Praj Industries Limited Stock Forecast
Stronger technical forecast for Praj Industries Limited stock price after Friday trading.
(Updated on May 17, 2024)
The Praj Industries Limited stock price gained 2.35% on the last trading day (Friday, 17th May 2024), rising from ₹515.10 to ₹527.20. During the last trading day the stock fluctuated 3.96% from a day low at ₹512.45 to a day high of ₹532.75. The price has risen in 6 of the last 10 days but is still down by -2.39% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 5 thousand more shares were traded than the day before. In total, 26 thousand shares were bought and sold for approximately ₹13.55 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 5.88% during the next 3 months and, with a 90% probability hold a price between ₹501.27 and ₹596.05 at the end of this 3-month period.
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PRAJIND.BO Signals & Forecast
The Praj Industries Limited stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹515.46 and ₹526.14. A breakdown below any of these levels will issue sell signals. Volume is rising along with the price. This is considered to be a good technical signal. 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, April 04, 2024, and so far it has fallen -3.82%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Praj Industries Limited stock
Praj Industries Limited finds support from accumulated volume at ₹526.35 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 ₹20.30 between high and low, or 3.96%. For the last week, the stock has had daily average volatility of 3.82%.
Our recommended stop-loss: ₹498.26 (-5.49%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 40 days ago.)
Trading Expectations (PRAJIND.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Praj Industries Limited to open at ₹524.13, and during the day (based on 14 day Average True Range), to move between ₹508.86 and ₹545.54, which gives a possible trading interval of +/-₹18.34 (+/-3.48%) up or down from last closing price. If Praj Industries Limited takes out the full calculated possible swing range there will be an estimated 6.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹526.35 (0.16%) than the resistance at ₹540.10 (2.45%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Praj Industries Limited will release earnings BMO on Thursday, May 23, 2024. We will update the financials statements for Praj Industries Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.40% in the first trading day after earnings release.
Is Praj Industries Limited stock A Buy?
Praj Industries Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.699 Hold/Accumulate Upgraded
Predicted Opening Price for Praj Industries Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹524.13 ( 0.582%) | ₹527.20 |
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 | 544.43 | 3.27 % | |
| R2 | 536.68 | 1.80 % | ||
| R1 | 531.89 | 0.89 % | ||
| Current price: | 527.20 | |||
| Support | S1 | 516.38 | -2.05 % | |
| S2 | 511.59 | -2.96 % | ||
| S3 | 503.83 | -4.43 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 546.90 | 3.74 % | |
| R2 | 546.75 | 3.71 % | ||
| R1 | 540.10 | 2.45 % | ||
| Current price | 527.20 | |||
| Support | S1 | 526.35 | -0.161% | |
| S2 | 517.80 | -1.78% | ||
| S3 | 512.80 | -2.73% |
FAQ
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