Manaksia Coated Metals & Industries Ltd Stock Forecast
Green day on Friday for Manaksia Coated Metals & Industries Ltd
(Updated on May 17, 2024)
The Manaksia Coated Metals & Industries Ltd stock price gained 4.85% on the last trading day (Friday, 17th May 2024), rising from ₹56.75 to ₹59.50. It has now gained 5 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 4.93% from a day low at ₹56.75 to a day high of ₹59.55. The price has risen in 8 of the last 10 days and is up by 18.76% 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, 152 thousand more shares were traded than the day before. In total, 228 thousand shares were bought and sold for approximately ₹13.55 million.
The stock lies in the upper part of a very wide and strong rising 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 ₹63.08 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 46.06% during the next 3 months and, with a 90% probability hold a price between ₹60.34 and ₹92.13 at the end of this 3-month period.
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MANAKCOAT.NS Signals & Forecast
The Manaksia Coated Metals & Industries Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at ₹55.07 and ₹44.20. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, March 22, 2024, and so far it has risen 104.82%. 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 Manaksia Coated Metals & Industries Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹50.85 and ₹47.40. 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, Manaksia Coated Metals & Industries Ltd finds support just below today's level at ₹50.85. If this is broken, then the next support from accumulated volume will be at ₹47.40 and ₹45.15.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹2.80 between high and low, or 4.93%. For the last week, the stock has had daily average volatility of 4.60%.
The Manaksia Coated Metals & Industries Ltd stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: ₹57.51 (-3.34%) (This stock has high daily movements and this gives high risk. The RSI14 is 83 and this increases the risk substantially. There is a buy signal from a pivot bottom found 37 days ago.)
Trading Expectations (MANAKCOAT.NS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Manaksia Coated Metals & Industries Ltd to open at ₹58.60, and during the day (based on 14 day Average True Range), to move between ₹56.70 and ₹62.30, which gives a possible trading interval of +/-₹2.80 (+/-4.70%) up or down from last closing price. If Manaksia Coated Metals & Industries Ltd takes out the full calculated possible swing range there will be an estimated 9.41% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹50.85, some ₹8.65 (14.54%) from the current price of ₹59.50, our system finds the risk reward attractive.
Is Manaksia Coated Metals & Industries Ltd stock A Buy?
Manaksia Coated Metals & Industries Ltd 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.
Current score: 0.000 Hold/Accumulate Unchanged
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 Manaksia Coated Metals & Industries Ltd of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| ₹58.60 ( 1.51%) | ₹59.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MANAKCOAT.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 61.40 | 3.19 % | |
| R2 | 60.33 | 1.40 % | ||
| R1 | 59.67 | 0.285 % | ||
| Current price: | 59.50 | |||
| Support | S1 | 57.53 | -3.31 % | |
| S2 | 56.87 | -4.42 % | ||
| S3 | 55.80 | -6.22 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 59.50 | |||
| Support | S1 | 50.85 | -14.54% | |
| S2 | 47.40 | -20.34% | ||
| S3 | 45.15 | -24.12% |
MANAKCOAT Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 16, 2021 | Sep 16, 2021 | Sep 16, 2021 | ₹0.0300 | 0.214% |
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