Mangalam Cement Limited Stock Forecast
Evaluation of Mangalam Cement Limited stock downgraded after the last trading session.
(Updated on May 09, 2024)
The Mangalam Cement Limited stock price fell by -3.77% on the last day (Thursday, 9th May 2024) from ₹892.75 to ₹859.10. During the last trading day the stock fluctuated 5.43% from a day low at ₹853.80 to a day high of ₹900.15. The price has fallen in 7 of the last 10 days and is down by -3.14% for this period. 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 -22 thousand shares and in total, 3 thousand shares were bought and sold for approximately ₹2.31 million.
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 30.94% during the next 3 months and, with a 90% probability hold a price between ₹994.66 and ₹1,239.99 at the end of this 3-month period.
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MANGLMCEM.BO Signals & Forecast
The Mangalam Cement 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 ₹890.89. On a fall, the stock will find some support from the long-term average at approximately ₹793.49. 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. 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 Thursday, May 02, 2024, and so far it has fallen -7.32%. 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 fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Mangalam Cement Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹747.20 and ₹732.05. 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, Mangalam Cement Limited finds support just below today's level at ₹747.20. If this is broken, then the next support from accumulated volume will be at ₹732.05 and ₹731.05.
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 ₹46.35 between high and low, or 5.43%. For the last week, the stock has had daily average volatility of 4.40%.
Our recommended stop-loss: ₹807.73 (-5.98%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (MANGLMCEM.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Mangalam Cement Limited to open at ₹871.02, and during the day (based on 14 day Average True Range), to move between ₹818.02 and ₹900.18, which gives a possible trading interval of +/-₹41.08 (+/-4.78%) up or down from last closing price. If Mangalam Cement Limited takes out the full calculated possible swing range there will be an estimated 9.56% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹883.95 (2.89%) than the support at ₹747.20 (13.03%), 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 Mangalam Cement Limited stock A Buy?
Mangalam Cement 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: 0.609 Hold/Accumulate Downgraded
Predicted Opening Price for Mangalam Cement Limited of Friday, May 10, 2024
Fair opening price May 10, 2024 | Current price |
---|---|
₹871.02 ( 1.39%) | ₹859.10 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MANGLMCEM.BO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 917.37 | 6.78 % | |
R2 | 899.66 | 4.72 % | ||
R1 | 888.72 | 3.45 % | ||
Current price: | 859.10 | |||
Support | S1 | 853.31 | -0.674 % | |
S2 | 842.37 | -1.95 % | ||
S3 | 824.67 | -4.01 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 927.00 | 7.90 % | |
R2 | 892.75 | 3.92 % | ||
R1 | 883.95 | 2.89 % | ||
Current price | 859.10 | |||
Support | S1 | 747.20 | -13.03% | |
S2 | 732.05 | -14.79% | ||
S3 | 731.05 | -14.91% |
MANGLMCEM Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 28, 2023 | Jul 28, 2023 | Sep 04, 2023 | ₹1.50 | 0.409% |
2 | Aug 25, 2022 | Aug 25, 2022 | Oct 03, 2022 | ₹1.50 | 0.409% |
3 | Aug 23, 2017 | Aug 23, 2017 | Oct 02, 2017 | ₹0.750 | 0.221% |
4 | Sep 08, 2016 | Sep 08, 2016 | Sep 08, 2016 | ₹0.500 | 0.142% |
5 | Aug 06, 2015 | Aug 06, 2015 | Aug 06, 2015 | ₹2.00 | 0.80% |
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