Mahanagar Gas Limited Stock Forecast
Mahanagar Gas Limited stock price up 1.06% on Wednesday
(Updated on Apr 24, 2024)
The Mahanagar Gas Limited stock price gained 1.06% on the last trading day (Wednesday, 24th Apr 2024), rising from ₹1,407.40 to ₹1,422.35. During the last trading day the stock fluctuated 1.92% from a day low at ₹1,397.75 to a day high of ₹1,424.65. The price has been going up and down for this period, and there has been a -2.34% loss for the last 2 weeks. Volume fell on the last day by -33 thousand shares and in total, 226 thousand shares were bought and sold for approximately ₹320.74 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 stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -6.38% during the next 3 months and, with a 90% probability hold a price between ₹1,098.33 and ₹1,413.25 at the end of this 3-month period. 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.NS Signals & Forecast
There are mixed signals in the stock today. A sell signal was issued from a pivot top point on Monday, April 08, 2024, and so far it has fallen -4.10%. 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). 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 ₹1,417.76 and ₹1,382.49. A breakdown below any of these levels will issue sell signals. 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
On the downside, the stock finds support just below today's level from accumulated volume at ₹1,329.60 and ₹1,315.95. 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, Mahanagar Gas Limited finds support just below today's level at ₹1,329.60. If this is broken, then the next support from accumulated volume will be at ₹1,315.95 and ₹1,271.55.
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 ₹26.90 between high and low, or 1.92%. For the last week, the stock has had daily average volatility of 3.28%.
Our recommended stop-loss: ₹1,362.93 (-4.18%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (MGL.NS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Mahanagar Gas Limited to open at ₹1,414.92, and during the day (based on 14 day Average True Range), to move between ₹1,378.88 and ₹1,465.82, which gives a possible trading interval of +/-₹43.47 (+/-3.06%) up or down from last closing price. If Mahanagar Gas Limited takes out the full calculated possible swing range there will be an estimated 6.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹1,440.20 (1.25%) than the support at ₹1,329.60 (6.52%), 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?
Mahanagar Gas 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.
Current score: -0.622 Hold/Accumulate Unchanged
Predicted Opening Price for Mahanagar Gas Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹1,414.92 ( 0.523%) | ₹1,422.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MGL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,441.82 | 1.37 % | |
| R2 | 1,431.54 | 0.646 % | ||
| R1 | 1,425.19 | 0.200 % | ||
| Current price: | 1,422.35 | |||
| Support | S1 | 1,404.64 | -1.25 % | |
| S2 | 1,398.29 | -1.69 % | ||
| S3 | 1,388.02 | -2.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,453.90 | 2.22 % | |
| R2 | 1,443.70 | 1.50 % | ||
| R1 | 1,440.20 | 1.25 % | ||
| Current price | 1,422.35 | |||
| Support | S1 | 1,329.60 | -6.52% | |
| S2 | 1,315.95 | -7.48% | ||
| S3 | 1,271.55 | -10.60% |
MGL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 05, 2024 | Feb 05, 2024 | Feb 22, 2024 | ₹12.00 | 0.783% |
| 2 | Feb 14, 2023 | Feb 14, 2023 | Feb 14, 2023 | ₹10.00 | 1.12% |
| 3 | Aug 11, 2022 | Aug 11, 2022 | Aug 11, 2022 | ₹15.50 | 1.80% |
| 4 | Feb 17, 2022 | Feb 17, 2022 | Feb 17, 2022 | ₹9.50 | 1.22% |
| 5 | Sep 17, 2021 | Sep 17, 2021 | Sep 17, 2021 | ₹14.00 | 1.23% |
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