SITI Networks Limited Stock Forecast
Stronger technical forecast for SITI Networks Limited stock price after Thursday trading.
(Updated on Jun 20, 2024)
The SITI Networks Limited stock price gained 1.56% on the last trading day (Thursday, 20th Jun 2024), rising from ₹0.640 to ₹0.650. During the last trading day the stock fluctuated 3.17% from a day low at ₹0.630 to a day high of ₹0.650. The price has risen in 6 of the last 10 days and is up by 6.56% 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, 452 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately ₹987.87 thousand.
The stock lies the upper part of a falling 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 ₹0.652 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -6.93% during the next 3 months and, with a 90% probability hold a price between ₹0.554 and ₹0.607 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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SITINET.BO Signals & Forecast
The SITI Networks 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 ₹0.646 and ₹0.641. A breakdown below any of these levels will issue sell signals. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). SITI Networks Limited has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. 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 0%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for SITI Networks Limited stock
SITI Networks Limited finds support from accumulated volume at ₹0.640 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved ₹0.0200 between high and low, or 3.17%. For the last week the stock has had daily average volatility of 2.53%.
Our recommended stop-loss: ₹0.625 (-3.90%) (This stock has low daily movements and this gives low risk. There is a sell signal from a pivot top found 10 days ago.)
Trading Expectations (SITINET.BO) For The Upcoming Trading Day Of Friday 21st
For the upcoming trading day on Friday, 21st we expect SITI Networks Limited to open at ₹0.643, and during the day (based on 14 day Average True Range), to move between ₹0.640 and ₹0.660, which gives a possible trading interval of +/-₹0.0104 (+/-1.60%) up or down from last closing price. If SITI Networks Limited takes out the full calculated possible swing range there will be an estimated 3.20% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹0.660 (1.54%) than the support at ₹0.640 (1.54%), 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 SITI Networks Limited stock A Buy?
SITI Networks Limited 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: 0.103 Hold/Accumulate Upgraded
Predicted Opening Price for SITI Networks Limited of Friday, June 21, 2024
| Fair opening price June 21, 2024 | Current price |
|---|---|
| ₹0.643 ( 1.03%) | ₹0.650 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SITINET.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.663 | 2.05% |
| R2 | 0.656 | 0.88% |
| R1 | 0.651 | 0.150% |
| Price | 0.650 | |
| S1 | 0.636 | -2.20% |
| S2 | 0.631 | -2.93% |
| S3 | 0.623 | -4.10% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.690 | 6.15% |
| R2 | 0.670 | 3.08% |
| R1 | 0.660 | 1.54% |
| Price | 0.650 | |
| S1 | 0.640 | -1.54% |
| S2 | 0.630 | -3.08% |
| S3 | 0.620 | -4.62% |
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