Sanathnagar Enterprises Limited Stock Forecast

Green day on Friday for Sanathnagar Enterprises Limited stock after gaining 1.99%
(Updated on May 17, 2024)

SEL.BO Signals & Forecast

The Sanathnagar Enterprises 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 ₹58.33 and ₹38.77. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 27, 2024, and so far it has risen 224.64%. Further rise is indicated until a new top pivot has been found. 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). Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.

Support, Risk & Stop-loss for Sanathnagar Enterprises Limited stock

Sanathnagar Enterprises Limited finds support from accumulated volume at ₹58.96 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 very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved ₹0 between high and low, or 0%. For the last week the stock has had daily average volatility of 0%.

The Sanathnagar Enterprises Limited stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stop-loss: ₹58.46 (-2.72%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 89 and this increases the risk substantially. There is a buy signal from a pivot bottom found 32 days ago.)

Trading Expectations (SEL.BO) For The Upcoming Trading Day Of Tuesday 21st

For the upcoming trading day on Tuesday, 21st we expect Sanathnagar Enterprises Limited to open at ₹60.09, and during the day (based on 14 day Average True Range), to move between ₹58.59 and ₹61.59, which gives a possible trading interval of +/-₹1.50 (+/-2.50%) up or down from last closing price. If Sanathnagar Enterprises Limited takes out the full calculated possible swing range there will be an estimated 4.99% move between the lowest and the highest trading price during the day.

With no resistance above and support from accumulated volume @ ₹58.96, some ₹1.13 (1.88%) from the current price of ₹60.09, our system finds the risk reward attractive.

Is Sanathnagar Enterprises Limited stock A Buy?

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Sanathnagar Enterprises Limited stock to perform well in the short-term.

Current score: 3.560 Buy Candidate Unchanged

Predicted Opening Price for Sanathnagar Enterprises Limited of Tuesday, May 21, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.