Refex Industries Limited Stock Forecast
Red day on Tuesday for Refex Industries Limited
(Updated on Apr 30, 2024)
The Refex Industries Limited stock price fell by -1.89% on the last day (Tuesday, 30th Apr 2024) from ₹169.05 to ₹165.85. During the last trading day the stock fluctuated 5.45% from a day low at ₹165.00 to a day high of ₹174.00. The price has risen in 7 of the last 10 days and is up by 23.22% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -626 thousand shares and in total, 558 thousand shares were bought and sold for approximately ₹92.60 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Due to the high volatility and the trend direction we are not able to give forecast range for this stock. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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REFEX.NS Signals & Forecast
There are mixed signals in the stock today. The Refex Industries 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 ₹165.89 and ₹293.76. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 24.47%. 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).
Support, Risk & Stop-loss for Refex Industries Limited stock
Refex Industries Limited finds support from accumulated volume at ₹163.10 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹9.00 between high and low, or 5.45%. For the last week, the stock has had daily average volatility of 6.25%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (REFEX.NS) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Refex Industries Limited to open at ₹168.28, and during the day (based on 14 day Average True Range), to move between ₹147.64 and ₹184.06, which gives a possible trading interval of +/-₹18.21 (+/-10.98%) up or down from last closing price. If Refex Industries Limited takes out the full calculated possible swing range there will be an estimated 21.96% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹168.05 (1.33%) than the support at ₹163.10 (1.66%), 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 Refex Industries Limited stock A Buy?
Refex Industries Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -2.011 Sell Candidate Unchanged
Predicted Opening Price for Refex Industries Limited of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| ₹168.28 ( 1.47%) | ₹165.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for REFEX.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 177.28 | 6.89 % | |
| R2 | 173.85 | 4.82 % | ||
| R1 | 171.72 | 3.54 % | ||
| Current price: | 165.85 | |||
| Support | S1 | 164.85 | -0.606 % | |
| S2 | 162.72 | -1.89 % | ||
| S3 | 159.28 | -3.96 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 171.65 | 3.50 % | |
| R2 | 169.05 | 1.93 % | ||
| R1 | 168.05 | 1.33 % | ||
| Current price | 165.85 | |||
| Support | S1 | 163.10 | -1.66% | |
| S2 | 160.05 | -3.50% | ||
| S3 | 155.75 | -6.09% |
REFEX Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 20, 2024 | Feb 20, 2024 | Mar 08, 2024 | ₹0.500 | 0.379% |
| 2 | Sep 14, 2023 | Sep 14, 2023 | Sep 14, 2023 | ₹2.00 | 1.48% |
| 3 | Sep 16, 2021 | Sep 16, 2021 | Sep 16, 2021 | ₹0.500 | 1.58% |
| 4 | Jan 11, 2021 | Jan 11, 2021 | Jan 11, 2021 | ₹1.00 | 5.10% |
| 5 | Jan 06, 2021 | Jan 06, 2021 | Jan 06, 2021 | ₹1.00 | 5.48% |
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