Summit Securities Limited Stock Forecast
Green day on Friday for Summit Securities Limited
(Updated on May 17, 2024)
The Summit Securities Limited stock price gained 0.277% on the last trading day (Friday, 17th May 2024), rising from ₹1,515.85 to ₹1,520.05. It has now gained 4 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 3.99% from a day low at ₹1,488.55 to a day high of ₹1,547.90. The price has risen in 6 of the last 10 days and is up by 3.36% over the past 2 weeks. Volume fell on the last day by -288 shares and in total, 902 shares were bought and sold for approximately ₹1.37 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock has broken the wide and strong rising the short-term trend up and an even stronger rate of rising is indicated. For any reaction back there will now be support on the roof on the current trend broken at ₹1,423.17, a level that may pose a second chance to hit a runner. According to fan-theory ₹1,579.54 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
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SUMMITSEC.BO Signals & Forecast
The Summit Securities 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 ₹1,467.84 and ₹1,352.60. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Thursday, April 18, 2024, and so far it has risen 26.45%. 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. Volume fell during the last trading day while the price increased. This causes a divergence and may be considered as an early warning, but it may also not.
Support, Risk & Stop-loss for Summit Securities Limited stock
Summit Securities Limited finds support from accumulated volume at ₹1,460.50 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, but be aware of low or falling volume as this increases the risk. During the last day, the stock moved ₹59.35 between high and low, or 3.99%. For the last week the stock has had daily average volatility of 4.92%.
Our recommended stop-loss: ₹1,441.62 (-5.16%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 20 days ago.)
Trading Expectations (SUMMITSEC.BO) For The Upcoming Trading Day Of Tuesday 21st
For the upcoming trading day on Tuesday, 21st we expect Summit Securities Limited to open at ₹1,518.83, and during the day (based on 14 day Average True Range), to move between ₹1,451.17 and ₹1,588.93, which gives a possible trading interval of +/-₹68.88 (+/-4.53%) up or down from last closing price. If Summit Securities Limited takes out the full calculated possible swing range there will be an estimated 9.06% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ ₹1,460.50, some ₹59.55 (3.92%) from the current price of ₹1,520.05, our system finds the risk reward attractive.
Is Summit Securities Limited stock A Buy?
Several short-term signals are positive and the stock has broke the rising trend up, which indicates an even stronger rate of rising. We conclude that the current level may hold a buying opportunity as there is a fair chance for Summit Securities Limited stock to perform well in the short-term period.
Current score: 5.332 Strong Buy Candidate Unchanged
Predicted Opening Price for Summit Securities Limited of Tuesday, May 21, 2024
| Fair opening price May 21, 2024 | Current price |
|---|---|
| ₹1,518.83 ( 0.0800%) | ₹1,520.05 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUMMITSEC.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 1,578.18 | 3.82 % | |
| R2 | 1,555.51 | 2.33 % | ||
| R1 | 1,541.51 | 1.41 % | ||
| Current price: | 1,520.05 | |||
| Support | S1 | 1,496.16 | -1.57 % | |
| S2 | 1,482.16 | -2.49 % | ||
| S3 | 1,459.48 | -3.98 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 0 | . | |
| R2 | 0 | . | ||
| R1 | 0 | . | ||
| Current price | 1,520.05 | |||
| Support | S1 | 1,460.50 | -3.92% | |
| S2 | 1,391.95 | -8.43% | ||
| S3 | 1,331.80 | -12.38% |
FAQ
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