Nelco Limited Stock Forecast
Stronger technical forecast for Nelco Limited stock price after Friday trading.
(Updated on May 31, 2024)
The Nelco Limited stock price fell by -0.574% on the last day (Friday, 31st May 2024) from ₹722.60 to ₹718.45. It has now fallen 4 days in a row. During the last trading day the stock fluctuated 3.78% from a day low at ₹705.00 to a day high of ₹731.65. The price has fallen in 6 of the last 10 days and is down by -2.85% for this period. Volume has increased on the last day by 4 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 65 thousand shares were bought and sold for approximately ₹46.68 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect Nelco Limited stock with a 90% probability to be traded between ₹693.68 and ₹809.54 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.
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NELCO.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, May 13, 2024, and so far it has risen 0.729%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Nelco Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹737.48 and ₹745.71. A break-up above any of these levels will issue buy signals. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Nelco Limited stock
Nelco Limited finds support from accumulated volume at ₹714.35 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹26.65 between high and low, or 3.78%. For the last week the stock has had daily average volatility of 3.66%.
Our recommended stop-loss: ₹683.65 (-4.84%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 28 days ago.)
Trading Expectations (NELCO.NS) For The Upcoming Trading Day Of Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Nelco Limited to open at ₹718.37, and during the day (based on 14 day Average True Range), to move between ₹695.89 and ₹741.01, which gives a possible trading interval of +/-₹22.56 (+/-3.14%) up or down from last closing price. If Nelco Limited takes out the full calculated possible swing range there will be an estimated 6.28% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹714.35 (0.57%) than the resistance at ₹778.80 (8.40%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Nelco Limited stock A Buy?
Nelco Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation 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 Sell to a Hold/Accumulate candidate.
Current score: -0.333 Hold/Accumulate Upgraded
Predicted Opening Price for Nelco Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹718.37 ( 0.0116%) | ₹718.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for NELCO.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 745.02 | 3.70 % | |
| R2 | 734.84 | 2.28 % | ||
| R1 | 728.55 | 1.41 % | ||
| Current price: | 718.45 | |||
| Support | S1 | 708.19 | -1.43 % | |
| S2 | 701.90 | -2.30 % | ||
| S3 | 691.72 | -3.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 810.10 | 12.76 % | |
| R2 | 808.55 | 12.54 % | ||
| R1 | 778.80 | 8.40 % | ||
| Current price | 718.45 | |||
| Support | S1 | 714.35 | -0.571% | |
| S2 | 700.65 | -2.48% | ||
| S3 | 694.15 | -3.38% |
NELCO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 10, 2024 | Jun 10, 2024 | Jul 01, 2024 | ₹2.20 | 0.306% |
| 2 | Jun 06, 2023 | Jun 06, 2023 | Jun 06, 2023 | ₹2.00 | 0.278% |
| 3 | Jun 21, 2022 | Jun 21, 2022 | Jun 21, 2022 | ₹1.80 | 0.311% |
| 4 | Jun 07, 2021 | Jun 07, 2021 | Jun 07, 2021 | ₹1.20 | 0.484% |
| 5 | May 16, 2020 | Aug 04, 2020 | Sep 12, 2020 | ₹1.20 | 0.627% |
FAQ
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