Southern Petrochemical Industries Corp Stock Forecast
Red day on Tuesday for Southern Petrochemical Industries Corp stock after losing 0.126%
(Updated on Apr 23, 2024)
The Southern Petrochemical Industries Corp stock price fell by -0.126% on the last day (Tuesday, 23rd Apr 2024) from ₹79.35 to ₹79.25. During the last trading day the stock fluctuated 1.90% from a day low at ₹78.80 to a day high of ₹80.30. The price has fallen in 6 of the last 10 days and is down by -0.69% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -203 thousand shares and in total, 634 thousand shares were bought and sold for approximately ₹50.26 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -19.67% during the next 3 months and, with a 90% probability hold a price between ₹48.57 and ₹68.38 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.
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SPIC.NS Signals & Forecast
The Southern Petrochemical Industries Corp 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 ₹77.94 and ₹77.92. 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). 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 -2.64%. Further fall is indicated until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Southern Petrochemical Industries Corp stock
Southern Petrochemical Industries Corp finds support from accumulated volume at ₹76.30 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 ₹1.50 between high and low, or 1.90%. For the last week, the stock has had daily average volatility of 3.13%.
Our recommended stop-loss: ₹75.72 (-4.46%) (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 (SPIC.NS) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Southern Petrochemical Industries Corporation Limited to open at ₹79.45, and during the day (based on 14 day Average True Range), to move between ₹76.07 and ₹82.43, which gives a possible trading interval of +/-₹3.18 (+/-4.02%) up or down from last closing price. If Southern Petrochemical Industries Corporation Limited takes out the full calculated possible swing range there will be an estimated 8.03% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹76.30 (3.72%) than the resistance at ₹89.30 (12.68%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Southern Petrochemical Industries Corporation Limited stock A Buy?
Southern Petrochemical Industries Corp 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.
Current score: 0.320 Hold/Accumulate Unchanged
Predicted Opening Price for Southern Petrochemical Industries Corporation Limited of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| ₹79.45 ( 0.252%) | ₹79.25 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SPIC.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 80.95 | 2.15 % | |
| R2 | 80.38 | 1.42 % | ||
| R1 | 80.02 | 0.98 % | ||
| Current price: | 79.25 | |||
| Support | S1 | 78.88 | -0.471 % | |
| S2 | 78.52 | -0.92 % | ||
| S3 | 77.95 | -1.64 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 99.00 | 24.92 % | |
| R2 | 98.65 | 24.48 % | ||
| R1 | 89.30 | 12.68 % | ||
| Current price | 79.25 | |||
| Support | S1 | 76.30 | -3.72% | |
| S2 | 76.25 | -3.79% | ||
| S3 | 69.65 | -12.11% |
SPIC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Sep 22, 2022 | Sep 22, 2022 | Sep 22, 2022 | ₹0.500 | 0.85% |
FAQ
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