Somany Ceramics Limited Stock Forecast
A very strong day for Somany Ceramics Limited stock price on Wednesday
(Updated on Jun 26, 2024)
The Somany Ceramics Limited stock price gained 7.53% on the last trading day (Wednesday, 26th Jun 2024), rising from ₹758.45 to ₹815.55. During the last trading day the stock fluctuated 9.61% from a day low at ₹762.00 to a day high of ₹835.20. The price has been going up and down for this period, and there has been a 12.01% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 8 thousand more shares were traded than the day before. In total, 33 thousand shares were bought and sold for approximately ₹27.26 million.
The stock lies in the middle of a 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 28.18% during the next 3 months and, with a 90% probability hold a price between ₹939.02 and ₹1,095.57 at the end of this 3-month period.
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SOMANYCERA.BO Signals & Forecast
Mostly positive signals in the chart today. The Somany Ceramics 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 ₹758.55 and ₹710.57. 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 19.23%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for Somany Ceramics Limited stock
Somany Ceramics Limited finds support from accumulated volume at ₹779.95 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved ₹73.20 (9.61%) between high and low. For the last week, the stock has had daily average volatility of 5.69%.
Our recommended stop-loss: ₹787.17 (-3.48%) (This stock has low daily movements and this gives low risk. The RSI14 is 76 and this increases the risk substantially. There is a buy signal from a pivot bottom found 26 days ago.)
Trading Expectations (SOMANYCERA.BO) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect Somany Ceramics Limited to open at ₹804.25, and during the day (based on 14 day Average True Range), to move between ₹783.14 and ₹847.96, which gives a possible trading interval of +/-₹32.41 (+/-3.97%) up or down from last closing price. If Somany Ceramics Limited takes out the full calculated possible swing range there will be an estimated 7.95% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹779.95, some ₹35.60 (4.37%) from the current price of ₹815.55, our system finds the risk reward attractive.
Is Somany Ceramics Limited stock A Buy?
Somany Ceramics Limited 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: 7.777 Strong Buy Candidate Upgraded
Predicted Opening Price for Somany Ceramics Limited of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| ₹804.25 ( 1.39%) | ₹815.55 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOMANYCERA.BO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 877.45 | 7.59% |
| R2 | 849.49 | 4.16% |
| R1 | 832.21 | 2.04% |
| Price | 815.55 | |
| S1 | 776.29 | -4.81% |
| S2 | 759.01 | -6.93% |
| S3 | 731.05 | -10.36% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0 | - |
| R2 | 0 | - |
| R1 | 0 | - |
| Price | 815.55 | |
| S1 | 779.95 | -4.37% |
| S2 | 770.50 | -5.52% |
| S3 | 720.50 | -11.65% |
SOMANYCERA Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Aug 18, 2023 | Aug 18, 2023 | Sep 23, 2023 | ₹3.00 | 0.432% |
| 2 | Sep 15, 2022 | Sep 15, 2022 | Oct 23, 2022 | ₹3.00 | 0.556% |
| 3 | Aug 09, 2017 | Aug 09, 2017 | Aug 30, 2017 | ₹2.70 | 0.338% |
| 4 | Aug 19, 2016 | Aug 19, 2016 | Aug 19, 2016 | ₹2.30 | 0.388% |
| 5 | Aug 14, 2015 | Aug 14, 2015 | Aug 14, 2015 | ₹2.00 | 0.553% |
FAQ
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