Multi Commodity Exchange of India Ltd Stock Forecast
Multi Commodity Exchange of India Ltd stock upgraded to Strong Buy Candidate.
(Updated on Apr 22, 2024)
The Multi Commodity Exchange of India Ltd stock price gained 2.93% on the last trading day (Monday, 22nd Apr 2024), rising from ₹3,792.15 to ₹3,903.25. During the last trading day the stock fluctuated 3.58% from a day low at ₹3,822.00 to a day high of ₹3,959.00. The price has risen in 7 of the last 10 days and is up by 9.53% 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, 370 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately ₹4.24 billion.
The stock lies in the upper part of a wide and weak 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 ₹4,014.59 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 4.29% during the next 3 months and, with a 90% probability hold a price between ₹3,376.27 and ₹4,186.86 at the end of this 3-month period.
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MCX.NS Signals & Forecast
The Multi Commodity Exchange of India 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 ₹3,801.17 and ₹3,551.28. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Wednesday, April 10, 2024, and so far it has fallen -0.0179%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Multi Commodity Exchange of India Ltd stock
Multi Commodity Exchange of India Ltd finds support from accumulated volume at ₹3,850.05 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 ₹137.00 between high and low, or 3.58%. For the last week, the stock has had daily average volatility of 3.81%.
Our recommended stop-loss: ₹3,758.65 (-3.70%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (MCX.NS) For The Upcoming Trading Day Of Tuesday 23rd
For the upcoming trading day on Tuesday, 23rd we expect Multi Commodity Exchange of India Limited to open at ₹3,894.75, and during the day (based on 14 day Average True Range), to move between ₹3,753.72 and ₹4,052.78, which gives a possible trading interval of +/-₹149.53 (+/-3.83%) up or down from last closing price. If Multi Commodity Exchange of India Limited takes out the full calculated possible swing range there will be an estimated 7.66% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹3,903.95 (0.02%) than the support at ₹3,850.05 (1.36%), 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 Multi Commodity Exchange of India Limited stock A Buy?
Multi Commodity Exchange of India Ltd holds several positive signals and is within a weak rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.111 Strong Buy Candidate Upgraded
Predicted Opening Price for Multi Commodity Exchange of India Limited of Tuesday, April 23, 2024
| Fair opening price April 23, 2024 | Current price |
|---|---|
| ₹3,894.75 ( 0.218%) | ₹3,903.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MCX.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,031.75 | 3.29 % | |
| R2 | 3,979.42 | 1.95 % | ||
| R1 | 3,947.08 | 1.12 % | ||
| Current price: | 3,903.25 | |||
| Support | S1 | 3,842.42 | -1.56 % | |
| S2 | 3,810.08 | -2.39 % | ||
| S3 | 3,757.75 | -3.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 3,903.95 | 0.0179 % | ||
| Current price | 3,903.25 | |||
| Support | S1 | 3,850.05 | -1.36% | |
| S2 | 3,818.25 | -2.18% | ||
| S3 | 3,727.05 | -4.51% |
MCX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 15, 2023 | Sep 15, 2023 | Sep 15, 2023 | ₹19.09 | 1.07% |
| 2 | Sep 19, 2022 | Sep 19, 2022 | Sep 19, 2022 | ₹17.40 | 1.42% |
| 3 | Aug 26, 2021 | Aug 26, 2021 | Aug 26, 2021 | ₹27.60 | 1.84% |
| 4 | May 30, 2020 | Aug 21, 2020 | Sep 10, 2020 | ₹30.00 | 1.95% |
| 5 | Apr 25, 2019 | Sep 12, 2019 | Sep 27, 2019 | ₹20.00 | 1.98% |
FAQ
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