Praj Industries Limited Stock Forecast
Praj Industries Limited stock downgraded from Buy Candidate to Sell Candidate after Thursday trading session.
(Updated on May 09, 2024)
The Praj Industries Limited stock price fell by -3.22% on the last day (Thursday, 9th May 2024) from ₹532.95 to ₹515.80. During the last trading day the stock fluctuated 4.69% from a day low at ₹510.00 to a day high of ₹533.90. The price has been going up and down for this period, and there has been a -0.83% loss for the last 2 weeks. Volume has increased on the last day by 23 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 64 thousand shares were bought and sold for approximately ₹33.13 million.
The stock lies in the middle of a wide and weak 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 8.10% during the next 3 months and, with a 90% probability hold a price between ₹515.80 and ₹609.67 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
PRAJIND.BO Signals & Forecast
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. The Praj Industries Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹536.04 and ₹520.70. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 04, 2024, and so far it has fallen -5.90%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Praj Industries Limited stock
Praj Industries Limited finds support from accumulated volume at ₹512.80 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 ₹23.90 between high and low, or 4.69%. For the last week, the stock has had daily average volatility of 3.86%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (PRAJIND.BO) For The Upcoming Trading Day Of Friday 10th
For the upcoming trading day on Friday, 10th we expect Praj Industries Limited to open at ₹519.90, and during the day (based on 14 day Average True Range), to move between ₹497.80 and ₹533.80, which gives a possible trading interval of +/-₹18.00 (+/-3.49%) up or down from last closing price. If Praj Industries Limited takes out the full calculated possible swing range there will be an estimated 6.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹517.80 (0.39%) than the support at ₹512.80 (0.58%), 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 Praj Industries Limited stock A Buy?
The Praj Industries Limited stock holds several negative signals and despite the positive trend, we believe Praj Industries Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -4.848 Sell Candidate Downgraded
Predicted Opening Price for Praj Industries Limited of Friday, May 10, 2024
| Fair opening price May 10, 2024 | Current price |
|---|---|
| ₹519.90 ( 0.795%) | ₹515.80 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRAJIND.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 543.80 | 5.43 % | |
| R2 | 534.67 | 3.66 % | ||
| R1 | 529.03 | 2.56 % | ||
| Current price: | 515.80 | |||
| Support | S1 | 510.77 | -0.98 % | |
| S2 | 505.13 | -2.07 % | ||
| S3 | 496.00 | -3.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 546.90 | 6.03 % | |
| R2 | 526.35 | 2.05 % | ||
| R1 | 517.80 | 0.388 % | ||
| Current price | 515.80 | |||
| Support | S1 | 512.80 | -0.582% | |
| S2 | 484.85 | -6.00% | ||
| S3 | 479.00 | -7.13% |
FAQ
Click here for our free guide on how to buy Praj Industries Limited Stock.
