Panyam Cements & Mineral Indus Stock Forecast

Panyam Cements & Mineral Indus stock price up 2.00% on Friday
(Updated on Jun 28, 2024)

PANCM.BO Signals & Forecast

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 ₹212.11 and ₹190.78. 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 39.70%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may not be. The very low volume increases the risk and reduces the other technical signals issued.

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 ₹211.95 and ₹195.90. 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 ₹211.95. If this is broken, then the next support from accumulated volume will be at ₹195.90 and ₹192.10.

This stock may move much during the day (volatility) and with periodic low trading volume this stock is considered to be "high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 1.17%.

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: ₹216.98 (-3.50%) (This stock has high daily movements and this gives high risk. There is a buy signal from a pivot bottom found 37 days ago.)

Trading Expectations (PANCM.BO) For The Upcoming Trading Day Of Monday 1st

For the upcoming trading day on Monday, 1st we expect Panyam Cements & Mineral Indus to open at ₹224.85, and during the day (based on 14 day Average True Range), to move between ₹220.56 and ₹229.14, which gives a possible trading interval of +/-₹4.29 (+/-1.91%) 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 3.82% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹226.50 (0.73%) than the support at ₹211.95 (5.74%), 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 weak 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: 5.283 Strong Buy Candidate Unchanged

Predicted Opening Price for Panyam Cements & Mineral Indus of Monday, July 1, 2024

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