Super Spinning Mills Limited Stock Forecast
Big movements in Super Spinning Mills Limited stock price on Tuesday moving 19.91% between high and low
(Updated on Jun 18, 2024)
The Super Spinning Mills Limited stock price fell by -9.71% on the last day (Tuesday, 18th Jun 2024) from ₹9.99 to ₹9.02. During the last trading day the stock fluctuated 19.91% from a day low at ₹8.99 to a day high of ₹10.78. The price has been going up and down for this period, and there has been a 16.39% gain for the last 2 weeks. 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 -1 million shares and in total, 892 thousand shares were bought and sold for approximately ₹8.05 million.
The stock lies in the middle of a very wide and weak rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 9.77% during the next 3 months and, with a 90% probability hold a price between ₹7.64 and ₹12.20 at the end of this 3-month period.
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SUPERSPIN.NS Signals & Forecast
The Super Spinning Mills 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 ₹8.93 and ₹7.42. 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 Thursday, June 13, 2024, and so far it has fallen -18.59%. 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 Super Spinning Mills Limited stock
On the downside, the stock finds support just below today's level from accumulated volume at ₹7.75 and ₹7.70. 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, Super Spinning Mills Limited finds support just below today's level at ₹7.75. If this is broken, then the next support from accumulated volume will be at ₹7.70 and ₹7.65.
This stock may move very much during the day (volatility) and with a very large prediction interval from the Bollinger Band this stock is considered to be "very high risk". During the last day, the stock moved ₹1.79 between high and low, or 19.91%. For the last week, the stock has had daily average volatility of 16.44%.
Our recommended stop-loss: ₹8.50 (-5.76%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 9 days ago.)
Trading Expectations (SUPERSPIN.NS) For The Upcoming Trading Day Of Wednesday 19th
For the upcoming trading day on Wednesday, 19th we expect Super Spinning Mills Limited to open at ₹9.60, and during the day (based on 14 day Average True Range), to move between ₹8.21 and ₹9.83, which gives a possible trading interval of +/-₹0.81 (+/-8.95%) up or down from last closing price. If Super Spinning Mills Limited takes out the full calculated possible swing range there will be an estimated 17.90% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹9.24 (2.44%) than the support at ₹7.75 (14.08%), 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 Super Spinning Mills Limited stock A Buy?
Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for Super Spinning Mills Limited stock to perform well in the short-term.
Current score: 2.925 Buy Candidate Unchanged
Predicted Opening Price for Super Spinning Mills Limited of Wednesday, June 19, 2024
| Fair opening price June 19, 2024 | Current price |
|---|---|
| ₹9.60 ( 6.39%) | ₹9.02 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SUPERSPIN.NS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.39 | 26.24% |
| R2 | 10.70 | 18.66% |
| R1 | 10.28 | 13.97% |
| Price | 9.02 | |
| S1 | 8.91 | -1.19% |
| S2 | 8.49 | -5.87% |
| S3 | 7.81 | -13.45% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 11.08 | 22.84% |
| R2 | 9.99 | 10.75% |
| R1 | 9.24 | 2.44% |
| Price | 9.02 | |
| S1 | 7.75 | -14.08% |
| S2 | 7.70 | -14.63% |
| S3 | 7.65 | -15.19% |
SUPERSPIN Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 02, 2008 | Sep 08, 2008 | Oct 01, 2008 | ₹0.150 | 1.83% |
| 2 | Jul 02, 2007 | Aug 08, 2007 | Sep 01, 2007 | ₹0.500 | 2.87% |
| 3 | Jun 02, 2006 | Jun 21, 2006 | Jul 08, 2006 | ₹0.80 | 24.01% |
| 4 | May 24, 2005 | Jun 29, 2005 | Jul 16, 2005 | ₹0.400 | 13.90% |
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