Soma Textiles & Industries Limited Stock Forecast
Soma Textiles & Industries Limited stock downgraded to Strong Sell Candidate
(Updated on May 17, 2024)
The Soma Textiles & Industries Limited stock price fell by -4.87% on the last day (Friday, 17th May 2024) from ₹35.30 to ₹33.58. During the last trading day the stock fluctuated 4.05% from a day low at ₹33.54 to a day high of ₹34.90. The price has been going up and down for this period, and there has been a -3.09% loss for the last 2 weeks. Volume has increased on the last day by 2 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, 14 thousand shares were bought and sold for approximately ₹478.48 thousand.
The stock lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹31.81 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 28.58% during the next 3 months and, with a 90% probability hold a price between ₹40.90 and ₹54.52 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SOMATEX.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Soma Textiles & Industries 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 ₹34.61 and ₹34.22. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, April 25, 2024, and so far it has fallen -15.88%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Soma Textiles & Industries Limited gained volume on the last day, but on falling prices. In technical terms, this is called divergence and may be an early warning. In some cases, increasing volume on falling prices may be considered positive, but that is mainly in typical "sell-offs".
Support, Risk & Stop-loss for Soma Textiles & Industries Limited stock
Soma Textiles & Industries Limited finds support from accumulated volume at ₹33.54 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 ₹1.36 between high and low, or 4.05%. For the last week, the stock has had daily average volatility of 3.49%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SOMATEX.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Soma Textiles & Industries Limited to open at ₹34.01, and during the day (based on 14 day Average True Range), to move between ₹31.73 and ₹35.43, which gives a possible trading interval of +/-₹1.85 (+/-5.52%) up or down from last closing price. If Soma Textiles & Industries Limited takes out the full calculated possible swing range there will be an estimated 11.04% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹33.54 (0.12%) than the resistance at ₹35.30 (5.12%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Soma Textiles & Industries Limited stock A Buy?
The Soma Textiles & Industries Limited stock holds several negative signals and despite the positive trend, we believe Soma Textiles & Industries Limited will perform weakly in the next couple of days or weeks. Therefore, we 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 Strong Sell candidate.
Current score: -5.162 Strong Sell Candidate Downgraded
Predicted Opening Price for Soma Textiles & Industries Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹34.01 ( 1.27%) | ₹33.58 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SOMATEX.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 35.37 | 5.32 % | |
| R2 | 34.85 | 3.77 % | ||
| R1 | 34.53 | 2.82 % | ||
| Current price: | 33.58 | |||
| Support | S1 | 33.49 | -0.277 % | |
| S2 | 33.17 | -1.23 % | ||
| S3 | 32.65 | -2.78 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.92 | 18.88 % | |
| R2 | 37.93 | 12.95 % | ||
| R1 | 35.30 | 5.12 % | ||
| Current price | 33.58 | |||
| Support | S1 | 33.54 | -0.119% | |
| S2 | 27.67 | -17.60% | ||
| S3 | 26.41 | -21.35% |
FAQ
Click here for our free guide on how to buy Soma Textiles & Industries Limited Stock.
