The Sandur Manganese & Iron Ores Limited Stock Forecast
Stronger technical forecast for The Sandur Manganese & Iron Ores Limited stock price after Thursday trading.
(Updated on Apr 25, 2024)
The The Sandur Manganese & Iron Ores Limited stock price gained 0.147% on the last trading day (Thursday, 25th Apr 2024), rising from ₹543.65 to ₹544.45. It has now gained 6 days in a row. It is not often that stocks manage to gain so many days in a row, and falls for a day or two should be expected. During the last trading day the stock fluctuated 9.32% from a day low at ₹521.20 to a day high of ₹569.80. The price has risen in 8 of the last 10 days and is up by 32.53% 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, 40 thousand more shares were traded than the day before. In total, 78 thousand shares were bought and sold for approximately ₹42.30 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Due to the high volatility and the trend direction we are not able to give forecast range for this stock.
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SANDUMA.BO Signals & Forecast
Mostly positive signals in the chart today. The The Sandur Manganese & Iron Ores 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 ₹498.44 and ₹409.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 20, 2024, and so far it has risen 57.29%. 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 The Sandur Manganese & Iron Ores Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹494.25 and ₹489.60. 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, The Sandur Manganese & Iron Ores Limited finds support just below today's level at ₹494.25. If this is broken, then the next support from accumulated volume will be at ₹489.60 and ₹454.50.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹48.60 between high and low, or 9.32%. For the last week, the stock has had daily average volatility of 6.18%.
The The Sandur Manganese & Iron Ores Limited stock is extremely overbought on RSI14 (92). This increases the short-term risk substantially. Since the The Sandur Manganese & Iron Ores Limited has been rising for 6 days in a row, the risk over the next couple of days has increased. We don't expect a major reaction as the stock is in very good shape technically, and therefore hold a positive evaluation despite the very short term risk.
Our recommended stop-loss: ₹522.59 (-4.01%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 92 and this increases the risk substantially. There is a buy signal from a pivot bottom found 21 days ago.)
Trading Expectations (SANDUMA.BO) For The Upcoming Trading Day Of Friday 26th
For the upcoming trading day on Friday, 26th we expect The Sandur Manganese & Iron Ores Limited to open at ₹545.15, and during the day (based on 14 day Average True Range), to move between ₹508.40 and ₹580.50, which gives a possible trading interval of +/-₹36.05 (+/-6.62%) up or down from last closing price. If The Sandur Manganese & Iron Ores Limited takes out the full calculated possible swing range there will be an estimated 13.24% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹556.70 (2.25%) than the support at ₹494.25 (9.22%), 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 The Sandur Manganese & Iron Ores 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.815 Buy Candidate Upgraded
Predicted Opening Price for The Sandur Manganese & Iron Ores Limited of Friday, April 26, 2024
| Fair opening price April 26, 2024 | Current price |
|---|---|
| ₹545.15 ( 0.129%) | ₹544.45 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SANDUMA.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 593.75 | 9.06 % | |
| R2 | 575.18 | 5.65 % | ||
| R1 | 563.72 | 3.54 % | ||
| Current price: | 544.45 | |||
| Support | S1 | 526.58 | -3.28 % | |
| S2 | 515.12 | -5.39 % | ||
| S3 | 496.55 | -8.80 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 575.10 | 5.63 % | |
| R2 | 571.25 | 4.92 % | ||
| R1 | 556.70 | 2.25 % | ||
| Current price | 544.45 | |||
| Support | S1 | 494.25 | -9.22% | |
| S2 | 489.60 | -10.07% | ||
| S3 | 454.50 | -16.52% |
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