Mysore Petro Chemicals Limited Stock Forecast
Mysore Petro Chemicals Limited stock upgraded to Hold/Accumulate.
(Updated on Jun 26, 2024)
The Mysore Petro Chemicals Limited stock price gained 1.52% on the last trading day (Wednesday, 26th Jun 2024), rising from ₹170.70 to ₹173.30. During the last trading day the stock fluctuated 4.94% from a day low at ₹166.05 to a day high of ₹174.25. The price has risen in 7 of the last 10 days and is up by 4.43% 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, 822 more shares were traded than the day before. In total, 2 thousand shares were bought and sold for approximately ₹368.78 thousand.
The stock lies the upper part of a wide and falling 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 ₹176.54 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -7.01% during the next 3 months and, with a 90% probability hold a price between ₹141.18 and ₹164.17 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
MYSORPETRO.BO Signals & Forecast
The Mysore Petro Chemicals 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 ₹172.71 and ₹171.91. 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). Mysore Petro Chemicals 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. 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 Monday, June 24, 2024, and so far it has fallen -2.09%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Mysore Petro Chemicals Limited stock
Mysore Petro Chemicals Limited finds support from accumulated volume at ₹170.00 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 ₹8.20 between high and low, or 4.94%. For the last week, the stock has had daily average volatility of 6.06%.
Our recommended stop-loss: ₹166.70 (-3.81%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (MYSORPETRO.BO) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Mysore Petro Chemicals Limited to open at ₹171.20, and during the day (based on 14 day Average True Range), to move between ₹164.66 and ₹181.94, which gives a possible trading interval of +/-₹8.64 (+/-4.98%) up or down from last closing price. If Mysore Petro Chemicals Limited takes out the full calculated possible swing range there will be an estimated 9.97% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹170.00 (1.90%) than the resistance at ₹182.25 (5.16%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Mysore Petro Chemicals Limited stock A Buy?
Mysore Petro Chemicals 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Hold/Accumulate candidate.
Current score: -0.654 Hold/Accumulate Upgraded
Predicted Opening Price for Mysore Petro Chemicals Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹171.20 ( 1.21%) | ₹173.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MYSORPETRO.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 179.40 | 3.52% |
| R2 | 176.27 | 1.71% |
| R1 | 174.33 | 0.596% |
| Price | 173.30 | |
| S1 | 168.07 | -3.02% |
| S2 | 166.13 | -4.14% |
| S3 | 163.00 | -5.94% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 184.80 | 6.64% |
| R2 | 183.85 | 6.09% |
| R1 | 182.25 | 5.16% |
| Price | 173.30 | |
| S1 | 170.00 | -1.90% |
| S2 | 169.80 | -2.02% |
| S3 | 155.25 | -10.42% |
MYSORPETRO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 29, 2023 | Aug 29, 2023 | Sep 12, 2023 | ₹2.50 | 1.57% |
| 2 | Sep 19, 2022 | Sep 19, 2022 | Oct 27, 2022 | ₹2.50 | 2.10% |
| 3 | Jul 28, 2021 | Jul 28, 2021 | Sep 04, 2021 | ₹2.00 | 1.92% |
| 4 | Sep 21, 2020 | Sep 21, 2020 | Oct 29, 2020 | ₹2.00 | 3.92% |
| 5 | Aug 21, 2019 | Aug 21, 2019 | Sep 28, 2019 | ₹2.00 | 3.61% |
FAQ
Click here for our free guide on how to buy Mysore Petro Chemicals Limited Stock.
