Sunraj Diamond Exports Limited Stock Forecast
Evaluation of Sunraj Diamond Exports Limited stock downgraded after the last trading session.
(Updated on May 15, 2024)
The Sunraj Diamond Exports Limited stock price fell by -0.251% on the last day (Wednesday, 15th May 2024) from ₹7.97 to ₹7.95. It has now fallen 10 days in a row. During the last trading day the stock fluctuated 1.26% from a day low at ₹7.95 to a day high of ₹8.05. The price has fallen in 10 of the last 10 days and is down by -32.57% 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 -2 thousand shares and in total, 756 shares were bought and sold for approximately ₹6.01 thousand.
The stock is at the lower part of a very wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at ₹7.03 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Sunraj Diamond Exports Limited stock with a 90% probability to be traded between ₹7.02 and ₹12.33 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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SUNRAJDI.BO Signals & Forecast
There are few to no technical positive signals at the moment. The Sunraj Diamond Exports Limited stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at ₹8.73 and ₹9.51. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, April 29, 2024, and so far it has fallen -35.05%. 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). Volume fell along with the price during the last trading day which is technical positive. One should, however, note that this stock may have low liquidity in periods, which increases the general risk. The very low volume increases the risk and reduces the other technical signals issued.
Support, Risk & Stop-loss for Sunraj Diamond Exports Limited stock
Sunraj Diamond Exports Limited finds support from accumulated volume at ₹7.79 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move very much during the day (volatility) and with periodic low trading volume this stock is considered to be "very high risk". During the last day, the stock moved ₹0.100 between high and low, or 1.26%. For the last week the stock has had daily average volatility of 2.31%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (SUNRAJDI.BO) For The Upcoming Trading Day Of Thursday 16th
For the upcoming trading day on Thursday, 16th we expect Sunraj Diamond Exports Limited to open at ₹7.98, and during the day (based on 14 day Average True Range), to move between ₹7.49 and ₹8.41, which gives a possible trading interval of +/-₹0.459 (+/-5.77%) up or down from last closing price. If Sunraj Diamond Exports Limited takes out the full calculated possible swing range there will be an estimated 11.54% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹7.79 (2.01%) than the resistance at ₹9.03 (13.58%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Sunraj Diamond Exports Limited stock A Buy?
Sunraj Diamond Exports Limited holds several negative signals and is within a very wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Strong Sell candidate.
Current score: -5.761 Strong Sell Candidate Downgraded
Predicted Opening Price for Sunraj Diamond Exports Limited of Thursday, May 16, 2024
| Fair opening price May 16, 2024 | Current price |
|---|---|
| ₹7.98 ( 0.419%) | ₹7.95 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUNRAJDI.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 8.08 | 1.68 % | |
| R2 | 8.05 | 1.20 % | ||
| R1 | 8.02 | 0.90 % | ||
| Current price: | 7.95 | |||
| Support | S1 | 7.95 | -0.0612 % | |
| S2 | 7.92 | -0.358 % | ||
| S3 | 7.88 | -0.84 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 9.85 | 23.90 % | |
| R2 | 9.71 | 22.14 % | ||
| R1 | 9.03 | 13.58 % | ||
| Current price | 7.95 | |||
| Support | S1 | 7.79 | -2.01% | |
| S2 | 7.75 | -2.52% | ||
| S3 | 7.04 | -11.45% |
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