Zenith Fibres Limited Stock Forecast
Red day on Friday for Zenith Fibres Limited
(Updated on Jun 28, 2024)
The Zenith Fibres Limited stock price fell by -1.44% on the last day (Friday, 28th Jun 2024) from ₹83.84 to ₹82.63. During the last trading day the stock fluctuated 2.31% from a day low at ₹82.10 to a day high of ₹84.00. The price has risen in 7 of the last 10 days and is up by 3.92% 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 -9 thousand shares and in total, 1 thousand shares were bought and sold for approximately ₹106.43 thousand.
The stock lies the upper part of a wide and falling 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 ₹83.78 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -3.91% during the next 3 months and, with a 90% probability hold a price between ₹66.19 and ₹80.50 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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ZENIFIB.BO Signals & Forecast
The Zenith Fibres 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 ₹81.19 and ₹78.07. 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 Thursday, June 27, 2024, and so far it has fallen -1.44%. Further fall is indicated until a new bottom pivot has been found. Volume fell along with the price during the last trading day, which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk.
A sell signal from a double top formation was found on Monday, April 29, 2024 and based on theory for this formation the price should fall by -1.60% to ₹81.31 within 11 trading days since signal was issued (Wednesday, May 15, 2024).
Support, Risk & Stop-loss for Zenith Fibres Limited stock
Zenith Fibres Limited finds support from accumulated volume at ₹82.32 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹1.90 between high and low, or 2.31%. For the last week the stock has had daily average volatility of 3.17%.
Our recommended stop-loss: ₹79.58 (-3.69%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 17 days ago.)
Trading Expectations (ZENIFIB.BO) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Zenith Fibres Limited to open at ₹82.91, and during the day (based on 14 day Average True Range), to move between ₹79.23 and ₹86.03, which gives a possible trading interval of +/-₹3.40 (+/-4.12%) up or down from last closing price. If Zenith Fibres Limited takes out the full calculated possible swing range there will be an estimated 8.23% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹82.74 (0.13%) than the support at ₹82.32 (0.38%), 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 Zenith Fibres Limited stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.051 Buy Candidate Unchanged
Predicted Opening Price for Zenith Fibres Limited of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| ₹82.91 ( 0.339%) | ₹82.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for ZENIFIB.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 84.81 | 2.64% |
| R2 | 84.08 | 1.76% |
| R1 | 83.64 | 1.22% |
| Price | 82.63 | |
| S1 | 82.18 | -0.540% |
| S2 | 81.74 | -1.08% |
| S3 | 81.01 | -1.96% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 83.84 | 1.46% |
| R2 | 82.98 | 0.424% |
| R1 | 82.74 | 0.133% |
| Price | 82.63 | |
| S1 | 82.32 | -0.375% |
| S2 | 78.19 | -5.37% |
| S3 | 74.65 | -9.66% |
ZENIFIB Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 21, 2023 | Sep 21, 2023 | Oct 29, 2023 | ₹1.50 | 2.31% |
| 2 | Sep 22, 2022 | Sep 22, 2022 | Oct 26, 2022 | ₹1.50 | 2.28% |
| 3 | Sep 19, 2019 | Sep 19, 2019 | Oct 27, 2019 | ₹1.00 | 2.21% |
| 4 | Sep 19, 2018 | Sep 19, 2018 | Oct 28, 2018 | ₹1.50 | 2.46% |
| 5 | Sep 21, 2017 | Sep 21, 2017 | Oct 29, 2017 | ₹2.00 | 1.61% |
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