Surana Solar Limited Stock Forecast
Surana Solar Limited stock downgraded from Strong Buy Candidate to Buy Candidate after Friday trading session.
(Updated on Apr 19, 2024)
The Surana Solar Limited stock price gained 0.799% on the last trading day (Friday, 19th Apr 2024), rising from ₹43.80 to ₹44.15. 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 9.60% from a day low at ₹41.65 to a day high of ₹45.65. The price has been going up and down for this period, and there has been a -0.9% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 41 thousand more shares were traded than the day before. In total, 1 million shares were bought and sold for approximately ₹57.98 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 ₹47.09 will firstly indicate a stronger rate of rising. Given the current short-term trend, the stock is expected to rise 5.01% during the next 3 months and, with a 90% probability hold a price between ₹31.71 and ₹49.45 at the end of this 3-month period.
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SURANASOL.NS 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 ₹42.09 and ₹36.26. 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 -5.56%. 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 ₹43.80 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 ₹4.00 between high and low, or 9.60%. For the last week, the stock has had daily average volatility of 7.23%.
Our recommended stop-loss: ₹42.02 (-4.82%) (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 (SURANASOL.NS) For The Upcoming Trading Day Of Monday 22nd
For the upcoming trading day on Monday, 22nd we expect Surana Solar Limited to open at ₹43.82, and during the day (based on 14 day Average True Range), to move between ₹41.60 and ₹46.70, which gives a possible trading interval of +/-₹2.55 (+/-5.79%) up or down from last closing price. If Surana Solar Limited takes out the full calculated possible swing range there will be an estimated 11.57% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at ₹44.45 (0.68%) than the support at ₹43.80 (0.79%), 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 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. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Strong Buy to a Buy candidate.
Current score: 3.843 Buy Candidate Downgraded
Predicted Opening Price for Surana Solar Limited of Monday, April 22, 2024
| Fair opening price April 22, 2024 | Current price |
|---|---|
| ₹43.82 ( 0.755%) | ₹44.15 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for SURANASOL.NS
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 47.82 | 8.31 % | |
| R2 | 46.29 | 4.84 % | ||
| R1 | 45.34 | 2.71 % | ||
| Current price: | 44.15 | |||
| Support | S1 | 42.29 | -4.22 % | |
| S2 | 41.34 | -6.35 % | ||
| S3 | 39.82 | -9.82 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 46.75 | 5.89 % | |
| R2 | 44.55 | 0.91 % | ||
| R1 | 44.45 | 0.680 % | ||
| Current price | 44.15 | |||
| Support | S1 | 43.80 | -0.793% | |
| S2 | 40.05 | -9.29% | ||
| S3 | 34.35 | -22.20% |
SURANASOL Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jun 01, 2015 | Sep 23, 2015 | Oct 30, 2015 | ₹0.500 | 2.98% |
| 2 | May 12, 2014 | Sep 16, 2014 | Oct 22, 2014 | ₹0.500 | 1.02% |
| 3 | May 07, 2013 | Sep 19, 2013 | Oct 27, 2013 | ₹0.500 | 4.08% |
| 4 | Apr 30, 2012 | Sep 24, 2012 | Oct 29, 2012 | ₹0.250 | 2.45% |
| 5 | Apr 29, 2011 | Sep 14, 2011 | Oct 21, 2011 | ₹0.500 | 3.85% |
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