Paramount Communications Limited Stock Forecast
Red day on Tuesday for Paramount Communications Limited stock after losing 1.06%
(Updated on Apr 16, 2024)
The Paramount Communications Limited stock price fell by -1.06% on the last day (Tuesday, 16th Apr 2024) from ₹80.20 to ₹79.35. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 5.48% from a day low at ₹78.40 to a day high of ₹82.70. The price has been going up and down for this period, and there has been a 7.37% gain for the last 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 -341 thousand shares and in total, 797 thousand shares were bought and sold for approximately ₹63.25 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -29.98% during the next 3 months and, with a 90% probability hold a price between ₹36.89 and ₹61.11 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.
PARACABLES.NS Signals & Forecast
The Paramount Communications 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 ₹84.89. On a fall, the stock will find some support from the long-term average at approximately ₹77.56. 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 Monday, April 08, 2024, and so far it has fallen -12.75%. 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 Paramount Communications Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹69.55 and ₹67.80. 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, Paramount Communications Limited finds support just below today's level at ₹69.55. If this is broken, then the next support from accumulated volume will be at ₹67.80 and ₹64.45.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹4.30 between high and low, or 5.48%. For the last week, the stock has had daily average volatility of 5.30%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PARACABLES.NS) For The Upcoming Trading Day Of Thursday 18th
For the upcoming trading day on Thursday, 18th we expect Paramount Communications Limited to open at ₹80.15, and during the day (based on 14 day Average True Range), to move between ₹74.20 and ₹84.50, which gives a possible trading interval of +/-₹5.15 (+/-6.49%) up or down from last closing price. If Paramount Communications Limited takes out the full calculated possible swing range there will be an estimated 12.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹80.90 (1.95%) than the support at ₹69.55 (12.35%), 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 Paramount Communications Limited stock A Buy?
Paramount Communications Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.355 Sell Candidate Unchanged
Predicted Opening Price for Paramount Communications Limited of Thursday, April 18, 2024
| Fair opening price April 18, 2024 | Current price |
|---|---|
| ₹80.15 ( 1.01%) | ₹79.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PARACABLES.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 84.45 | 6.43 % | |
| R2 | 82.81 | 4.36 % | ||
| R1 | 81.79 | 3.08 % | ||
| Current price: | 79.35 | |||
| Support | S1 | 78.51 | -1.06 % | |
| S2 | 77.49 | -2.34 % | ||
| S3 | 75.85 | -4.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 90.95 | 14.62 % | |
| R2 | 87.15 | 9.83 % | ||
| R1 | 80.90 | 1.95 % | ||
| Current price | 79.35 | |||
| Support | S1 | 69.55 | -12.35% | |
| S2 | 67.80 | -14.56% | ||
| S3 | 64.45 | -18.78% |
PARACABLES Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 30, 2008 | Sep 11, 2008 | Sep 29, 2008 | ₹0.400 | 2.81% |
| 2 | Jun 25, 2007 | Sep 11, 2007 | Sep 28, 2007 | ₹0.400 | 1.23% |
FAQ
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