Mohit Industries Limited Stock Forecast
Mohit Industries Limited stock upgraded to Buy Candidate.
(Updated on Jun 10, 2024)
The Mohit Industries Limited stock price gained 1.49% on the last trading day (Monday, 10th Jun 2024), rising from ₹22.12 to ₹22.45. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.64% from a day low at ₹21.95 to a day high of ₹22.75. The price has risen in 6 of the last 10 days and is up by 6.4% 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, 990 more shares were traded than the day before. In total, 5 thousand shares were bought and sold for approximately ₹101.14 thousand.
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 10.11% during the next 3 months and, with a 90% probability hold a price between ₹21.78 and ₹26.79 at the end of this 3-month period.
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MOHITIND.BO Signals & Forecast
Mostly positive signals in the chart today. The Mohit Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹20.84 and ₹21.77. 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 14.37%. 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). Mohit Industries Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk.
Support, Risk & Stop-loss for Mohit Industries Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹21.10 and ₹19.63. 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, Mohit Industries Limited finds support just below today's level at ₹21.10. If this is broken, then the next support from accumulated volume will be at ₹19.63 and ₹18.92.
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 ₹0.80 between high and low, or 3.64%. For the last week, the stock has had daily average volatility of 5.02%.
Our recommended stop-loss: ₹21.57 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 30 days ago.)
Trading Expectations (MOHITIND.BO) For The Upcoming Trading Day Of Tuesday 11th
For the upcoming trading day on Tuesday, 11th we expect Mohit Industries Limited to open at ₹22.38, and during the day (based on 14 day Average True Range), to move between ₹21.38 and ₹23.52, which gives a possible trading interval of +/-₹1.07 (+/-4.77%) up or down from last closing price. If Mohit Industries Limited takes out the full calculated possible swing range there will be an estimated 9.53% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹22.46 (0.04%) than the support at ₹21.10 (6.01%), 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 Mohit Industries Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Mohit Industries Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 2.234 Buy Candidate Upgraded
Predicted Opening Price for Mohit Industries Limited of Tuesday, June 11, 2024
| Fair opening price June 11, 2024 | Current price |
|---|---|
| ₹22.38 ( 0.297%) | ₹22.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MOHITIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.18 | 3.27% |
| R2 | 22.88 | 1.91% |
| R1 | 22.69 | 1.06% |
| Price | 22.45 | |
| S1 | 22.08 | -1.66% |
| S2 | 21.89 | -2.50% |
| S3 | 21.58 | -3.86% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 23.18 | 3.25% |
| R2 | 22.91 | 2.05% |
| R1 | 22.46 | 0.0445% |
| Price | 22.45 | |
| S1 | 21.10 | -6.01% |
| S2 | 19.63 | -12.56% |
| S3 | 18.92 | -15.72% |
MOHITIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 11, 2016 | Aug 11, 2016 | Aug 11, 2016 | ₹1.00 | 1.84% |
| 2 | Sep 20, 2012 | Sep 20, 2012 | Sep 20, 2012 | ₹1.50 | 2.80% |
| 3 | Sep 22, 2011 | Sep 22, 2011 | Sep 22, 2011 | ₹1.50 | 4.57% |
| 4 | Sep 13, 2010 | Sep 13, 2010 | Sep 13, 2010 | ₹0.90 | 2.59% |
| 5 | Nov 16, 2006 | Nov 16, 2006 | Nov 16, 2006 | ₹1.00 | 1.69% |
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