The Shipping Corp of India Ltd Stock Forecast
The Shipping Corp of India Ltd stock downgraded from Buy Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 21, 2024)
The The Shipping Corp of India Ltd stock price fell by -2.98% on the last day (Friday, 21st Jun 2024) from ₹273.15 to ₹265.00. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 4.26% from a day low at ₹264.05 to a day high of ₹275.30. The price has risen in 6 of the last 10 days and is up by 8.92% 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 -288 thousand shares and in total, 254 thousand shares were bought and sold for approximately ₹67.44 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 25.33% during the next 3 months and, with a 90% probability hold a price between ₹284.78 and ₹360.09 at the end of this 3-month period.
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SCI.BO Signals & Forecast
The The Shipping Corp of India Ltd stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately ₹269.91. On a fall, the stock will find some support from the long-term average at approximately ₹240.52. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. 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 Tuesday, June 18, 2024, and so far it has fallen -6.77%. Further fall is indicated until a new bottom pivot has been found. 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 The Shipping Corp of India Ltd stock
The Shipping Corp of India Ltd finds support from accumulated volume at ₹262.60 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved ₹11.25 between high and low, or 4.26%. For the last week, the stock has had daily average volatility of 5.33%.
Our recommended stop-loss: ₹251.85 (-4.96%) (This stock has high daily movements and this gives high risk. There is a sell signal from a pivot top found 12 days ago.)
Trading Expectations (SCI.BO) For The Upcoming Trading Day Of Monday 24th
For the upcoming trading day on Monday, 24th we expect The Shipping Corporation of India Limited to open at ₹268.12, and during the day (based on 14 day Average True Range), to move between ₹249.82 and ₹280.18, which gives a possible trading interval of +/-₹15.18 (+/-5.73%) up or down from last closing price. If The Shipping Corporation of India Limited takes out the full calculated possible swing range there will be an estimated 11.45% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹262.60 (0.91%) than the resistance at ₹271.30 (2.38%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is The Shipping Corporation of India Limited stock A Buy?
The Shipping Corp of India Ltd 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: 0.783 Hold/Accumulate Downgraded
Predicted Opening Price for The Shipping Corporation of India Limited of Monday, June 24, 2024
| Fair opening price June 24, 2024 | Current price |
|---|---|
| ₹268.12 ( 1.18%) | ₹265.00 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SCI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 279.37 | 5.42% |
| R2 | 275.07 | 3.80% |
| R1 | 272.41 | 2.80% |
| Price | 265.00 | |
| S1 | 263.82 | -0.446% |
| S2 | 261.16 | -1.45% |
| S3 | 256.87 | -3.07% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 284.25 | 7.26% |
| R2 | 273.15 | 3.08% |
| R1 | 271.30 | 2.38% |
| Price | 265.00 | |
| S1 | 262.60 | -0.91% |
| S2 | 246.25 | -7.08% |
| S3 | 215.00 | -18.87% |
SCI Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 01, 2023 | Sep 01, 2023 | Oct 13, 2023 | ₹0.440 | 0.299% |
| 2 | Sep 22, 2022 | Sep 22, 2022 | Oct 28, 2022 | ₹0.330 | 0.259% |
| 3 | Feb 11, 2011 | Feb 11, 2011 | Feb 11, 2011 | ₹3.00 | 2.73% |
| 4 | Sep 20, 2010 | Sep 20, 2010 | Sep 20, 2010 | ₹5.00 | 3.04% |
| 5 | Sep 18, 2009 | Sep 18, 2009 | Sep 18, 2009 | ₹6.50 | 4.56% |
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