Wheels India Limited Stock Forecast
Wheels India Limited stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)
The Wheels India Limited stock price fell by -1.48% on the last day (Friday, 3rd May 2024) from ₹594.05 to ₹585.25. During the last trading day the stock fluctuated 4.11% from a day low at ₹578.70 to a day high of ₹602.50. The price has risen in 6 of the last 10 days and is up by 1.11% over the past 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -27 thousand shares and in total, 73 thousand shares were bought and sold for approximately ₹42.54 million.
The stock lies in the middle of a wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -7.89% during the next 3 months and, with a 90% probability hold a price between ₹489.88 and ₹566.44 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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WHEELS.NS Signals & Forecast
A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 4.19%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wheels India Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹586.53 and ₹587.26. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Wheels India Limited stock
Wheels India Limited finds support from accumulated volume at ₹584.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹23.80 between high and low, or 4.11%. For the last week the stock has had daily average volatility of 2.95%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (WHEELS.NS) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Wheels India Limited to open at ₹588.82, and during the day (based on 14 day Average True Range), to move between ₹568.11 and ₹602.39, which gives a possible trading interval of +/-₹17.14 (+/-2.93%) up or down from last closing price. If Wheels India Limited takes out the full calculated possible swing range there will be an estimated 5.86% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹584.95 (0.05%) than the resistance at ₹590.50 (0.90%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wheels India Limited stock A Buy?
Wheels India Limited holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.786 Sell Candidate Downgraded
Predicted Opening Price for Wheels India Limited of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| ₹588.82 ( 0.609%) | ₹585.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for WHEELS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 612.62 | 4.68 % | |
| R2 | 603.53 | 3.12 % | ||
| R1 | 597.91 | 2.16 % | ||
| Current price: | 585.25 | |||
| Support | S1 | 579.73 | -0.94 % | |
| S2 | 574.11 | -1.90 % | ||
| S3 | 565.02 | -3.46 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 634.95 | 8.49 % | |
| R2 | 631.70 | 7.94 % | ||
| R1 | 590.50 | 0.90 % | ||
| Current price | 585.25 | |||
| Support | S1 | 584.95 | -0.0513% | |
| S2 | 579.65 | -0.96% | ||
| S3 | 561.70 | -4.02% |
WHEELS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 12, 2023 | Jul 12, 2023 | Jul 12, 2023 | ₹3.97 | 0.493% |
| 2 | Feb 14, 2023 | Feb 14, 2023 | Feb 14, 2023 | ₹3.00 | 0.565% |
| 3 | Jul 05, 2022 | Jul 05, 2022 | Jul 05, 2022 | ₹8.30 | 1.30% |
| 4 | Jul 27, 2021 | Jul 27, 2021 | Jul 27, 2021 | ₹1.00 | 0.102% |
| 5 | Jun 17, 2020 | Jul 22, 2020 | Aug 28, 2020 | ₹2.65 | 0.599% |
FAQ
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