Sicagen India Limited Stock Forecast
Green day on Friday for Sicagen India Limited
(Updated on May 17, 2024)
The Sicagen India Limited stock price gained 3.62% on the last trading day (Friday, 17th May 2024), rising from ₹62.63 to ₹64.90. During the last trading day the stock fluctuated 9.40% from a day low at ₹60.10 to a day high of ₹65.75. The price has fallen in 6 of the last 10 days and is down by -4.84% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 31 thousand more shares were traded than the day before. In total, 50 thousand shares were bought and sold for approximately ₹3.22 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 12.51% during the next 3 months and, with a 90% probability hold a price between ₹65.06 and ₹83.49 at the end of this 3-month period.
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SICAGEN.BO Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, May 16, 2024, and so far it has risen 3.62%. 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. The Sicagen India Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at ₹65.81. On a fall, the stock will find some support from the short-term average at ₹64.82. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Sicagen India Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹60.11 and ₹55.91. 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, Sicagen India Limited finds support just below today's level at ₹60.11. If this is broken, then the next support from accumulated volume will be at ₹55.91 and ₹51.89.
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 ₹5.65 between high and low, or 9.40%. For the last week, the stock has had daily average volatility of 4.80%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SICAGEN.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Sicagen India Limited to open at ₹63.58, and during the day (based on 14 day Average True Range), to move between ₹61.24 and ₹68.56, which gives a possible trading interval of +/-₹3.66 (+/-5.64%) up or down from last closing price. If Sicagen India Limited takes out the full calculated possible swing range there will be an estimated 11.29% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹68.89 (6.15%) than the support at ₹60.11 (7.38%), 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 Sicagen India Limited stock A Buy?
Sicagen India Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -1.260 Sell Candidate Unchanged
Predicted Opening Price for Sicagen India Limited of Tuesday, May 21, 2024
Fair opening price May 21, 2024 | Current price |
---|---|
₹63.58 ( 2.03%) | ₹64.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SICAGEN.BO
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 69.23 | 6.68 % | |
R2 | 67.08 | 3.35 % | ||
R1 | 65.74 | 1.30 % | ||
Current price: | 64.90 | |||
Support | S1 | 61.43 | -5.35 % | |
S2 | 60.09 | -7.41 % | ||
S3 | 57.93 | -10.73 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 71.26 | 9.80 % | |
R2 | 70.13 | 8.06 % | ||
R1 | 68.89 | 6.15 % | ||
Current price | 64.90 | |||
Support | S1 | 60.11 | -7.38% | |
S2 | 55.91 | -13.85% | ||
S3 | 51.89 | -20.05% |
FAQ
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