Majestic Auto Limited Stock Forecast
Weaker technical forecast for Majestic Auto Limited as stock downgraded to Hold/Accumulate.
(Updated on May 31, 2024)
The Majestic Auto Limited stock price fell by -0.263% on the last day (Friday, 31st May 2024) from ₹341.85 to ₹340.95. During the last trading day the stock fluctuated 2.65% from a day low at ₹340.00 to a day high of ₹349.00. The price has risen in 6 of the last 10 days and is up by 6.38% over the past 2 weeks. 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 -7 thousand shares and in total, 3 thousand shares were bought and sold for approximately ₹981.94 thousand.
The stock lies in the middle of a wide and strong 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 13.11% during the next 3 months and, with a 90% probability hold a price between ₹344.11 and ₹417.11 at the end of this 3-month period.
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MAJESAUT.BO Signals & Forecast
The Majestic Auto Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹350.29. On a fall, the stock will find some support from the long-term average at approximately ₹315.54. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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. A sell signal was issued from a pivot top point on Friday, May 24, 2024, and so far it has fallen -6.58%. 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 Majestic Auto Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹301.80 and ₹273.35. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Majestic Auto Limited finds support just below today's level at ₹301.80. If this is broken, then the next support from accumulated volume will be at ₹273.35 and ₹270.65.
This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹9.00 between high and low, or 2.65%. For the last week the stock has had daily average volatility of 6.19%.
Our recommended stop-loss: ₹321.99 (-5.56%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 44 days ago.)
Trading Expectations (MAJESAUT.BO) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Majestic Auto Limited to open at ₹343.32, and during the day (based on 14 day Average True Range), to move between ₹322.98 and ₹358.92, which gives a possible trading interval of +/-₹17.97 (+/-5.27%) up or down from last closing price. If Majestic Auto Limited takes out the full calculated possible swing range there will be an estimated 10.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹358.00 (5.00%) than the support at ₹301.80 (11.48%), 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 Majestic Auto Limited stock A Buy?
Majestic Auto 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: 0.126 Hold/Accumulate Downgraded
Predicted Opening Price for Majestic Auto Limited of Monday, June 3, 2024
Fair opening price June 3, 2024 | Current price |
---|---|
₹343.32 ( 0.694%) | ₹340.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MAJESAUT.BO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 352.32 | 3.33 % | |
R2 | 348.88 | 2.33 % | ||
R1 | 346.75 | 1.70 % | ||
Current price: | 340.95 | |||
Support | S1 | 339.88 | -0.314 % | |
S2 | 337.75 | -0.94 % | ||
S3 | 334.32 | -1.95 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 364.95 | 7.04 % | |
R2 | 361.75 | 6.10 % | ||
R1 | 358.00 | 5.00 % | ||
Current price | 340.95 | |||
Support | S1 | 301.80 | -11.48% | |
S2 | 273.35 | -19.83% | ||
S3 | 270.65 | -20.62% |
MAJESAUT Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Feb 20, 2024 | Feb 20, 2024 | Mar 08, 2024 | ₹15.00 | 4.67% |
2 | Feb 24, 2023 | Feb 24, 2023 | Mar 25, 2023 | ₹7.50 | 5.39% |
3 | Nov 18, 2021 | Nov 18, 2021 | Dec 29, 2021 | ₹7.50 | 5.86% |
4 | Nov 17, 2021 | Nov 17, 2021 | Dec 29, 2021 | ₹7.50 | 5.86% |
5 | Sep 14, 2005 | Sep 14, 2005 | Sep 14, 2005 | ₹0.500 | 0.489% |
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