Tamil Nadu Newsprint and Papers Limited Stock Forecast
On Tuesday, Tamil Nadu Newsprint and Papers Limited stock price gained an impressive 6.80%
(Updated on Jul 02, 2024)
The Tamil Nadu Newsprint and Papers Limited stock price gained 6.80% on the last trading day (Tuesday, 2nd Jul 2024), rising from ₹272.95 to ₹291.50. During the last trading day the stock fluctuated 7.44% from a day low at ₹273.65 to a day high of ₹294.00. The price has fallen in 6 of the last 10 days but is still up by 4.65% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 151 thousand more shares were traded than the day before. In total, 157 thousand shares were bought and sold for approximately ₹45.72 million.
The stock has broken the very 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. ₹290.73 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 ₹349.31 sometime during the next 3 months.
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TNPL.BO Signals & Forecast
Mostly positive signals in the chart today. The Tamil Nadu Newsprint and Papers 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 ₹277.90 and ₹265.09. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 25.67%. 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 is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Tamil Nadu Newsprint and Papers Limited stock
Tamil Nadu Newsprint and Papers Limited finds support from accumulated volume at ₹290.30 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 ₹20.35 between high and low, or 7.44%. For the last week, the stock has had daily average volatility of 4.36%.
Our recommended stop-loss: ₹281.06 (-3.58%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 41 days ago.)
Trading Expectations (TNPL.BO) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect Tamil Nadu Newsprint and Papers Limited to open at ₹286.38, and during the day (based on 14 day Average True Range), to move between ₹280.83 and ₹302.17, which gives a possible trading interval of +/-₹10.67 (+/-3.66%) up or down from last closing price. If Tamil Nadu Newsprint and Papers Limited takes out the full calculated possible swing range there will be an estimated 7.32% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹290.30, some ₹1.20 (0.41%) from the current price of ₹291.50, our system finds the risk reward attractive.
Is Tamil Nadu Newsprint and Papers Limited stock A Buy?
Tamil Nadu Newsprint and Papers Limited holds several positive signals and has broken the very wide and horizontal trend up. As the stock is in great technical shape we, therefore, consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Buy candidate.
Current score: 7.244 Strong Buy Candidate Upgraded
Predicted Opening Price for Tamil Nadu Newsprint and Papers Limited of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| ₹286.38 ( 1.76%) | ₹291.50 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for TNPL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 306.73 | 5.23% |
| R2 | 298.96 | 2.56% |
| R1 | 294.16 | 0.91% |
| Price | 291.50 | |
| S1 | 278.61 | -4.42% |
| S2 | 273.81 | -6.07% |
| S3 | 266.03 | -8.74% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 291.50 | |
| S1 | 290.30 | -0.412% |
| S2 | 278.45 | -4.48% |
| S3 | 255.40 | -12.38% |
TNPL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 20, 2024 | Sep 20, 2024 | Oct 27, 2024 | ₹1.00 | 0.343% |
| 2 | Feb 13, 2024 | Feb 13, 2024 | Feb 13, 2024 | ₹3.00 | 1.11% |
| 3 | Sep 18, 2023 | Sep 18, 2023 | Oct 25, 2023 | ₹5.00 | 1.85% |
| 4 | Sep 13, 2022 | Sep 13, 2022 | Oct 22, 2022 | ₹4.00 | 1.65% |
| 5 | Sep 11, 2017 | Sep 11, 2017 | Sep 22, 2017 | ₹7.50 | 2.11% |
FAQ
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