Sagardeep Alloys Limited Stock Forecast
Green day on Tuesday for Sagardeep Alloys Limited stock after gaining 0.356%
(Updated on May 21, 2024)
The Sagardeep Alloys Limited stock price gained 0.356% on the last trading day (Tuesday, 21st May 2024), rising from ₹28.10 to ₹28.20. During the last trading day the stock fluctuated 4.39% from a day low at ₹27.35 to a day high of ₹28.55. The price has risen in 5 of the last 10 days but is still down by -2.59% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 13 thousand more shares were traded than the day before. In total, 13 thousand shares were bought and sold for approximately ₹377.37 thousand.
The stockis at the upper part of a very wide and horizontal trend and normally this may pose a good selling opportunity but a break-up through the top trend line at ₹29.41 will give a strong buy signal and a trend shift could be expected. Given the current horizontal trend, you can expect Sagardeep Alloys Limited stock with a 90% probability to be traded between ₹22.31 and ₹29.20 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SAGARDEEP.NS Signals & Forecast
The Sagardeep Alloys 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 ₹27.98 and ₹27.35. 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). Sagardeep Alloys Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 Monday, May 06, 2024, and so far it has fallen -4.24%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Sagardeep Alloys Limited stock
Sagardeep Alloys Limited finds support from accumulated volume at ₹27.30 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 ₹1.20 between high and low, or 4.39%. For the last week, the stock has had daily average volatility of 3.84%.
Our recommended stop-loss: ₹26.72 (-5.26%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 37 days ago.)
Trading Expectations (SAGARDEEP.NS) For The Upcoming Trading Day Of Wednesday 22nd
For the upcoming trading day on Wednesday, 22nd we expect Sagardeep Alloys Limited to open at ₹28.03, and during the day (based on 14 day Average True Range), to move between ₹26.79 and ₹29.61, which gives a possible trading interval of +/-₹1.41 (+/-5.01%) up or down from last closing price. If Sagardeep Alloys Limited takes out the full calculated possible swing range there will be an estimated 10.01% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹28.95 (2.66%) than the support at ₹27.30 (3.19%), 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.
Earnings coming up
Sagardeep Alloys Limited will release earnings BMO on Tuesday, May 28, 2024. We will update the financials statements for Sagardeep Alloys Limited, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 7.12% in the first trading day after earnings release.
Is Sagardeep Alloys Limited stock A Buy?
Sagardeep Alloys Limited holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.000 Hold/Accumulate Unchanged
Zero in score indicates that our system is expecting high volatility and risk for the following trading day. Given the latest developments, we cannot determine the next direction as it may go both ways.
Predicted Opening Price for Sagardeep Alloys Limited of Wednesday, May 22, 2024
| Fair opening price May 22, 2024 | Current price |
|---|---|
| ₹28.03 ( 0.591%) | ₹28.20 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SAGARDEEP.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 29.23 | 3.66 % | |
| R2 | 28.77 | 2.04 % | ||
| R1 | 28.49 | 1.03 % | ||
| Current price: | 28.20 | |||
| Support | S1 | 27.57 | -2.22 % | |
| S2 | 27.29 | -3.22 % | ||
| S3 | 26.83 | -4.85 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 32.25 | 14.36 % | |
| R2 | 31.85 | 12.94 % | ||
| R1 | 28.95 | 2.66 % | ||
| Current price | 28.20 | |||
| Support | S1 | 27.30 | -3.19% | |
| S2 | 27.10 | -3.90% | ||
| S3 | 26.65 | -5.50% |
FAQ
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