Pennar Industries Limited Stock Forecast
Pennar Industries Limited stock upgraded from Hold/Accumulate to Buy Candidate after Friday trading session.
(Updated on Jun 14, 2024)
The Pennar Industries Limited stock price fell by -2.83% on the last day (Friday, 14th Jun 2024) from ₹178.25 to ₹173.20. During the last trading day the stock fluctuated 4.09% from a day low at ₹172.55 to a day high of ₹179.60. The price has risen in 8 of the last 10 days and is up by 20.45% 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 -83 thousand shares and in total, 34 thousand shares were bought and sold for approximately ₹5.95 million.
The stock lies in the upper part of a very wide and strong rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹178.82 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 22.46% during the next 3 months and, with a 90% probability hold a price between ₹161.06 and ₹218.97 at the end of this 3-month period.
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PENIND.BO Signals & Forecast
The Pennar Industries Limited 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 ₹169.04 and ₹142.77. A breakdown below any of these levels will issue sell signals. 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, June 13, 2024, and so far it has fallen -2.83%. 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 Pennar Industries Limited stock
Pennar Industries Limited finds support from accumulated volume at ₹169.55 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ₹7.05 between high and low, or 4.09%. For the last week, the stock has had daily average volatility of 5.39%.
Our recommended stop-loss: ₹165.72 (-4.32%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 8 days ago.)
Trading Expectations (PENIND.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect Pennar Industries Limited to open at ₹175.12, and during the day (based on 14 day Average True Range), to move between ₹163.61 and ₹182.79, which gives a possible trading interval of +/-₹9.59 (+/-5.54%) up or down from last closing price. If Pennar Industries Limited takes out the full calculated possible swing range there will be an estimated 11.07% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹174.50 (0.75%) than the support at ₹169.55 (2.11%), 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 Pennar Industries 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 Pennar Industries Limited stock to perform well in the short-term. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.409 Buy Candidate Upgraded
Predicted Opening Price for Pennar Industries Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹175.12 ( 1.11%) | ₹173.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 182.17 | 5.18% |
| R2 | 179.47 | 3.62% |
| R1 | 177.81 | 2.66% |
| Price | 173.20 | |
| S1 | 172.42 | -0.448% |
| S2 | 170.76 | -1.41% |
| S3 | 168.07 | -2.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 178.25 | 2.92% |
| R2 | 174.95 | 1.01% |
| R1 | 174.50 | 0.751% |
| Price | 173.20 | |
| S1 | 169.55 | -2.11% |
| S2 | 169.40 | -2.19% |
| S3 | 143.55 | -17.12% |
PENIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 19, 2013 | Jul 19, 2013 | Jul 19, 2013 | ₹1.00 | 0% |
| 2 | Jul 11, 2012 | Jul 11, 2012 | Jul 11, 2012 | ₹1.00 | 0% |
| 3 | Sep 06, 2011 | Sep 06, 2011 | Sep 06, 2011 | ₹0.750 | 0% |
| 4 | Nov 01, 2010 | Nov 01, 2010 | Nov 01, 2010 | ₹0.500 | 0% |
| 5 | Jul 26, 2010 | Jul 26, 2010 | Jul 26, 2010 | ₹0.750 | 0% |
FAQ
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