -3.58% |
| S3 | 439.73 | -5.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 492.00 | 6.22% |
| R2 | 469.00 | 1.25% |
| R1 | 465.25 | 0.443% |
| Price | 463.20 | |
| S1 | 459.00 | -0.91% |
| S2 | 456.40 | -1.47% |
| S3 | 426.00 | -8.03% |
MAGNAELQ Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 09, 2024 | Aug 09, 2024 | Sep 15, 2024 | ₹5.00 | 1.08% |
| 2 | Aug 18, 2023 | Aug 18, 2023 | Aug 18, 2023 | ₹3.00 | 0.665% |
| 3 | Aug 18, 2022 | Aug 18, 2022 | Aug 18, 2022 | ₹2.50 | 0.84% |
| 4 | Sep 15, 2021 | Sep 15, 2021 | Sep 15, 2021 | ₹1.50 | 0.87% |
| 5 | Feb 25, 2020 | Feb 25, 2020 | Feb 25, 2020 | ₹2.50 | 1.64% |
FAQ
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