Tamilnadu Petroproducts Limited Stock Forecast
Tamilnadu Petroproducts Limited stock downgraded to Buy Candidate
(Updated on Jun 19, 2024)
The Tamilnadu Petroproducts Limited stock price fell by -0.95% on the last day (Wednesday, 19th Jun 2024) from ₹90.97 to ₹90.11. During the last trading day the stock fluctuated 3.74% from a day low at ₹89.50 to a day high of ₹92.85. The price has risen in 9 of the last 10 days and is up by 11.66% over the past 2 weeks. Volume has increased on the last day by 72 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 568 thousand shares were bought and sold for approximately ₹51.19 million.
The stock lies in the upper part of a wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹91.40 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.62% during the next 3 months and, with a 90% probability hold a price between ₹83.21 and ₹93.80 at the end of this 3-month period.
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TNPETRO.NS Signals & Forecast
The Tamilnadu Petroproducts 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 ₹88.27 and ₹85.27. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). 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 -0.95%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Tamilnadu Petroproducts Limited stock
Tamilnadu Petroproducts Limited finds support from accumulated volume at ₹88.65 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 ₹3.35 between high and low, or 3.74%. For the last week, the stock has had daily average volatility of 3.66%.
Our recommended stop-loss: ₹87.54 (-2.85%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (TNPETRO.NS) For The Upcoming Trading Day Of Thursday 20th
For the upcoming trading day on Thursday, 20th we expect Tamilnadu Petroproducts Limited to open at ₹90.82, and during the day (based on 14 day Average True Range), to move between ₹87.03 and ₹93.19, which gives a possible trading interval of +/-₹3.08 (+/-3.42%) up or down from last closing price. If Tamilnadu Petroproducts Limited takes out the full calculated possible swing range there will be an estimated 6.85% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹90.83 (0.80%) than the support at ₹88.65 (1.62%), 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 Tamilnadu Petroproducts Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Tamilnadu Petroproducts Limited stock to perform well in the short-term. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 1.722 Buy Candidate Downgraded
Predicted Opening Price for Tamilnadu Petroproducts Limited of Thursday, June 20, 2024
Fair opening price June 20, 2024 | Current price |
---|---|
₹90.82 ( 0.788%) | ₹90.11 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TNPETRO.NS
Fibonacci Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 94.17 | 4.51% |
R2 | 92.89 | 3.09% |
R1 | 92.10 | 2.21% |
Price | 90.11 | |
S1 | 89.54 | -0.632% |
S2 | 88.75 | -1.51% |
S3 | 87.47 | -2.93% |
Accumulated Volume Support & Resistance Levels
Level | Price | |
---|---|---|
R3 | 0 | - |
R2 | 90.97 | 0.95% |
R1 | 90.83 | 0.799% |
Price | 90.11 | |
S1 | 88.65 | -1.62% |
S2 | 80.70 | -10.44% |
S3 | 80.25 | -10.94% |
TNPETRO Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Sep 18, 2023 | Sep 18, 2023 | Oct 26, 2023 | ₹1.50 | 1.70% |
2 | Sep 21, 2022 | Sep 21, 2022 | Sep 21, 2022 | ₹3.00 | 2.90% |
3 | Sep 02, 2021 | Sep 02, 2021 | Sep 02, 2021 | ₹2.50 | 2.11% |
4 | Sep 02, 2020 | Sep 02, 2020 | Sep 02, 2020 | ₹1.50 | 3.88% |
5 | May 21, 2019 | Jul 30, 2019 | Aug 30, 2019 | ₹1.00 | 3.12% |
FAQ
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