Rane (Madras) Limited Stock Forecast
Rane (Madras) Limited stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on May 10, 2024)
The Rane (Madras) Limited stock price gained 2.13% on the last trading day (Friday, 10th May 2024), rising from ₹790.35 to ₹807.15. During the last trading day the stock fluctuated 5.37% from a day low at ₹777.25 to a day high of ₹819.00. The price has fallen in 5 of the last 10 days and is down by -1.32% for this period. Volume fell on the last day by -274 thousand shares and in total, 55 thousand shares were bought and sold for approximately ₹44.09 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 lies in the middle of a very 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 9.08% during the next 3 months and, with a 90% probability hold a price between ₹757.44 and ₹991.60 at the end of this 3-month period.
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RML.NS Signals & Forecast
The Rane (Madras) 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 ₹857.96. On a fall, the stock will find some support from the long-term average at approximately ₹779.60. 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. 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. 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 Friday, May 03, 2024, and so far it has fallen -10.59%. 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 Rane (Madras) Limited stock
Rane (Madras) Limited finds support from accumulated volume at ₹790.35 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 ₹41.75 between high and low, or 5.37%. For the last week, the stock has had daily average volatility of 9.57%.
Our recommended stop-loss: ₹762.27 (-5.56%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 5 days ago.)
Trading Expectations (RML.NS) For The Upcoming Trading Day Of Monday 13th
For the upcoming trading day on Monday, 13th we expect Rane (Madras) Limited to open at ₹801.13, and during the day (based on 14 day Average True Range), to move between ₹756.36 and ₹857.94, which gives a possible trading interval of +/-₹50.79 (+/-6.29%) up or down from last closing price. If Rane (Madras) Limited takes out the full calculated possible swing range there will be an estimated 12.58% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹790.35 (2.08%) than the resistance at ₹838.25 (3.85%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Rane (Madras) Limited stock A Buy?
Rane (Madras) Limited holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.513 Hold/Accumulate Downgraded
Predicted Opening Price for Rane (Madras) Limited of Monday, May 13, 2024
| Fair opening price May 13, 2024 | Current price |
|---|---|
| ₹801.13 ( 0.745%) | ₹807.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RML.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 842.88 | 4.43 % | |
| R2 | 826.93 | 2.45 % | ||
| R1 | 817.08 | 1.23 % | ||
| Current price: | 807.15 | |||
| Support | S1 | 785.18 | -2.72 % | |
| S2 | 775.33 | -3.94 % | ||
| S3 | 759.38 | -5.92 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 902.75 | 11.84 % | |
| R2 | 897.90 | 11.24 % | ||
| R1 | 838.25 | 3.85 % | ||
| Current price | 807.15 | |||
| Support | S1 | 790.35 | -2.08% | |
| S2 | 762.00 | -5.59% | ||
| S3 | 738.85 | -8.46% |
RML Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | May 23, 2019 | Jul 16, 2019 | Jul 29, 2019 | ₹4.50 | 1.78% |
| 2 | Jan 22, 2019 | Jan 31, 2019 | Feb 08, 2019 | ₹4.00 | 1.02% |
| 3 | Apr 30, 2018 | Jul 17, 2018 | Aug 01, 2018 | ₹7.50 | 1.09% |
| 4 | Jan 23, 2018 | Feb 01, 2018 | Feb 13, 2018 | ₹4.50 | 0.515% |
| 5 | Aug 14, 2017 | Aug 14, 2017 | Aug 14, 2017 | ₹4.00 | 0.83% |
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