Shah Alloys Limited Stock Forecast
Big movements in Shah Alloys Limited stock price on Wednesday moving 12.17% between high and low
(Updated on Jun 26, 2024)
The Shah Alloys Limited stock price fell by -3.21% on the last day (Wednesday, 26th Jun 2024) from ₹62.32 to ₹60.32. During the last trading day the stock fluctuated 12.17% from a day low at ₹57.50 to a day high of ₹64.50. The price has fallen in 6 of the last 10 days and is down by -7.58% for this period. Volume has increased on the last day by 60 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 81 thousand shares were bought and sold for approximately ₹4.88 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. Given the current short-term trend, the stock is expected to fall -2.05% during the next 3 months and, with a 90% probability hold a price between ₹50.80 and ₹68.43 at the end of this 3-month period.
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SHAHALLOYS.NS Signals & Forecast
Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Some negative signals were issued as well, and these may have some influence on the near short-term development. The Shah Alloys Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹64.28 and ₹61.58. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Friday, June 14, 2024, and so far it has fallen -13.87%. Further fall is indicated until a new bottom pivot has been found. Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Shah Alloys Limited stock
Shah Alloys Limited finds support from accumulated volume at ₹59.05 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 ₹7.00 between high and low, or 12.17%. For the last week, the stock has had daily average volatility of 7.08%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SHAHALLOYS.NS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Shah Alloys Limited to open at ₹60.77, and during the day (based on 14 day Average True Range), to move between ₹56.10 and ₹64.54, which gives a possible trading interval of +/-₹4.22 (+/-7.00%) up or down from last closing price. If Shah Alloys Limited takes out the full calculated possible swing range there will be an estimated 13.99% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹59.05 (2.11%) than the resistance at ₹65.71 (8.94%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Shah Alloys Limited stock A Buy?
Shah Alloys Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.256 Sell Candidate Downgraded
Predicted Opening Price for Shah Alloys Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹60.77 ( 0.752%) | ₹60.32 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SHAHALLOYS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 67.77 | 12.36% |
| R2 | 65.10 | 7.92% |
| R1 | 63.45 | 5.18% |
| Price | 60.32 | |
| S1 | 58.10 | -3.68% |
| S2 | 56.45 | -6.42% |
| S3 | 53.77 | -10.85% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 70.03 | 16.10% |
| R2 | 69.24 | 14.79% |
| R1 | 65.71 | 8.94% |
| Price | 60.32 | |
| S1 | 59.05 | -2.11% |
| S2 | 58.80 | -2.52% |
| S3 | 52.20 | -13.46% |
SHAHALLOYS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 30, 2007 | Sep 06, 2007 | Oct 01, 2007 | ₹1.00 | 1.48% |
| 2 | Aug 01, 2006 | Sep 15, 2006 | Oct 04, 2006 | ₹1.00 | 0.595% |
| 3 | Sep 08, 2005 | Sep 08, 2005 | Sep 08, 2005 | ₹0.500 | 0.310% |
FAQ
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