Menon Bearings Limited Stock Forecast
Menon Bearings Limited stock upgraded from Sell Candidate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The Menon Bearings Limited stock price gained 0.541% on the last trading day (Friday, 14th Jun 2024), rising from ₹125.80 to ₹126.48. During the last trading day the stock fluctuated 4.24% from a day low at ₹125.00 to a day high of ₹130.30. The price has risen in 6 of the last 10 days and is up by 6.33% 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, 63 thousand more shares were traded than the day before. In total, 111 thousand shares were bought and sold for approximately ₹14.08 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Menon Bearings Limited stock with a 90% probability to be traded between ₹114.79 and ₹136.93 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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MENONBE.NS Signals & Forecast
Mostly positive signals in the chart today. The Menon Bearings Limited 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 ₹124.24 and ₹124.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 12.63%. Further rise is indicated until a new top pivot has been found. 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.
Support, Risk & Stop-loss for Menon Bearings Limited stock
Menon Bearings Limited finds support from accumulated volume at ₹126.34 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 ₹5.30 between high and low, or 4.24%. For the last week, the stock has had daily average volatility of 3.39%.
Our recommended stop-loss: ₹121.55 (-3.90%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 39 days ago.)
Trading Expectations (MENONBE.NS) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Menon Bearings Limited to open at ₹127.26, and during the day (based on 14 day Average True Range), to move between ₹121.86 and ₹131.10, which gives a possible trading interval of +/-₹4.62 (+/-3.65%) up or down from last closing price. If Menon Bearings Limited takes out the full calculated possible swing range there will be an estimated 7.30% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹126.34 (0.11%) than the resistance at ₹127.65 (0.93%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Menon Bearings Limited stock A Buy?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for Menon Bearings Limited stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 1.384 Buy Candidate Upgraded
Predicted Opening Price for Menon Bearings Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹127.26 ( 0.617%) | ₹126.48 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MENONBE.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 132.56 | 4.81% |
| R2 | 130.54 | 3.21% |
| R1 | 129.28 | 2.22% |
| Price | 126.48 | |
| S1 | 125.24 | -0.98% |
| S2 | 123.98 | -1.97% |
| S3 | 121.96 | -3.57% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 132.75 | 4.96% |
| R2 | 127.80 | 1.04% |
| R1 | 127.65 | 0.93% |
| Price | 126.48 | |
| S1 | 126.34 | -0.111% |
| S2 | 121.15 | -4.21% |
| S3 | 112.00 | -11.45% |
MENONBE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 24, 2023 | Jul 24, 2023 | Jul 24, 2023 | ₹2.25 | 1.70% |
| 2 | Jul 27, 2022 | Jul 27, 2022 | Jul 27, 2022 | ₹2.00 | 2.33% |
| 3 | Oct 27, 2021 | Oct 27, 2021 | Oct 27, 2021 | ₹2.00 | 2.72% |
| 4 | Feb 03, 2021 | Feb 03, 2021 | Feb 03, 2021 | ₹1.50 | 2.73% |
| 5 | Mar 10, 2020 | Mar 20, 2020 | Mar 30, 2020 | ₹1.25 | 4.01% |
FAQ
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