Speciality Restaurants Limited Stock Forecast

Weaker technical forecast for Speciality Restaurants Limited as stock downgraded to Hold/Accumulate.
(Updated on Apr 25, 2024)

SPECIALITY.BO Signals & Forecast

The Speciality Restaurants 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 ₹194.13 and ₹191.82. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, March 13, 2024, and so far it has risen 12.88%. 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). Some negative signals were issued as well, and these may have some influence on the near short-term development. Speciality Restaurants 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 Speciality Restaurants Limited stock

On the downside, the stock finds support just below today's level from accumulated volume at ₹175.45 and ₹173.30. 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, Speciality Restaurants Limited finds support just below today's level at ₹175.45. If this is broken, then the next support from accumulated volume will be at ₹173.30 and ₹172.35.

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 ₹3.95 between high and low, or 2.04%. For the last week, the stock has had daily average volatility of 2.56%.

Our recommended stop-loss: ₹187.95 (-3.39%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 26 days ago.)

Trading Expectations (SPECIALITY.BO) For The Upcoming Trading Day Of Friday 26th

For the upcoming trading day on Friday, 26th we expect Speciality Restaurants Limited to open at ₹195.50, and during the day (based on 14 day Average True Range), to move between ₹185.98 and ₹203.12, which gives a possible trading interval of +/-₹8.57 (+/-4.41%) up or down from last closing price. If Speciality Restaurants Limited takes out the full calculated possible swing range there will be an estimated 8.81% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at ₹204.00 (4.86%) than the support at ₹175.45 (9.82%), 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 Speciality Restaurants Limited stock A Buy?

Speciality Restaurants 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.

Current score: 0.047 Hold/Accumulate Downgraded

Predicted Opening Price for Speciality Restaurants Limited of Friday, April 26, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.