Pennar Industries Limited Stock Forecast
Green day on Friday for Pennar Industries Limited
(Updated on May 24, 2024)
The Pennar Industries Limited stock price gained 2.09% on the last trading day (Friday, 24th May 2024), rising from ₹143.65 to ₹146.65. During the last trading day the stock fluctuated 5.56% from a day low at ₹144.00 to a day high of ₹152.00. The price has risen in 7 of the last 10 days and is up by 16.07% over the past 2 weeks. Volume fell on the last day by -1 million shares and in total, 3 million shares were bought and sold for approximately ₹431.69 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the upper part of a very wide and weak 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 ₹148.69 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.00% during the next 3 months and, with a 90% probability hold a price between ₹121.37 and ₹156.12 at the end of this 3-month period.
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PENIND.NS Signals & Forecast
Mostly positive signals in the chart today. 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 ₹137.89 and ₹133.93. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 33.56%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Pennar Industries Limited stock
Pennar Industries Limited finds support from accumulated volume at ₹143.65 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved ₹8.00 between high and low, or 5.56%. For the last week, the stock has had daily average volatility of 4.44%.
Our recommended stop-loss: ₹142.05 (-3.14%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 72 days ago.)
Trading Expectations (PENIND.NS) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect Pennar Industries Limited to open at ₹147.55, and during the day (based on 14 day Average True Range), to move between ₹140.64 and ₹152.66, which gives a possible trading interval of +/-₹6.01 (+/-4.10%) up or down from last closing price. If Pennar Industries Limited takes out the full calculated possible swing range there will be an estimated 8.19% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹143.65, some ₹3.00 (2.05%) from the current price of ₹146.65, our system finds the risk reward attractive.
Is Pennar Industries Limited stock A Buy?
Pennar Industries Limited 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: 5.910 Strong Buy Candidate Unchanged
Predicted Opening Price for Pennar Industries Limited of Monday, May 27, 2024
| Fair opening price May 27, 2024 | Current price |
|---|---|
| ₹147.55 ( 0.614%) | ₹146.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PENIND.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 155.55 | 6.07 % | |
| R2 | 152.49 | 3.98 % | ||
| R1 | 150.61 | 2.70 % | ||
| Current price: | 146.65 | |||
| Support | S1 | 144.49 | -1.47 % | |
| S2 | 142.61 | -2.76 % | ||
| S3 | 139.55 | -4.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 146.65 | |||
| Support | S1 | 143.65 | -2.05% | |
| S2 | 139.20 | -5.08% | ||
| S3 | 134.60 | -8.22% |
PENIND Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 10, 2013 | Jul 19, 2013 | Aug 29, 2013 | ₹1.00 | 4.49% |
| 2 | May 29, 2012 | Jul 11, 2012 | Aug 23, 2012 | ₹1.00 | 3.81% |
| 3 | Jul 20, 2011 | Sep 06, 2011 | Oct 12, 2011 | ₹0.750 | 1.99% |
FAQ
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