Religare Enterprises Limited Stock Forecast
Green day on Friday for Religare Enterprises Limited
(Updated on Jun 21, 2024)
The Religare Enterprises Limited stock price gained 1.57% on the last trading day (Friday, 21st Jun 2024), rising from ₹233.41 to ₹237.07. During the last trading day the stock fluctuated 1.78% from a day low at ₹236.15 to a day high of ₹240.35. The price has risen in 8 of the last 10 days and is up by 9.12% over the past 2 weeks. Volume fell on the last day by -3 million shares and in total, 3 million shares were bought and sold for approximately ₹806.84 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and horizontal trend up. Breaks like this are often followed by swift and strong movements, and any correction down to the breakline at approximately. ₹230.78 is considered to be a "second chance" to hit a potential runner. It is, however, important that volume does follow the price as false breaks may appear and it may move back into the horizontal trend. Based on the rectangle-formation theory the stock is predicted to reach ₹257.24 sometime during the next 3 months.
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RELIGARE.NS Signals & Forecast
Mostly positive signals in the chart today. The Religare Enterprises 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 ₹227.38 and ₹218.03. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, May 30, 2024, and so far it has risen 15.62%. 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). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely.
Support, Risk & Stop-loss for Religare Enterprises Limited stock
Religare Enterprises Limited finds support from accumulated volume at ₹233.41 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 ₹4.20 between high and low, or 1.78%. For the last week, the stock has had daily average volatility of 3.80%.
The Religare Enterprises Limited stock is extremely overbought on RSI14 (76). Normally this may pose a good selling opportunity but since the stock has broken the trend up, the chance for a major correction due to high RSI is very small as the stock will find support at the trend broken.
Our recommended stop-loss: ₹230.01 (-2.98%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 50 days ago.)
Trading Expectations (RELIGARE.NS) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect Religare Enterprises Limited to open at ₹237.86, and during the day (based on 14 day Average True Range), to move between ₹230.09 and ₹244.05, which gives a possible trading interval of +/-₹6.98 (+/-2.94%) up or down from last closing price. If Religare Enterprises Limited takes out the full calculated possible swing range there will be an estimated 5.89% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹233.41, some ₹3.66 (1.54%) from the current price of ₹237.07, our system finds the risk reward attractive.
Is Religare Enterprises Limited stock A Buy?
Several short-term signals are positive and the stock has broken the horizontal trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Religare Enterprises Limited stock to perform well in the short-term period.
Current score: 3.165 Buy Candidate Unchanged
Predicted Opening Price for Religare Enterprises Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹237.86 ( 0.332%) | ₹237.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RELIGARE.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 242.06 | 2.10% |
| R2 | 240.45 | 1.43% |
| R1 | 239.46 | 1.01% |
| Price | 237.07 | |
| S1 | 236.25 | -0.345% |
| S2 | 235.26 | -0.763% |
| S3 | 233.66 | -1.44% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 237.07 | |
| S1 | 233.41 | -1.54% |
| S2 | 228.24 | -3.72% |
| S3 | 219.95 | -7.22% |
RELIGARE Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 19, 2010 | Mar 30, 2010 | Apr 18, 2010 | ₹2.00 | 0.508% |
| 2 | Jun 26, 2008 | Sep 12, 2008 | Oct 01, 2008 | ₹1.05 | 0.306% |
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