The Shipping Corp of India Ltd Stock Forecast
The Shipping Corp of India Ltd stock upgraded to Strong Buy Candidate.
(Updated on Jun 14, 2024)
The The Shipping Corp of India Ltd stock price gained 3.81% on the last trading day (Friday, 14th Jun 2024), rising from ₹261.35 to ₹271.30. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 5.86% from a day low at ₹259.30 to a day high of ₹274.50. The price has risen in 8 of the last 10 days and is up by 10.46% 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, 346 thousand more shares were traded than the day before. In total, 679 thousand shares were bought and sold for approximately ₹184.08 million.
The stock lies in the upper part of a wide and strong rising 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 ₹277.28 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 23.75% during the next 3 months and, with a 90% probability hold a price between ₹275.16 and ₹343.15 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 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 ₹252.93 and ₹235.62. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Tuesday, June 04, 2024, and so far it has risen 26.19%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
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 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 ₹15.20 between high and low, or 5.86%. For the last week, the stock has had daily average volatility of 4.48%.
Our recommended stop-loss: ₹260.67 (-3.92%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 16 days ago.)
Trading Expectations (SCI.BO) For The Upcoming Trading Day Of Tuesday 18th
For the upcoming trading day on Tuesday, 18th we expect The Shipping Corporation of India Limited to open at ₹268.37, and during the day (based on 14 day Average True Range), to move between ₹255.65 and ₹286.95, which gives a possible trading interval of +/-₹15.65 (+/-5.77%) 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 11.54% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹262.60, some ₹8.70 (3.21%) from the current price of ₹271.30, our system finds the risk reward attractive.
Is The Shipping Corporation of India Limited stock A Buy?
The Shipping Corp of India Ltd holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 5.977 Strong Buy Candidate Upgraded
Predicted Opening Price for The Shipping Corporation of India Limited of Tuesday, June 18, 2024
| Fair opening price June 18, 2024 | Current price |
|---|---|
| ₹268.37 ( 1.08%) | ₹271.30 |
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 | 283.57 | 4.52% |
| R2 | 277.76 | 2.38% |
| R1 | 274.17 | 1.06% |
| Price | 271.30 | |
| S1 | 262.56 | -3.22% |
| S2 | 258.97 | -4.54% |
| S3 | 253.17 | -6.68% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 271.30 | |
| S1 | 262.60 | -3.21% |
| S2 | 246.25 | -9.23% |
| S3 | 215.00 | -20.75% |
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% |
FAQ
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