Sundaram Finance Limited Stock Forecast
Green day on Thursday for Sundaram Finance Limited
(Updated on May 23, 2024)
The Sundaram Finance Limited stock price gained 1.08% on the last trading day (Thursday, 23rd May 2024), rising from ₹4,498.85 to ₹4,547.30. During the last trading day the stock fluctuated 5.44% from a day low at ₹4,491.00 to a day high of ₹4,735.30. The price has been going up and down for this period, and there has been a 0.83% gain for the last 2 weeks. Volume fell on the last day by -1 thousand shares and in total, 6 thousand shares were bought and sold for approximately ₹26.30 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 lies in the lower part of a wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at ₹4,423.31 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 19.11% during the next 3 months and, with a 90% probability hold a price between ₹5,268.54 and ₹6,029.36 at the end of this 3-month period.
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SUNDARMFIN.BO Signals & Forecast
Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Sundaram Finance Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at ₹4,641.63 and ₹4,565.10. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, May 02, 2024, and so far it has fallen -6.34%. 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 Sundaram Finance Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹4,199.50 and ₹4,194.95. 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, Sundaram Finance Limited finds support just below today's level at ₹4,199.50. If this is broken, then the next support from accumulated volume will be at ₹4,194.95 and ₹3,803.15.
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 ₹244.30 between high and low, or 5.44%. For the last week, the stock has had daily average volatility of 5.59%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SUNDARMFIN.BO) For The Upcoming Trading Day Of Friday 24th
For the upcoming trading day on Friday, 24th we expect Sundaram Finance Limited to open at ₹4,591.20, and during the day (based on 14 day Average True Range), to move between ₹4,341.64 and ₹4,752.96, which gives a possible trading interval of +/-₹205.66 (+/-4.52%) up or down from last closing price. If Sundaram Finance Limited takes out the full calculated possible swing range there will be an estimated 9.05% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹4,582.95 (0.78%) than the support at ₹4,199.50 (7.65%), 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 Sundaram Finance Limited stock A Buy?
The Sundaram Finance Limited stock holds several negative signals and despite the positive trend, we believe Sundaram Finance Limited will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock.
Current score: -4.660 Sell Candidate Unchanged
Predicted Opening Price for Sundaram Finance Limited of Friday, May 24, 2024
| Fair opening price May 24, 2024 | Current price |
|---|---|
| ₹4,591.20 ( 0.97%) | ₹4,547.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUNDARMFIN.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,835.50 | 6.34 % | |
| R2 | 4,742.18 | 4.29 % | ||
| R1 | 4,684.52 | 3.02 % | ||
| Current price: | 4,547.30 | |||
| Support | S1 | 4,497.88 | -1.09 % | |
| S2 | 4,440.22 | -2.35 % | ||
| S3 | 4,346.90 | -4.41 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 4,765.50 | 4.80 % | |
| R2 | 4,681.35 | 2.95 % | ||
| R1 | 4,582.95 | 0.784 % | ||
| Current price | 4,547.30 | |||
| Support | S1 | 4,199.50 | -7.65% | |
| S2 | 4,194.95 | -7.75% | ||
| S3 | 3,803.15 | -16.36% |
FAQ
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