RITES Limited Stock Forecast
Green day on Thursday for RITES Limited
(Updated on Jun 27, 2024)
The RITES Limited stock price gained 0.260% on the last trading day (Thursday, 27th Jun 2024), rising from ₹692.70 to ₹694.50. During the last trading day the stock fluctuated 2.49% from a day low at ₹684.00 to a day high of ₹701.00. The price has been going up and down for this period, and there has been a 1.89% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 4 thousand more shares were traded than the day before. In total, 32 thousand shares were bought and sold for approximately ₹22.44 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect RITES Limited stock with a 90% probability to be traded between ₹622.61 and ₹769.60 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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RITES.BO Signals & Forecast
The RITES Limited stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹698.69. On a fall, the stock will find some support from the long-term average at approximately ₹686.84. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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. A sell signal was issued from a pivot top point on Tuesday, June 18, 2024, and so far it has fallen -2.21%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for RITES Limited stock
RITES Limited finds support from accumulated volume at ₹684.25 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 ₹17.00 between high and low, or 2.49%. For the last week, the stock has had daily average volatility of 3.17%.
Our recommended stop-loss: ₹667.96 (-3.82%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 15 days ago.)
Trading Expectations (RITES.BO) For The Upcoming Trading Day Of Friday 28th
For the upcoming trading day on Friday, 28th we expect RITES Limited to open at ₹693.17, and during the day (based on 14 day Average True Range), to move between ₹664.82 and ₹724.18, which gives a possible trading interval of +/-₹29.68 (+/-4.27%) up or down from last closing price. If RITES Limited takes out the full calculated possible swing range there will be an estimated 8.55% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹684.25 (1.48%) than the resistance at ₹705.30 (1.56%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is RITES Limited stock A Buy?
RITES Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.063 Hold/Accumulate Unchanged
Predicted Opening Price for RITES Limited of Friday, June 28, 2024
| Fair opening price June 28, 2024 | Current price |
|---|---|
| ₹693.17 ( 0.192%) | ₹694.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RITES.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 710.17 | 2.26% |
| R2 | 703.67 | 1.32% |
| R1 | 699.66 | 0.743% |
| Price | 694.50 | |
| S1 | 686.67 | -1.13% |
| S2 | 682.66 | -1.70% |
| S3 | 676.17 | -2.64% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 739.70 | 6.51% |
| R2 | 708.65 | 2.04% |
| R1 | 705.30 | 1.56% |
| Price | 694.50 | |
| S1 | 684.25 | -1.48% |
| S2 | 646.65 | -6.89% |
| S3 | 623.05 | -10.29% |
RITES Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 09, 2024 | Feb 09, 2024 | Feb 09, 2024 | ₹4.75 | 0.605% |
| 2 | Nov 08, 2023 | Nov 08, 2023 | Nov 30, 2023 | ₹4.50 | 0.96% |
| 3 | Sep 08, 2023 | Sep 08, 2023 | Oct 15, 2023 | ₹6.00 | 1.20% |
| 4 | Aug 07, 2023 | Aug 07, 2023 | Aug 27, 2023 | ₹3.75 | 0.82% |
| 5 | Feb 17, 2023 | Feb 17, 2023 | Mar 11, 2023 | ₹6.00 | 1.64% |
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