Prajay Engineers Syndicate Limited Stock Forecast
Green day on Friday for Prajay Engineers Syndicate Limited
(Updated on May 17, 2024)
The Prajay Engineers Syndicate Limited stock price gained 1.91% on the last trading day (Friday, 17th May 2024), rising from ₹28.80 to ₹29.35. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.35% from a day low at ₹28.40 to a day high of ₹29.35. The price has been going up and down for this period, and there has been a 1.91% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 24 thousand more shares were traded than the day before. In total, 59 thousand shares were bought and sold for approximately ₹1.73 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 20.50% during the next 3 months and, with a 90% probability hold a price between ₹32.80 and ₹39.91 at the end of this 3-month period.
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PRAENG.NS Signals & Forecast
Mostly positive signals in the chart today. The Prajay Engineers Syndicate 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 ₹28.05 and ₹27.63. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 16.24%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Prajay Engineers Syndicate Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹25.45 and ₹25.00. 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, Prajay Engineers Syndicate Limited finds support just below today's level at ₹25.45. If this is broken, then the next support from accumulated volume will be at ₹25.00 and ₹24.25.
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 ₹0.95 between high and low, or 3.35%. For the last week, the stock has had daily average volatility of 1.49%.
Our recommended stop-loss: ₹27.71 (-5.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (PRAENG.NS) For The Upcoming Trading Day Of Monday 20th
For the upcoming trading day on Monday, 20th we expect Prajay Engineers Syndicate Limited to open at ₹29.03, and during the day (based on 14 day Average True Range), to move between ₹28.68 and ₹30.02, which gives a possible trading interval of +/-₹0.675 (+/-2.30%) up or down from last closing price. If Prajay Engineers Syndicate Limited takes out the full calculated possible swing range there will be an estimated 4.60% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹30.40 (3.58%) than the support at ₹25.45 (13.29%), 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.
Earnings coming up
Prajay Engineers Syndicate Limited will release earnings BMO on Saturday, May 25, 2024. We will update the financials statements for Prajay Engineers Syndicate Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.12% in the first trading day after earnings release.
Is Prajay Engineers Syndicate Limited stock A Buy?
Prajay Engineers Syndicate Limited 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: 7.105 Strong Buy Candidate Unchanged
Predicted Opening Price for Prajay Engineers Syndicate Limited of Monday, May 20, 2024
| Fair opening price May 20, 2024 | Current price |
|---|---|
| ₹29.03 ( 1.08%) | ₹29.35 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRAENG.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.98 | 2.16 % | |
| R2 | 29.62 | 0.92 % | ||
| R1 | 29.40 | 0.158 % | ||
| Current price: | 29.35 | |||
| Support | S1 | 28.67 | -2.32 % | |
| S2 | 28.45 | -3.08 % | ||
| S3 | 28.08 | -4.32 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 30.40 | 3.58 % | ||
| Current price | 29.35 | |||
| Support | S1 | 25.45 | -13.29% | |
| S2 | 25.00 | -14.82% | ||
| S3 | 24.25 | -17.38% |
PRAENG Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 01, 2008 | Sep 18, 2008 | Nov 01, 2008 | ₹2.50 | 12.63% |
| 2 | Sep 14, 2007 | Sep 14, 2007 | Sep 14, 2007 | ₹2.50 | 0.84% |
FAQ
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