Prakash Steelage Limited Stock Forecast
Prakash Steelage Limited stock downgraded from Strong Buy Candidate to Buy Candidate after Tuesday trading session.
(Updated on Jul 02, 2024)
The Prakash Steelage Limited stock price fell by -4.84% on the last day (Tuesday, 2nd Jul 2024) from ₹9.72 to ₹9.25. During the last trading day the stock fluctuated 7.69% from a day low at ₹9.23 to a day high of ₹9.94. The price has been going up and down for this period, and there has been a 2.78% gain for the last 2 weeks. Volume has increased on the last day by 898 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, 2 million shares were bought and sold for approximately ₹16.38 million.
The stock lies in the middle of a very 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 5.75% during the next 3 months and, with a 90% probability hold a price between ₹8.07 and ₹10.96 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.
PRAKASHSTL.NS Signals & Forecast
The Prakash Steelage 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 ₹9.20 and ₹8.97. 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 Monday, July 01, 2024, and so far it has fallen -4.84%. 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 Prakash Steelage Limited stock
Prakash Steelage Limited finds support from accumulated volume at ₹9.20 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 ₹0.710 between high and low, or 7.69%. For the last week, the stock has had daily average volatility of 2.54%.
Our recommended stop-loss: ₹8.97 (-3.05%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (PRAKASHSTL.NS) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Prakash Steelage Limited to open at ₹9.47, and during the day (based on 14 day Average True Range), to move between ₹9.01 and ₹9.49, which gives a possible trading interval of +/-₹0.236 (+/-2.55%) up or down from last closing price. If Prakash Steelage Limited takes out the full calculated possible swing range there will be an estimated 5.11% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹9.20 (0.54%) than the resistance at ₹9.60 (3.78%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Prakash Steelage 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 Prakash Steelage Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 2.421 Buy Candidate Downgraded
Predicted Opening Price for Prakash Steelage Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| ₹9.47 ( 2.41%) | ₹9.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for PRAKASHSTL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.18 | 10.09% |
| R2 | 9.91 | 7.16% |
| R1 | 9.74 | 5.35% |
| Price | 9.25 | |
| S1 | 9.20 | -0.518% |
| S2 | 9.03 | -2.33% |
| S3 | 8.76 | -5.26% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 10.10 | 9.19% |
| R2 | 9.72 | 5.08% |
| R1 | 9.60 | 3.78% |
| Price | 9.25 | |
| S1 | 9.20 | -0.541% |
| S2 | 8.80 | -4.86% |
| S3 | 7.95 | -14.05% |
PRAKASHSTL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 01, 2015 | Sep 21, 2015 | Oct 03, 2015 | ₹0.0500 | 0.466% |
| 2 | May 30, 2014 | Sep 11, 2014 | Oct 26, 2014 | ₹0.100 | 0.84% |
| 3 | May 30, 2013 | Aug 07, 2013 | Sep 13, 2013 | ₹0.100 | 1.10% |
| 4 | May 28, 2012 | Aug 07, 2012 | Sep 13, 2012 | ₹0.100 | 0.554% |
| 5 | May 28, 2011 | Aug 08, 2011 | Sep 11, 2011 | ₹0.100 | 0.793% |
FAQ
Click here for our free guide on how to buy Prakash Steelage Limited Stock.
