Redington (India) Limited Stock Forecast
Weaker technical forecast for Redington (India) Limited as stock downgraded to Sell Candidate.
(Updated on May 10, 2024)
The Redington (India) Limited stock price gained 2.64% on the last trading day (Friday, 10th May 2024), rising from ₹202.30 to ₹207.65. During the last trading day the stock fluctuated 4.35% from a day low at ₹201.05 to a day high of ₹209.80. The price has fallen in 7 of the last 10 days and is down by -6.72% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 90 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately ₹214.59 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 8.91% during the next 3 months and, with a 90% probability hold a price between ₹219.13 and ₹247.22 at the end of this 3-month period.
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REDINGTON.NS Signals & Forecast
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. The Redington (India) Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹210.21 and ₹215.48. 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 25, 2024, and so far it has fallen -7.13%. 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 Redington (India) Limited stock
Redington (India) Limited finds support from accumulated volume at ₹207.40 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 ₹8.75 between high and low, or 4.35%. For the last week, the stock has had daily average volatility of 3.60%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (REDINGTON.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Redington (India) Limited to open at ₹206.17, and during the day (based on 14 day Average True Range), to move between ₹200.32 and ₹214.98, which gives a possible trading interval of +/-₹7.33 (+/-3.53%) up or down from last closing price. If Redington (India) Limited takes out the full calculated possible swing range there will be an estimated 7.06% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹207.90 (0.12%) than the support at ₹207.40 (0.12%), 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
Redington (India) Limited will release earnings BMO on Wednesday, May 15, 2024.The consensus among the analysts for the expected earnings (EPS) is $3.10. We will update the financials statements for Redington (India) Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 4.09% in the first trading day after earnings release.
Is Redington (India) Limited stock A Buy?
The Redington (India) Limited stock holds several negative signals and despite the positive trend, we believe Redington (India) 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 Hold/Accumulate to a Sell candidate.
Current score: -3.221 Sell Candidate Downgraded
Predicted Opening Price for Redington (India) Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹206.17 ( 0.714%) | ₹207.65 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REDINGTON.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 214.92 | 3.50 % | |
| R2 | 211.57 | 1.89 % | ||
| R1 | 209.51 | 0.90 % | ||
| Current price: | 207.65 | |||
| Support | S1 | 202.82 | -2.32 % | |
| S2 | 200.76 | -3.32 % | ||
| S3 | 197.42 | -4.93 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 223.60 | 7.68 % | |
| R2 | 222.15 | 6.98 % | ||
| R1 | 207.90 | 0.120 % | ||
| Current price | 207.65 | |||
| Support | S1 | 207.40 | -0.120% | |
| S2 | 199.45 | -3.95% | ||
| S3 | 199.05 | -4.14% |
REDINGTON Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 07, 2023 | Jul 07, 2023 | Jul 07, 2023 | ₹7.20 | 3.81% |
| 2 | Jul 06, 2023 | Jul 06, 2023 | Jul 06, 2023 | ₹7.20 | 3.71% |
| 3 | Jul 14, 2022 | Jul 14, 2022 | Jul 14, 2022 | ₹6.60 | 5.37% |
| 4 | Aug 03, 2021 | Aug 03, 2021 | Aug 03, 2021 | ₹4.00 | 2.42% |
| 5 | Jul 16, 2021 | Jul 16, 2021 | Jul 16, 2021 | ₹2.00 | 1.23% |
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