Soma Textiles & Industries Limited Stock Forecast
Green day on Friday for Soma Textiles & Industries Limited
(Updated on May 31, 2024)
The Soma Textiles & Industries Limited stock price gained 1.19% on the last trading day (Friday, 31st May 2024), rising from ₹33.60 to ₹34.00. During the last trading day the stock fluctuated 2.87% from a day low at ₹33.10 to a day high of ₹34.05. The price has been going up and down for this period, and there has been a -3.68% loss 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, 7 thousand more shares were traded than the day before. In total, 7 thousand shares were bought and sold for approximately ₹245.14 thousand.
The stock lies in the middle of a very wide and weak 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 7.78% during the next 3 months and, with a 90% probability hold a price between ₹33.03 and ₹44.40 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
Soma Textiles & Industries 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. 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. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹34.16 and ₹34.29. 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 -14.83%. 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).
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 ₹0.95 between high and low, or 2.87%. For the last week, the stock has had daily average volatility of 2.79%.
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 Monday 3rd
For the upcoming trading day on Monday, 3rd we expect Soma Textiles & Industries Limited to open at ₹33.72, and during the day (based on 14 day Average True Range), to move between ₹32.39 and ₹35.61, which gives a possible trading interval of +/-₹1.61 (+/-4.73%) 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 9.47% 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 (1.35%) than the resistance at ₹35.30 (3.82%), 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.
Current score: -3.535 Sell Candidate Unchanged
Predicted Opening Price for Soma Textiles & Industries Limited of Monday, June 3, 2024
| Fair opening price June 3, 2024 | Current price |
|---|---|
| ₹33.72 ( 0.83%) | ₹34.00 |
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 | 34.67 | 1.96 % | |
| R2 | 34.30 | 0.89 % | ||
| R1 | 34.08 | 0.234 % | ||
| Current price: | 34.00 | |||
| Support | S1 | 33.35 | -1.90 % | |
| S2 | 33.13 | -2.56 % | ||
| S3 | 32.77 | -3.63 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 39.92 | 17.41 % | |
| R2 | 37.93 | 11.56 % | ||
| R1 | 35.30 | 3.82 % | ||
| Current price | 34.00 | |||
| Support | S1 | 33.54 | -1.35% | |
| S2 | 29.05 | -14.56% | ||
| S3 | 27.67 | -18.62% |
FAQ
Click here for our free guide on how to buy Soma Textiles & Industries Limited Stock.
