Welspun Enterprises Limited Stock Forecast
On Friday, Welspun Enterprises Limited stock price gained an impressive 6.61%
(Updated on May 24, 2024)
The Welspun Enterprises Limited stock price gained 6.61% on the last trading day (Friday, 24th May 2024), rising from ₹399.20 to ₹425.60. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 6.60% from a day low at ₹412.75 to a day high of ₹440.00. The price has risen in 6 of the last 10 days and is up by 13.27% 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, 2 million more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately ₹899.97 million.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹423.93, a level that may pose a second chance to hit a runner. According to fan-theory ₹485.39 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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WELENT.NS Signals & Forecast
The Welspun Enterprises 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 ₹398.71 and ₹359.31. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, May 21, 2024, and so far it has risen 14.79%. Further rise is indicated until a new top pivot has been found. 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. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Welspun Enterprises Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹397.35 and ₹392.75. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Welspun Enterprises Limited finds support just below today's level at ₹397.35. If this is broken, then the next support from accumulated volume will be at ₹392.75 and ₹363.85.
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 ₹27.25 between high and low, or 6.60%. For the last week, the stock has had daily average volatility of 6.04%.
Our recommended stop-loss: ₹409.85 (-3.70%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (WELENT.NS) For The Upcoming Trading Day Of Monday 27th
For the upcoming trading day on Monday, 27th we expect Welspun Enterprises Limited to open at ₹426.12, and during the day (based on 14 day Average True Range), to move between ₹406.25 and ₹444.95, which gives a possible trading interval of +/-₹19.35 (+/-4.55%) up or down from last closing price. If Welspun Enterprises Limited takes out the full calculated possible swing range there will be an estimated 9.10% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹397.35, some ₹28.25 (6.64%) from the current price of ₹425.60, our system finds the risk reward attractive.
Is Welspun Enterprises Limited stock A Buy?
Welspun Enterprises Limited holds several positive signals and has broken the strong rising trend up. As the stock is also 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 Buy to a Strong Buy candidate.
Current score: 7.094 Strong Buy Candidate Upgraded
Predicted Opening Price for Welspun Enterprises Limited of Monday, May 27, 2024
Fair opening price May 27, 2024 | Current price |
---|---|
₹426.12 ( 0.121%) | ₹425.60 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WELENT.NS
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 453.37 | 6.52 % | |
R2 | 442.96 | 4.08 % | ||
R1 | 436.53 | 2.57 % | ||
Current price: | 425.60 | |||
Support | S1 | 415.71 | -2.32 % | |
S2 | 409.28 | -3.84 % | ||
S3 | 398.87 | -6.28 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 425.60 | |||
Support | S1 | 397.35 | -6.64% | |
S2 | 392.75 | -7.72% | ||
S3 | 363.85 | -14.51% |
WELENT Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jul 05, 2024 | Jul 05, 2024 | Oct 01, 2024 | ₹3.00 | 0.705% |
2 | Jun 30, 2023 | Jun 30, 2023 | Jun 30, 2023 | ₹1.00 | 0.496% |
3 | Jan 11, 2023 | Jan 11, 2023 | Jan 11, 2023 | ₹7.50 | 4.87% |
4 | Jun 30, 2022 | Jun 30, 2022 | Jun 30, 2022 | ₹1.50 | 1.54% |
5 | Aug 18, 2021 | Aug 18, 2021 | Aug 18, 2021 | ₹1.50 | 1.63% |
FAQ
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