Price and trend forecast of SUMICHEM for Tomorrow, Weekly, Monthly
Sumitomo Chemical India Limited
Symbol: NSE:SUMICHEM
ISIN: INE258G01013
566.15
As on 2024-10-17
SUMICHEM's Today's Performance
Sumitomo Chemical India Limited started the day by opening at 572.00 today 2024-10-17. Its shares reached a high of 577.95 and dipped to a low of 561.35 in intraday. When the markets closed, SUMICHEM’s stock price settled at ₹566.15 per share. Also check out its key support and resistance levels.
SUMICHEM Buy/Sell Targets
Tomorrow, sell SUMICHEM when its price reaches ₹ 566.15 with a stop-loss order at ₹ 575.97. You can set the target price as ₹ 556.33 to capture potential gains. This sell position balances the risks and rewards evenly, aiming for a 1:1 risk-reward ratio.
In the sections below, we will discuss detailed share price target of SUMICHEM for tomorrow's session along with weekly levels. Please note that these share targets analysis is only valid for tomorrow and the current trading week and month.
Important Down levels for SUMICHEM
| Downside Targets | Value in ₹ |
|---|---|
| Tomorrow Down Target 1 | 576 |
| Tomorrow Down Target 2 | 585 |
| Tomorrow Down Target 3 | 592 |
Important Levels for SUMICHEM
| Holding Levels | Value in ₹ |
|---|---|
| Tomorrow Up Target 1 | 559 |
| Tomorrow Up Target 2 | 552 |
| Tomorrow Up Target 3 | 542 |
Based on where the stock opens tomorrow, if SUMICHEM opens on a positive note, our first target will be ₹576. If Target 1 is achieved, we will aim for Target 2 which is ₹585.
But if SUMICHEM falls below the average value of ₹568.48, you can enter a sell side position with target number 1 - ₹559 and second target - ₹552 This average value also act as support and resistance level. When the stock is trading above the average, it will act like support area. Another important thing is, stocks usually get back to this average value when the price trades too far from avg. In simpler words we can consider the average price as a magnet.
Daily Volume chart of SUMICHEM
Looking at SUMICHEM, we've seen a Increasing trend in its trading volume over the past week, which really tells us how active traders have been with this stock.
In terms of its price, SUMICHEM has been on a Upward path, giving us insights how its value changes in the market.
Based on this, the predicted sentiment for SUMICHEM is strong bullish.
Tomorrow's Volume based share price Forecast for SUMICHEM
SUMICHEM's Volume is currently in a Increasing trend, and Price is in a Upward direction. Therefore, we can say the stock is in a strong bullish trend. Volume trend strength over the last month compared to the last week is 22%.
Reversal detection for SUMICHEM
SUMICHEM may trend may continue to be bearish since stock is making lower low and we can get target of ₹565 in morning tomorrow
| Target 1 tomorrow | 575 |
| Target 2 tomorrow | 579 |
| Target 3 tomorrow | 585 |
Investferry’s trend analysis method detects short term overbought and oversold situations to identify reversal in stocks. Use this as reference for short term counter trend trades.
Combine this trend forecast with SUMICHEM's tomorrow's target prediction and you will have a base for what can be done in the upcoming trading session.
Based on where the stock opens tomorrow, if SUMICHEM opens on a positive note, our first target will be ₹575.62. If Target 1 is achieved, we will aim for Target 2 which is ₹585.08.
But if SUMICHEM falls below the average value of ₹568.48, you can enter a sell side position with target number 1 - ₹559.02 and second target - ₹551.88
SUMICHEM's Weekly Targets
| 1st Up Target | 583.92 |
| 2nd Up Target | 601.68 |
| 1st Down Target | 542.42 |
| 2nd Down Target | 518.68 |
As the week for SUMICHEM ended on bullish sentiments, we can expect further continuation of this sentiment. SUMICHEM's initial target will be 583.92 for the coming week if it continues to trade higher. But if it fails, we can see lower targets of 542.42 in the upcoming week.
Weekly OHLC Values
| Open | 546.00 |
| High | 577.95 |
| Low | 536.45 |
| Close | 566.15 |
Week for SUMICHEM started with an open price of 546.00, and the close was at 566.15. SUMICHEM reached the highest of 577.95 and dipped lowest up to 536.45 last week. This indicates a bullish sentiment for the week.
SUMICHEM full month swing targets
| Monthly Up Target 1 | 625.42 |
| Monthly Up Target 2 | 643.18 |
| Monthly Down Target 1 | 500.92 |
| Monthly Down Target 2 | 435.68 |
Targets of ₹625.42 can be expected to be reached in the coming month. Once SUMICHEM achieved this target, we can aim for the next upside target of ₹643.18.
SUMICHEM if fails to hold upside, down targets of ₹500.92 and ₹435.68 can be achieved by end of this month.
For complete three weeks if SUMICHEM is bullish, the stock may decline in the last week on the month as traders usually close their positions. So in this case, you should aim for weekly support level which will act as targets here.
Related Stocks in the Same Sector as SUMICHEM
| Symbol | Name | Industry |
|---|---|---|
| ULTRACEMCO | UltraTech Cement Limited | Building Materials |
| ASIANPAINT | Asian Paints Limited | Specialty Chemicals |
| JSWSTEEL | JSW Steel Limited | Steel |
| TATASTEEL | Tata Steel Limited | Steel |
| GRASIM | Grasim Industries Limited | Building Materials |
Summary
SUMICHEM is expected to reach the target of 575.62 in tomorrow's trading session.
After achieving the initial target in SUMICHEM, we will aim for higher targets of 585.08 tomorrow.
However, if SUMICHEM starts to trade below ₹568.48, then we will shift our focus to the sell side and aim for down targets of 559.02 and 551.88.