Spencer's Retail Ltd Stock Forecast
Green day on Tuesday for Spencer's Retail Ltd stock after gaining 2.59%
(Updated on Apr 23, 2024)
The Spencer's Retail Ltd stock price gained 2.59% on the last trading day (Tuesday, 23rd Apr 2024), rising from ₹102.20 to ₹104.85. It has now gained 5 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.51% from a day low at ₹102.60 to a day high of ₹106.20. The price has risen in 6 of the last 10 days and is up by 1.4% 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, 97 thousand more shares were traded than the day before. In total, 387 thousand shares were bought and sold for approximately ₹40.59 million.
The stock lies the upper part of a very wide and 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 ₹105.73 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 -23.89% during the next 3 months and, with a 90% probability hold a price between ₹59.08 and ₹80.48 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.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
SPENCERS.NS Signals & Forecast
The Spencer's Retail Ltd stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at ₹98.89 and ₹98.90. 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). Volume is rising along with the price. This is considered to be a good technical signal. 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 Friday, April 05, 2024, and so far it has fallen -1.22%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Spencer's Retail Ltd stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹90.90 and ₹90.00. 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, Spencer's Retail Ltd finds support just below today's level at ₹90.90. If this is broken, then the next support from accumulated volume will be at ₹90.00 and ₹87.75.
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 ₹3.60 between high and low, or 3.51%. For the last week, the stock has had daily average volatility of 4.83%.
Our recommended stop-loss: ₹100.55 (-4.10%) (This stock has medium daily movements and this gives medium risk. There is a sell signal from a pivot top found 11 days ago.)
Trading Expectations (SPENCERS.NS) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Spencer's Retail Ltd to open at ₹104.55, and during the day (based on 14 day Average True Range), to move between ₹99.62 and ₹110.08, which gives a possible trading interval of +/-₹5.23 (+/-4.99%) up or down from last closing price. If Spencer's Retail Ltd takes out the full calculated possible swing range there will be an estimated 9.98% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹90.90 (13.30%) than the resistance at ₹120.00 (14.45%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Spencer's Retail Ltd stock A Buy?
Several short-term signals are positive, despite the stock being in a falling trend, we conclude that the current level may hold a buying opportunity as there is a fair chance for stock to perform well in the short-term.
Current score: 1.409 Buy Candidate Unchanged
Predicted Opening Price for Spencer's Retail Ltd of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ₹104.55 ( 0.286%) | ₹104.85 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPENCERS.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 108.15 | 3.15 % | |
| R2 | 106.77 | 1.84 % | ||
| R1 | 105.93 | 1.03 % | ||
| Current price: | 104.85 | |||
| Support | S1 | 103.17 | -1.60 % | |
| S2 | 102.33 | -2.41 % | ||
| S3 | 100.95 | -3.72 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 127.20 | 21.32 % | |
| R2 | 122.50 | 16.83 % | ||
| R1 | 120.00 | 14.45 % | ||
| Current price | 104.85 | |||
| Support | S1 | 90.90 | -13.30% | |
| S2 | 90.00 | -14.16% | ||
| S3 | 87.75 | -16.31% |
FAQ
Click here for our free guide on how to buy Spencer's Retail Ltd Stock.
