Rhi Magnesita India Limited Stock Forecast
Rhi Magnesita India Limited stock price down 1.11% on Wednesday
(Updated on Jun 26, 2024)
The Rhi Magnesita India Limited stock price fell by -1.11% on the last day (Wednesday, 26th Jun 2024) from ₹643.90 to ₹636.75. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.28% from a day low at ₹634.30 to a day high of ₹661.45. The price has fallen in 6 of the last 10 days and is down by -5.38% for this period. 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 -540 thousand shares and in total, 254 thousand shares were bought and sold for approximately ₹161.94 million.
The stock lies in the lower of a wide and falling trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹632.61 is broken, it will firstly indicate a stronger fall rate. Given the current short-term trend, the stock is expected to fall -4.62% during the next 3 months and, with a 90% probability hold a price between ₹603.38 and ₹675.55 at the end of this 3-month period.
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RHIM.NS Signals & Forecast
There are few to no technical positive signals at the moment. The Rhi Magnesita 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 ₹658.97 and ₹674.89. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 30, 2024, and so far it has fallen -13.53%. 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). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Rhi Magnesita India Limited stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
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 ₹27.15 between high and low, or 4.28%. For the last week, the stock has had daily average volatility of 3.43%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (RHIM.NS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Rhi Magnesita India Limited to open at ₹644.17, and during the day (based on 14 day Average True Range), to move between ₹609.79 and ₹663.71, which gives a possible trading interval of +/-₹26.96 (+/-4.23%) up or down from last closing price. If Rhi Magnesita India Limited takes out the full calculated possible swing range there will be an estimated 8.47% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ ₹643.90, some ₹7.15 (1.12%) from the current price of ₹636.75, our system finds the risk reward not very attractive.
Is Rhi Magnesita India Limited stock A Buy?
Rhi Magnesita India Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.
Current score: -3.527 Sell Candidate Unchanged
Predicted Opening Price for Rhi Magnesita India Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹644.17 ( 1.16%) | ₹636.75 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RHIM.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 671.32 | 5.43% |
| R2 | 660.95 | 3.80% |
| R1 | 654.54 | 2.79% |
| Price | 636.75 | |
| S1 | 633.80 | -0.464% |
| S2 | 627.39 | -1.47% |
| S3 | 617.02 | -3.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 736.35 | 15.64% |
| R2 | 707.15 | 11.06% |
| R1 | 643.90 | 1.12% |
| Price | 636.75 | |
| S1 | 0 | - |
| S2 | 0 | - |
| S3 | 0 | - |
RHIM Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 14, 2023 | Sep 14, 2023 | Oct 28, 2023 | ₹2.50 | 0.366% |
| 2 | Sep 14, 2022 | Sep 14, 2022 | Oct 26, 2022 | ₹2.50 | 0.352% |
| 3 | Sep 17, 2021 | Sep 17, 2021 | Oct 06, 2021 | ₹2.50 | 0.668% |
| 4 | Aug 07, 2020 | Aug 07, 2020 | Sep 04, 2020 | ₹2.50 | 1.26% |
| 5 | Jun 28, 2019 | Jun 28, 2019 | Aug 22, 2019 | ₹2.50 | 1.35% |
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