Surana Solar Limited Stock Forecast
Green day on Friday for Surana Solar Limited stock after gaining 0.571%
(Updated on Apr 19, 2024)
The Surana Solar Limited stock price gained 0.571% on the last trading day (Friday, 19th Apr 2024), rising from ₹43.82 to ₹44.07. It has now gained 3 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 9.58% from a day low at ₹41.63 to a day high of ₹45.62. The price has risen in 6 of the last 10 days and is up by 14.26% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 145 thousand more shares were traded than the day before. In total, 324 thousand shares were bought and sold for approximately ₹14.29 million.
The stock lies in the upper part of a very wide and weak rising trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at ₹46.91 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 2.78% during the next 3 months and, with a 90% probability hold a price between ₹30.46 and ₹48.22 at the end of this 3-month period.
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SURANASOL.BO Signals & Forecast
The Surana Solar 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 ₹42.66 and ₹35.62. 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). Volume is rising along with the price. This is considered to be a good technical signal. 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 -5.75%. Further fall is indicated until a new bottom pivot has been found.
Support, Risk & Stop-loss for Surana Solar Limited stock
Surana Solar Limited finds support from accumulated volume at ₹44.03 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 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 ₹3.99 between high and low, or 9.58%. For the last week, the stock has had daily average volatility of 7.11%.
Our recommended stop-loss: ₹41.82 (-5.10%) (This stock has very high daily movements and this gives very high risk. There is a sell signal from a pivot top found 7 days ago.)
Trading Expectations (SURANASOL.BO) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Surana Solar Limited to open at ₹43.77, and during the day (based on 14 day Average True Range), to move between ₹41.43 and ₹46.71, which gives a possible trading interval of +/-₹2.64 (+/-6.00%) up or down from last closing price. If Surana Solar Limited takes out the full calculated possible swing range there will be an estimated 12.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at ₹44.03 (0.09%) than the resistance at ₹44.43 (0.82%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Surana Solar 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 Surana Solar Limited stock to perform well in the short-term.
Current score: 4.845 Buy Candidate Unchanged
Predicted Opening Price for Surana Solar Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ₹43.77 ( 0.673%) | ₹44.07 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SURANASOL.BO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 47.76 | 8.38 % | |
| R2 | 46.24 | 4.92 % | ||
| R1 | 45.30 | 2.79 % | ||
| Current price: | 44.07 | |||
| Support | S1 | 42.25 | -4.13 % | |
| S2 | 41.31 | -6.27 % | ||
| S3 | 39.78 | -9.73 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.76 | 6.10 % | |
| R2 | 44.54 | 1.07 % | ||
| R1 | 44.43 | 0.82 % | ||
| Current price | 44.07 | |||
| Support | S1 | 44.03 | -0.0908% | |
| S2 | 41.94 | -4.83% | ||
| S3 | 34.11 | -22.60% |
FAQ
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