Nandan Denim Limited Stock Forecast
Red day on Wednesday for Nandan Denim Limited stock after losing 0.118%
(Updated on Apr 24, 2024)
The Nandan Denim Limited stock price fell by -0.118% on the last day (Wednesday, 24th Apr 2024) from ₹42.50 to ₹42.45. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 5.50% from a day low at ₹41.80 to a day high of ₹44.10. The price has fallen in 6 of the last 10 days but is still up by 16.46% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -713 thousand shares and in total, 871 thousand shares were bought and sold for approximately ₹36.98 million.
The stock lies in the middle of a very 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 21.88% during the next 3 months and, with a 90% probability hold a price between ₹42.23 and ₹55.28 at the end of this 3-month period.
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NDL.NS Signals & Forecast
The Nandan Denim Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹43.24. On a fall, the stock will find some support from the long-term average at approximately ₹36.97. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 Thursday, April 18, 2024, and so far it has fallen -5.25%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Nandan Denim Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹37.05 and ₹35.85. 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, Nandan Denim Limited finds support just below today's level at ₹37.05. If this is broken, then the next support from accumulated volume will be at ₹35.85 and ₹33.85.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹2.30 between high and low, or 5.50%. For the last week, the stock has had daily average volatility of 6.46%.
Our recommended stop-loss: ₹40.17 (-5.38%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 4 days ago.)
Trading Expectations (NDL.NS) For The Upcoming Trading Day Of Thursday 25th
For the upcoming trading day on Thursday, 25th we expect Nandan Denim Limited to open at ₹42.78, and during the day (based on 14 day Average True Range), to move between ₹39.71 and ₹45.19, which gives a possible trading interval of +/-₹2.74 (+/-6.46%) up or down from last closing price. If Nandan Denim Limited takes out the full calculated possible swing range there will be an estimated 12.91% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹43.15 (1.65%) than the support at ₹37.05 (12.72%), 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 Nandan Denim 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 Nandan Denim Limited stock to perform well in the short-term.
Current score: 1.146 Buy Candidate Unchanged
Predicted Opening Price for Nandan Denim Limited of Thursday, April 25, 2024
| Fair opening price April 25, 2024 | Current price |
|---|---|
| ₹42.78 ( 0.785%) | ₹42.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NDL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 45.08 | 6.20 % | |
| R2 | 44.20 | 4.13 % | ||
| R1 | 43.66 | 2.85 % | ||
| Current price: | 42.45 | |||
| Support | S1 | 41.90 | -1.28 % | |
| S2 | 41.36 | -2.56 % | ||
| S3 | 40.48 | -4.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 44.80 | 5.54 % | |
| R2 | 43.65 | 2.83 % | ||
| R1 | 43.15 | 1.65 % | ||
| Current price | 42.45 | |||
| Support | S1 | 37.05 | -12.72% | |
| S2 | 35.85 | -15.55% | ||
| S3 | 33.85 | -20.26% |
NDL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 25, 2019 | Sep 05, 2019 | Sep 23, 2019 | ₹0.167 | 1.24% |
| 2 | May 26, 2018 | Sep 19, 2018 | Oct 10, 2018 | ₹0.267 | 1.15% |
| 3 | May 29, 2017 | Sep 21, 2017 | Oct 29, 2017 | ₹0.533 | 0.95% |
| 4 | Mar 08, 2016 | Mar 22, 2016 | Apr 01, 2016 | ₹0.267 | 0.678% |
| 5 | Feb 12, 2016 | Feb 23, 2016 | Mar 02, 2016 | ₹0.267 | 0.642% |
FAQ
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