Mahanagar Gas Limited Stock Forecast
Green day on Friday for Mahanagar Gas Limited stock after gaining 0.209%
(Updated on Jun 14, 2024)
The Mahanagar Gas Limited stock price gained 0.209% on the last trading day (Friday, 14th Jun 2024), rising from ₹1,461.10 to ₹1,464.15. It has now gained 8 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 1.51% from a day low at ₹1,456.95 to a day high of ₹1,478.90. The price has risen in 9 of the last 10 days and is up by 12.82% over the past 2 weeks. Volume fell on the last day by -3 thousand shares and in total, 8 thousand shares were bought and sold for approximately ₹11.65 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stockis at the upper part of a wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹1,472.47 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Mahanagar Gas Limited stock with a 90% probability to be traded between ₹1,246.86 and ₹1,457.55 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. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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MGL.BO Signals & Forecast
Mostly positive signals in the chart today. The Mahanagar Gas 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 ₹1,420.61 and ₹1,357.64. 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 16.05%. 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 fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Mahanagar Gas Limited stock
Mahanagar Gas Limited finds support from accumulated volume at ₹1,439.40 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 ₹21.95 between high and low, or 1.51%. For the last week, the stock has had daily average volatility of 3.04%.
Since the Mahanagar Gas Limited has been rising for 8 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹1,417.88 (-3.16%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 44 days ago.)
Trading Expectations (MGL.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Mahanagar Gas Limited to open at ₹1,466.67, and during the day (based on 14 day Average True Range), to move between ₹1,412.96 and ₹1,515.34, which gives a possible trading interval of +/-₹51.19 (+/-3.50%) up or down from last closing price. If Mahanagar Gas Limited takes out the full calculated possible swing range there will be an estimated 6.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,464.55 (0.03%) than the support at ₹1,439.40 (1.69%), 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 Mahanagar Gas 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 Mahanagar Gas Limited stock to perform well in the short-term period.
Current score: 2.020 Buy Candidate Unchanged
Predicted Opening Price for Mahanagar Gas Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹1,466.67 ( 0.172%) | ₹1,464.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 1,488.62 | 1.67% |
| R2 | 1,480.23 | 1.10% |
| R1 | 1,475.05 | 0.745% |
| Price | 1,464.15 | |
| S1 | 1,458.28 | -0.401% |
| S2 | 1,453.10 | -0.755% |
| S3 | 1,444.72 | -1.33% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 1,483.90 | 1.35% |
| R1 | 1,464.55 | 0.0273% |
| Price | 1,464.15 | |
| S1 | 1,439.40 | -1.69% |
| S2 | 1,315.20 | -10.17% |
| S3 | 1,261.70 | -13.83% |
MGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 05, 2024 | Feb 05, 2024 | Feb 22, 2024 | ₹12.00 | 0.784% |
| 2 | Aug 14, 2023 | Aug 14, 2023 | Sep 23, 2023 | ₹16.00 | 1.57% |
| 3 | Feb 14, 2023 | Feb 14, 2023 | Mar 04, 2023 | ₹10.00 | 1.10% |
| 4 | Feb 20, 2018 | Feb 20, 2018 | Mar 11, 2018 | ₹8.00 | 0.793% |
| 5 | Sep 14, 2017 | Sep 14, 2017 | Oct 25, 2017 | ₹11.00 | 0.93% |
FAQ
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