Panyam Cements & Mineral Indus Stock Forecast

Green day on Tuesday for Panyam Cements & Mineral Indus stock after gaining 2.00%
(Updated on Jun 25, 2024)

PANCM.BO Signals & Forecast

Mostly positive signals in the chart today. The Panyam Cements & Mineral Indus 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 ₹199.95 and ₹191.30. 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 31.69%. 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). Panyam Cements & Mineral Indus 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 Panyam Cements & Mineral Indus stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹195.90 and ₹192.10. 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, Panyam Cements & Mineral Indus finds support just below today's level at ₹195.90. If this is broken, then the next support from accumulated volume will be at ₹192.10 and ₹188.35.

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 ₹4.00 between high and low, or 1.92%. For the last week, the stock has had daily average volatility of 0.685%.

Since the Panyam Cements & Mineral Indus has been rising for 10 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.

Our recommended stop-loss: ₹203.47 (-4.00%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 34 days ago.)

Trading Expectations (PANCM.BO) For The Upcoming Trading Day Of Wednesday 26th

For the upcoming trading day on Wednesday, 26th we expect Panyam Cements & Mineral Indus to open at ₹210.62, and during the day (based on 14 day Average True Range), to move between ₹207.97 and ₹215.93, which gives a possible trading interval of +/-₹3.98 (+/-1.88%) up or down from last closing price. If Panyam Cements & Mineral Indus takes out the full calculated possible swing range there will be an estimated 3.76% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹218.00 (2.85%) than the support at ₹195.90 (7.57%), 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 Panyam Cements & Mineral Indus stock A Buy?

Panyam Cements & Mineral Indus holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months.

Current score: 6.700 Strong Buy Candidate Unchanged

Predicted Opening Price for Panyam Cements & Mineral Indus of Wednesday, June 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.